Golf: Despite a decrease in revenues – profit in the fourth quarter jumped to 30 m – capital market

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Reports a decrease of 12.7% in revenues in the fourth quarter – revenues amounted to NIS 229.7 million, compared to NIS 263 million in the corresponding quarter last year. However, there was a 114.3% increase in operating profit, which amounted to NIS 30 million, compared with NIS 14 million in the corresponding quarter last year. Net income for the quarter amounted to NIS 18 million, compared with NIS 8.5 million in the corresponding quarter last year.

Eyal Greenberg, CEO of Golf’s Chief Business Officer: “The Corona crisis and closures have forced us to undergo extensive streamlining processes and significant structural changes. We have upgraded our online operations, closed and will continue to close losing stores, and on the other hand have opened and will continue to open quality stores where we have not been present. “.

Results for 2020
Sales The group in 2020 amounted to NIS 835.8 million, compared with NIS 935.7 million in the corresponding year last year, a decrease of 10.7% – The decrease is mainly due to the closure of the physical stores due to the effect of the corona virus, the decrease was partially offset by an increase in sales in the field of delicate activities and golf courses.

Operating profit In 2020, it amounted to NIS 48.8 million, compared with NIS 32.3 million in the corresponding year last year. The increase in operating profit is mainly due to the decrease in sales and marketing expenses due to the closure of the stores, and savings in expenses taken as part of the operation of the stores in light of the Corona crisis.

The net profit For 2020, it amounted to NIS 17.8 million (constituting 2.1% of revenues), compared with a net profit of NIS 4.4 million in the corresponding year last year. Excluding the effect of Standard 16, the profit in 2020 amounts to NIS 12.3 million.