Tel Aviv Stock Exchange to Resume Trading in "Tomer Food" Shares
Translated & summarized from Calcalist by baba
The Tel Aviv Stock Exchange will resume trading in Tomer Food shares on Wednesday, two months after a suspension due to accounting irregularities. The company has taken corrective actions, including amending financial reports and removing founder Doron Kimelov from his chairman role. Tomer Food reported a net loss of NIS 21.3 million for the first half of the year, with declining profit margins attributed to various factors.
The story in 6 lines · by baba
- Tomer Food shares will resume trading on the Tel Aviv Stock Exchange on Wednesday.
- Trading was suspended for two months due to accounting irregularities in inventory management.
- Founder Doron Kimelov will be removed as chairman due to his influence on inventory valuation.
- The company reported a first-half net loss of NIS 21.3 million.
- Sales increased by 7.8% to NIS 129.5 million in the first half.
- Gross profit margin declined to 19.4% in the first half.
Trading in the shares of food importer Tomer Food will resume on Wednesday, two months after it was suspended. The Tel Aviv Stock Exchange made the decision following steps taken by the company to address accounting irregularities discovered by the former CFO. These irregularities, related to inventory management at its subsidiary, Tomer Import and Marketing of Food Products, could significantly impact the stock price.
The company's decision to reinstate trading comes after it amended its 2025 financial reports and published its first-half financial results. Tomer Food also announced that its founder and chairman, Doron Kimelov, will be removed from his position as chairman. This action is due to his influence on inventory valuation, which led to the company's crisis. Additionally, the compliance division will now report to Guy Freeman, the recently appointed CFO and Deputy CEO, as part of the lessons learned.
Last week, Tomer Food released its first-half results, reporting a net loss of NIS 21.3 million, attributed to a one-time expense from its May stock market listing. Sales grew 7.8% to NIS 129.5 million, but gross profit margin decreased to 19.4% from 21.5% in the prior year's first half. This decline was caused by lower revenue from storage and logistics services and the destruction of goods due to pests. Operating profit also fell to 4.6% of sales from 5.7%.
Earlier, the company reissued the financial statements for its private subsidiary, Tomer Food, for 2025. These revised statements, with comparative data for 2024 and 2023, erased the previously reported net profit of NIS 3.09 million for 2025.
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