Windows manufacturer and aluminum profiles Klil profit amounted to NIS 8.1 million - 50% decline

Windows manufacturer and aluminum profiles Klil Industries sums up the first quarter of 2020 with a 17.3% decline in revenue and 50% in net profit. The company's revenue was NIS 85.5 million in the first quarter of 2020, compared with NIS 103.4 million in the first quarter of 2019. The company attributes the decline in sales mix and sales volume, some of which was felt since the second half of March this year due to the impact of the Corona virus.
Operating profit was NIS 15.4 million - a decrease of 19.9% ​​compared to operating profit in the corresponding quarter, and the net profit cut by 50% was NIS 8.1 million. The company attributes the sharp decline in net profit to a loss of NIS 2.7 million in its securities portfolio, and revalues ​​future transactions on aluminum prices, less the revaluation of NIS transactions against the dollar and euro exchange rates.
Tzuri Dabush, chairman and controlling shareholder of Klil Industries (64.71%) said after the release of the reports: "We were able to maintain a profitable quarter despite the decline in sales and the effects of the Corona epidemic, during which we continued to employ most employees and provide products and services to customers. I believe the company's financial strength will enable it to seize business opportunities down the road. "
The company notes that up to the date of the reports, it had self-procured NIS half million shares, out of NIS 20 million approved by the Board of Directors, and that it still plans to distribute an annual dividend of at least 30% for 2020. Klil, which trades on the Tel Aviv Stock Exchange worth $ 611.9 million NIS, presented cash and cash equivalents of NIS 103.6 million as of the end of the first quarter of 2020, compared with NIS 66.6 million in the corresponding quarter last year.