$InterCure (INCR.US)$ Since listing in 2021, revenue has gro...
$InterCure(INCR.US$ Since listing in 2021, revenue has grown rapidly, and operating profit and net profit have also grown very fast. However, in the most recent quarter (2022Q4), operating profit turned into a loss, mainly affected by a sharp drop in gross margin and a sharp increase in management expenses.
Interest expenses account for 34% of operating profit in 2022, which is a heavy burden.
There was an additional net income of $17 million in 2022, which is no increase compared to 2021 if not taken into account.
The balance sheet shows that accounts receivable increased by 90 million to 130 million in 2022, which is 1/3 of the annual revenue. The proportion is too high, and the increase far exceeds that year's net profit. Inventories increased by 60 million to 130 million, which is too high. The increase also exceeded net profit, indicating that the 2022 profit data was seriously flooded.
There is no investment value until moisture is squeezed out.
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