Real estate sales in Tel Aviv's wholesale market boosted Tnuva net profit to over NIS 1.1-1.2 billion in 2012.
Real estate sales in Tel Aviv's wholesale market boosted Tnuva Food Industries Ltd's net profit to over NIS 1 billion in 2012, after write-offs on operations in Romania reduced the company's profit in 2011 to just NIS 15 million. Ahead of this week's investors conference, Tnuva's controlling shareholder, Mivtach Shamir Holdings Ltd. (TASE:MISH) chairman Meir Shamir disclosed partial financial data about Israel's largest food company.
Apax Partners owns 56.1% of Tnuva and Mivtach Shamir owns 20.7% through their joint venture.
The data disclosed by Mivtach Shamir indicate that the social protest did not affect Tnuva's sales or consumers' choices of products at stores. Tnuva's revenue rose to NIS 6.8-6.9 billion in 2012 from NIS 6.7 billion in 2011. Its net profit was NIS 1.1-1.2 billion in 2012, including NIS 810 million in real estate sales, mostly in Tel Aviv's wholesale market to Gindi Investments 1 Ltd. and Blue Square Real Estate Ltd. (TASE: BLSR).
Tnuva used its profits to reduce its financial debt to NIS 355-365 million at the end of 2012 - NIS 240 million less than a year earlier.
Published by Globes [online], Israel business news - www.globes-online.com - on March 11, 2013
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