The Tnuva dairy company, which is controlled by the Chinese company Bright Food, is preparing for an IPO on the local stock exchange at a value of NIS 8 billion to NIS 10 billion. Bright Food acquired control of the company 6 years ago from Afeka and Mivtach Shamir of Meir Shamir, at a value of about NIS 8.6 billion, so this is not a significant improvement. However, it seems that over the years dividends were distributed so that the effective profit was higher.
According to estimates, Tnuva sells at an annual rate of over NIS 8 billion a year and its representative profit, net of one-time expenses, amounts to NIS 400-600 million.
Tnuva’s biggest competitor is
Strauss
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Which is traded on the stock exchange at a value of about NIS 11 billion. Strauss sells at a rate in excess of NIS 6 billion (although it has additional activities that are not consolidated in the financial statements) and its representative profit exceeds NIS 600 million per year.
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