Barkat company
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engaged in providing financing in the real estate industry, entered into an agreement to provide a bridging loan in the amount of NIS 55 million to the public real estate company Rotem Shani
Rotem Shani
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, and this is for the benefit of the loan cycle that was provided by Rotem Shani to the owners of the rights to the land. The loan will be placed against the registration of a first lien on land in Jaffa in favor of the company as well as other liens and collateral as is customary in the company’s financing transactions and in accordance with the provisions of the financing agreement.
In these months, Barkat entered into agreements for the provision of credit in the total amount of approximately 270 million shekels, including financing in the amount of up to 145 million shekels for the ‘Onyx’ office project, the main purpose of which is the construction of 2 office buildings for employment and trade purposes, 12 stories each, above the ground floor, and a parking floor on Real estate located in Kiryat Ono, near the Sabion intersection; A bridging loan in the amount of approximately NIS 40 million to an entrepreneurial company, for the purpose of financing the completion of the purchase of land in Rosh Ha’Ein in which they won the RAMI tender; an equity completion loan (Mazanin) in the amount of approximately NIS 40 million for a project to support residential construction in Kfar Saba; a bridging loan in the amount of About NIS 50 million against land in Givat Shmuel.
This week, Barkat published its financial results for the fourth quarter and for the entire year 2022, which show a significant increase in revenues and net profit compared to the corresponding periods last year. Financing revenues in 2022 climbed by approximately 123% to approximately NIS 65.5 million compared to approximately NIS 29.4 million in 2021. Financing revenues, net, in 2022 jumped by approximately 168% to approximately NIS 29.2 million, compared to approximately NIS 10.9 million in 2021 The net profit in 2022 amounted to approximately NIS 11.7 million, compared to approximately NIS 2.5 million in 2021, an increase of more than 4 times. The increase in profit was due to the increase in activity volumes, as well as the positive effect of the increase in the index.
The main results for the fourth quarter of 2022
Financing revenues in the fourth quarter of 2022 climbed by approximately 138% to approximately NIS 16.6 million compared to approximately NIS 6.9 million in the corresponding quarter. This, mainly as a result of the increase in the average credit portfolio as well as linkage differences on the credit portfolio balances. Net financing revenues, in the fourth quarter of 2022, jumped by approximately 156% to approximately NIS 8.2 million, compared to approximately NIS 3.3 million in the fourth quarter of 2021. The proportion of net financing revenues, in relation to revenues, increased in the third quarter of 2022 to approximately 44%, compared to about 40% in the corresponding quarter in 2021. The net profit in the fourth quarter of 2022 amounted to NIS 3.6 million, compared to approximately NIS 0.5 million in the corresponding quarter in 2021.
Adi Gazit, CEO of Barkat: “We are updating today that we have signed an agreement to finance a bridging loan in the amount of NIS 55 million to the Rotem Shani company. Barkat continues to work for the rapid and efficient promotion of the granting of loans that will allow projects to be promoted in all segments in the real estate field. These days we are summarizing the year 2022 as a year of significant growth and progress manifested in a significant increase in the company’s profits. All this in accordance with the company’s strategy to establish and strengthen its position as a solid and leading credit company in the real estate sector, alongside establishing an infrastructure that will support the company’s future growth and improve its profitability.”
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