Company
Direct Financing
+1.75%
Base:79,800
opening:79,800
High:81,790
low:79,800
change:42,197
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Engaging in non-bank consumer credit as well as operating the digital platform Carwise has released its financial statements for 2021 and the fourth quarter of this year.
Total revenue in the fourth quarter reached NIS 177.3 million, compared with NIS 138.9 million in the previous year. Operating profit was NIS 58.6 million compared to 51.8 in the fourth quarter of 2020. Net profit was NIS 34.7 million, almost unchanged from net profit of NIS 34.4 million a year earlier. Gross profit, so did not affect the bottom line. In addition, in this quarter there was an increase in expenses and marketing and an increase in the manpower situation were not in the corresponding quarter.
The company’s revenues in 2021 reached NIS 760 million, compared with NIS 474.2 million a year earlier. Operating profit was NIS 290.6 million, compared with NIS 109 million a year earlier. The annual profit reached NIS 181.3 million, compared with NIS 70.9 million a year earlier.
Credit losses in the quarter amounted to NIS 10.6 million, compared with NIS 7.8 million the previous year, and in annual sums reached NIS 53.9 million, a decrease compared to NIS 75.1 million in 2020. Credit damage increased in the fourth quarter compared from the corresponding period of 0.88% to 1.11%, and at an annual rate Decreased from 2.2% to 1.52%.
The company’s shareholders’ equity amounted to NIS 956 million at the end of 2021, compared with NIS 679.1 million at the end of the previous year, due to a profit of NIS 181 million as well as the issuance of shares and exercise of options, less a NIS 72 million dividend.
Eran Wolf, CEO of Direct Finance, said: “We are concluding a record year in the company’s results and a strong quarter. We continued to implement the Company’s growth strategy as can be seen in the increase in the volume of loans made, in the volume of the loan portfolio held by the Company and in the jump in net profit. The good results were affected, among other things, by strong demand for vehicles and car loans, and an improvement in the discount rate of the company’s loan portfolios, which were converted to third parties. The company’s low leverage ratios allow us to leave a higher-volume loan portfolio on the balance sheet and reduce the rate of check transactions from revenue and thus improve profitability. Carstock activity continues to grow and we recently completed the acquisition of Otto Magazine. We are working to establish a significant “Market Place” that will include extensive information in the field of vehicles and will be an attraction for those looking for a new and used vehicle. We will continue to work to implement our strategic plan, which includes a continued increase in the provision of car loans, as well as a significant entry into the mortgage field in the coming years. “
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