On Canvas concludes a dream year with another strong quarter: an 18% increase in revenue – the capital market

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On canvas
-5.75%

Base:8,658

opening:8,050

High:8,440

low:7,758

change:4,999,283

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Engaged in the production and marketing of damp cloths and non-woven fabrics, concludes a dream year, with an increase of about 18% in revenues, along with a net profit of about NIS 12 million in the last quarter of 2020. In the past year, the company’s share jumped by 455% and is now trading at Market value of about NIS 911 million.

The company’s revenues in the fourth quarter of 2020 amounted to NIS 390.6 million, an increase of 17.8% compared to NIS 331.6 million in the corresponding quarter last year.

Bottom line, the company reports a net profit of NIS 11.8 million, compared with a loss of NIS 43 million in the corresponding quarter last year.

Gross profit climbed by about 90.7% and amounted to about NIS 111.2 million, compared with about NIS 58.3 million in the corresponding period last year.

Operating profit (after other expenses) was NIS 34.2 million, compared with a loss of NIS 33 million in the fourth quarter of 2019.

Dan Mesika, CEO of the company: “On canvas’ high business and competitive positioning, as one of the world’s largest manufacturers in the field of wipes for private labels and international brands, allowed us to make all the necessary adjustments in 2020 in the face of the Corona epidemic and maximize the company’s ability to meet the high demands we experienced. As we have greatly strengthened our position vis-à-vis our large customers, we recognize that Corona’s impact on the volume of wipes and disinfectants will continue and that this is a profound behavioral and cultural change. In light of this, we announced an additional investment of 15 million euros in the company’s sites Production capabilities in the field of wipes. ”

“On Canvas is entering 2021 with significant competitive advantages, a strong and stable position vis-à-vis customers, and financial strength that will ensure the company’s ability to continue the momentum. We are working and continuing to bring value to our investors. ”