Levinstein Group’s GAYA project in Gan Yavne. Imaging: All in
Levinstein Engineering concludes 2021 with a jump in net profit that amounted to NIS 315 million, compared with a profit of NIS 63 million in 2020, an increase of about 500%. In the fourth quarter of the year, the group shows a net profit of NIS 233 million, compared with a net profit of NIS 16 million in the corresponding quarter last year. The net profit without revaluations in 2021 amounted to NIS 115.7 million, compared with NIS 70.2 million.
Moreover, the operating profit from income-producing real estate operations amounted to NIS 315 million, compared with a total of NIS 51.8 million in 2020.WE In 2021, it amounted to NIS 71.5 million, compared with NIS 73 million last year. This decrease was due to the replacement of tenants in the Levinstein Tower as a result of areas that were vacant during the replacement period. As of the date of publication of the financial statements, the occupancy rate at the Levinstein Tower is 100%. On the other hand, there has been an improvement in the results of the Sdot Hotel with a return to the activity routine after the closures.
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During the reporting period, the Group recorded revaluation gains for investment properties and investment real estate under construction in the amount of NIS 259 million (including the Company’s share in the increase in the fair value of investment properties in investee companies treated according to the equity method). NIS 175 million was due to an increase in the value of the old Central Station complex in Tel Aviv.
The company sold 334 units (part of the group 325 units) and recorded revenues of NIS 327 million from the sale of apartments in 2021, compared with the sale of 151 units (part of the group 144 units) and recorded revenues of NIS 308 million last year. Operating profit from residential real estate operations amounted to NIS 65.2 million, compared with NIS 35.7 million in the corresponding period last year. “Levinstein in Shoham” (Phase C), “Levinstein in Nahalat” (Rishon Lezion) and the “Gaia” project in Gan Yavne.
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The operating profit from contracting work in 2021 amounted to NIS 47 million, compared with NIS 31.3 million in 2020. The company’s contracting work is carried out through a subsidiary (held at a rate of 60%) by Levinstein Nativ Engineering and Construction Ltd. in August 2021 Levinstein Nativ, together with a third party, was notified that their bid to carry out the work of the main contractor in the Azrieli “Spiral” project in Tel Aviv was selected as the winning bid. Levinstein Nativ’s share in the project is 49%. Which amounted to NIS 1.37 billion as of December 31, 2021, compared with NIS 1.09 billion as of December 31, 2020.
According to Shauli Lotan, CEO of the Levinstein Group: “The Israeli real estate market has grown significantly in the past year despite the corona epidemic, we see this in all parameters in the industry and in the group’s results. It aims to operate in all areas of real estate in order to produce maximum value for both customers and the capital market and we will continue to find opportunities in the real estate market in order to expand the status of our projects. ”
Levinstein Engineering Group (rating A S&P ) Under the control of Shaul Lotan, it has been operating in residential and office construction in Israel and abroad since 1964. Its activities include entrepreneurship of residential projects, office buildings and commercial and industrial buildings. 90 and a yielding real estate index in Israel.
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