Pems: Revenue fell 25% in the quarter to $ 25 million – the capital market

Another weak quarter for the company

Pems
+ 8.25%

Base:8,732

opening:8,810

High:9,668

low:8,736

change:1,938,672

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Engaged in the development and production of fabrics for the protection industry. The company reported a 25% decline in fourth-quarter revenue, along with a 26% decline in the bottom line. The corona crisis continued to affect the company’s operations, and accordingly its results.

Pems’ revenues in the fourth quarter of 2020 amounted to approximately $ 18.2 million, a decrease of approximately 25.4% compared to revenues of approximately $ 24.4 million in the corresponding quarter.

Bottom line, the company reported a net profit of about $ 5.7 million, a fall of about 25.9% compared to the net profit in the corresponding quarter which amounted to about $ 7.7 million.

Decrease in profit margin
Gross profit amounted to approximately $ 8.2 million in the fourth quarter, a decrease of approximately 26% compared to gross profit in the corresponding quarter last year, which amounted to approximately $ 11.1 million.

At the operating level, operating profit amounted to approximately $ 6.5 million in the fourth quarter, a decrease of approximately 27.7% compared to operating profit in the corresponding quarter, which amounted to approximately $ 9 million.

Corona crisis
According to the company, the outbreak of the virus significantly affected its business during 2020, and especially its sales volume and results of operations during this period. The outbreak of the virus affected the level of demand for its products. Also, the availability of means of transportation along with the measures taken to ensure the manpower in the company, contributed to the decrease in the number and volume of orders received during the year.