Gold Bond Group's Core Business Profit Doubled in 2024

Gold Bond Group has released its financial results for the fourth quarter of 2024 and the full year, indicating an improvement in top-line and profitability alongside growth and improvement in operations, primarily in the second half of 2024.

Gold Bond's CEO, Amos Day, said: "We are concluding 2024 with strong results, thanks to our efforts to expand operations alongside continuous efficiency. Among other things, we are showing significant growth in logistics operations, with an expansion of the service basket and outreach to new customers, and we continue to invest efforts in this field, which we see as a significant growth engine for the coming years. The company's operations were of course affected in 2024 by the continuation of the war and the disruptions it caused to the global supply chain, but we are showing consistent improvement in results, with the recovery of the import sector in the second half of 2024, and are prepared for continued profitable growth also looking forward. We will continue to invest in upgrading and expanding the services we offer, with a long-term vision, to ensure our customers a full and advanced service envelope."

Key results for 2024

Revenues in 2024 amounted to approximately NIS 194.1 million, an increase of about 5% compared to about NIS 184.7 million in 2023. The increase is mainly due to growth in free activity, growth in LCL terminal operations as a result of the recovery trend in the import sector and an increase in the number of containers stored, as well as growth in e-commerce activity. This, in partial offset of a decrease in revenues from FCL terminal operations mainly as a result of a slowdown in imports and exports in the first half of 2024 as a result of the 'Iron Ruins' war.

The gross profit increased by about 22% and amounted to about NIS 40.5 million, compared to about NIS 33.1 million in 2023. The growth stemmed mainly from an increase in the profitability of free activity, and a significant reduction in the loss in e-commerce activity due to efficiency.

The operating profit in 2024 increased by about 63% to about NIS 23.9 million, compared to about NIS 14.7 million in 2023. The growth in operating profit is mainly due to the increase in gross profit as a result of growth in activity, as well as grants from the state and reimbursements from insurance companies.

EBITDA in 2024 increased by about 18% to about NIS 56.2 million, compared to about NIS 47.6 million in 2023. The improvement is due to an increase in the company's operating profitability.

The company's solo profits (including a consolidated company) before tax increased in 2024 by about 93% to about NIS 25 million, compared to about NIS 12.9 million in 2023.

The company's share in the profits of a consolidated company (Israel Dockyards Industries) amounted to about NIS 12 million last year, compared to a profit of about NIS 18.2 million in 2023. The slowdown is due to a decrease in the dockyard's profits.

At the bottom line, the net profit in 2024 increased by about 12% and amounted to about NIS 31.2 million, compared to about NIS 27.9 million in 2023, the net solo profit (including a consolidated company) increased by 94% from NIS 9.7 million to NIS 18.8 million.

Key results for the fourth quarter of 2024

Revenues in the fourth quarter of the year increased by about 27.7% to about NIS 55.8 million, similar to the company's record revenues recorded in the fourth quarter of 2022. The revenues in the fourth quarter of 2023 amounted to about NIS 43.7 million. The growth in revenues resulted from the recovery of demand in the economy and steps taken by the company to expand its operations.

The gross profit in the fourth quarter of 2024 increased by about 77.2% to a record of about NIS 13.1 million, compared to about NIS 7.4 million in the fourth quarter of 2023 and compared to about NIS 9.8 million in the third quarter of 2024.

The operating profit climbed to about NIS 9.8 million, compared to about NIS 5.1 million in the third quarter of 2024 and about NIS 2.5 million in the fourth quarter of 2023.

The company's share in the profits of a consolidated company (Israel Dockyards Industries) amounted to about NIS 3.3 million in the fourth quarter of 2024, compared to a profit of about NIS 1.6 million in the fourth quarter of 2023.

The company's profits (including a consolidated company) before tax increased in the fourth quarter of 2024 to about NIS 10.1 million, compared to about NIS 2.6 million in the corresponding quarter in 2023.

At the bottom line, the net profit in the fourth quarter of 2024 amounted to about NIS 10.8 million, compared to about NIS 3.6 million in the fourth quarter of 2023.

Gold Bond Group operates cargo terminals, free warehouses and open storage, as well as providing ancillary services and cargo transportation services, all in the areas adjacent to the Port of Ashdod and the Port of Haifa. In addition, the company owns a cargo terminal in Beit Shean, near the Jordan border crossing 'Jordan River'. As part of its activity in the E-Commerce field, the company operates a robotic warehouse in Ashdod and also, through Gold Island, develops and markets dedicated software for managing robotic warehouses. In addition, the company holds 20% of the shares of the consolidated company Israel Dockyards Industries. The company's CEO is Amos Day.