Shufersal to begin New-Pharm acquisition talks

Shufersal
Shufersal

Israel's largest supermarket chain also reported a sharp rise in profit in its fourth quarter results.

Israel's largest supermarket chain Shufersal Ltd. (TASE:SAE) reported with its fourth quarter financial results that its board of directors had approved starting talks to buy pharmacy store chain New-Pharm Drugstores from Hamashbir 365 Holdings. Shufersal added that to the best of its knowledge New-Pharm has annual revenue of NIS 700 million but at this stage no understandings have been reached and no final estimate could be made for how much Shufersal might pay in any acquisition.

Shufersal's fourth quarter revenue was NIS 2.9 billion down 1.9% from the corresponding quarter of 2015. Net profit was NIS 96 million in the fourth quarter of 2016, up from NIS 77 million in the corresponding quarter. Shufersal attributed the better results to higher sales of private label products, which now amount to more than 20% of all sales.

The company said it will pay a dividend of NIS 160 million.

Published by Globes [online], Israel business news - www.globes-online.com - on February 22, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018