Turpaz Industries has released its financial results for the second quarter of 2022. The Q2 and H2 results set new records due to high growth rates in sales, gross profit, operating profit and adjusted EBITDA.
Related: Turpaz Releases 2022 Q1 Sales
Highlights from the report include:
- Sales in Q2 2022 grew by 50% to $30.3 million compared with $20.2 million in the same quarter of last year.
- Sales in the first half of 2022 grew by 46.3% to $57.7 million compared with $39.4 million in the same period last year.
- The growth is due to acquisitions completed during 2021 and 2022, as well as from organic growth net of currency fluctuations impact that accounted for 11% in the second quarter of 2022 and 10.3% in the first half of the year.
- Gross profit in the first quarter of 2022 grew by 40.7% to $11.7 million, compared with $8.3 million in the same quarter of last year.
- Gross profit grew by 41.7% in the first half of 2022 to $22.4 million compared with $15.8 million in the same period last year.
- Adjusted EBITDA grew by 34.7% in the first quarter of 2022 to $7 million, compared with $5.2 million in the same quarter of last year.
- Operating profit in the second quarter of 2022 has expanded by 19.8% to $5 million, as compared with $4.1 in the same quarter of last year. The operating profit in the first half of 2022 grew by 18.8% to $9.5 million, compared with $8 million in the same period of last year.
- Net profit in the second quarter of 2022 grew by 32.7% to a total of $4.2 million, compared with $3.2 million in the same quarter last year. The net profit in the first half of 2022 grew by 29.8%, totaling $8.2 million, as opposed to $6.3 million in the same period of last year
- Cash flow from operations in the second quarter of 2022 dropped from $3 million in the equivalent quarter to a negative cash flow of $4.2 million in the current quarter.
- Turpaz completed three acquisitions from the beginning of 2022. The financial results of two of the acquired companies, Balirom and Pentaor, were consolidated into Turpaz’s financial results for the first time in the second quarter of 2022.
Karen Cohen Khazon, Turpaz's CEO, commented on the results, “The record results we reported today reflect double-digit revenues and profit growth stemming from the company’s growth strategy. Our strategy combines organic growth and acquisitions. The strong capital structure, low leveraging, and the experienced global management team allow Turpaz to deal effectively with challenging global macroeconomic conditions and persist with our acquisition strategy.”
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