InterCure Reports Strong Financial Performance in 2024
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InterCure Announces First Half of 2024 Results
InterCure has reported impressive revenue figures for the first half of 2024, reaching NIS 126 million. The company also achieved an adjusted EBITDA of NIS 21 million, representing approximately 17% of revenues. These financial results underscore the ongoing success of InterCure's operations and strategic initiatives.
Positive Growth Despite Challenges
Both Q1 and Q2 of 2024 concluded with positive EBITDAs and operational profits, marking InterCure's 16th and 17th consecutive quarters of profitability. The company’s robust performance is notable, especially considering the challenges faced, including the impacts of recent geopolitical events.
Impact of Recent Events
The revenues recorded during this period were affected by damages sustained from a recent terrorist attack and the ongoing conflict in the region. However, InterCure is entitled to full compensation from local authorities for the direct and indirect damages incurred at its Southern Facility in Kibbutz Nir Oz.
Compensation and Recovery Efforts
To date, InterCure has received tens of millions of NIS in partial advance payments from the authorities, facilitating the restoration of its damaged facility. The company is confident in its recovery efforts and continues to work towards restoring full operational capacity.
Strategic Partnerships and Future Expansion
InterCure has announced an expansion of its strategic partnership with Cookies™ into the German market, anticipating the launch of Cookies products by Q4 of 2024. This strategic move is part of the company's broader plan to enhance its international footprint and product offerings.
Forecast for Growth
Looking ahead, InterCure expects to achieve double-digit growth in the latter half of 2024 compared to the first half due to anticipated product launches in both the German and UK markets. This growth is fueled by the company's commitment to expanding its premium product lines.
Financial Highlights
In addition to its revenue achievements, InterCure's operational profit for the first half of 2024 stood at NIS 11 million. The company's cash reserves amounted to NIS 21 million, and it maintains an unused credit line of over NIS 22 million. This financial positioning allows InterCure to support its expansion initiatives and recovery efforts effectively.
CEO's Commitment to Shareholders
Alexander Rabinovitch, CEO of InterCure, highlighted that the company is focused on significant growth opportunities in all territories. The strategic actions taken to enhance cultivation and supply chains in both Canada and Europe are pivotal for future success. The entry into the German market, backed by Cookies, represents a significant step in delivering high-quality products to consumers.
About InterCure
InterCure, traded as Canndoc on NASDAQ and TASE, is recognized as Israel’s largest licensed cannabis producer. The company has established itself as a leading player in the pharmaceutical cannabis market by leveraging its distribution network and partnerships while maintaining high standards in product quality.
Frequently Asked Questions
What were InterCure's revenue figures for the first half of 2024?
InterCure reported revenues of NIS 126 million during the first half of 2024.
How did recent geopolitical events affect InterCure's operations?
The company experienced revenue impacts from damages related to a terrorist attack and ongoing conflict, affecting its Southern Facility's operations.
What is InterCure's plan for international expansion?
InterCure plans to launch Cookies™ products in Germany in Q4 of 2024 and anticipates double-digit growth in the second half of 2024.
How much cash does InterCure currently have on hand?
The company has reported cash reserves of NIS 21 million, with an unused credit line of over NIS 22 million available for further investments.
What differentiates InterCure in the cannabis market?
InterCure stands out due to its comprehensive seed-to-sale model, robust distribution network, and high-quality pharmaceutical-grade product offerings.
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