Abra: The net profit for the quarter was NIS 600,000, compared with NIS 1.5 million in the corresponding quarter

by time news

ABRA, which specializes in technological solutions in the field of information systems, published its financial results for the third quarter of 2021 and the first nine months of the year. The company’s revenues in the third quarter amounted to NIS 62.5 million, compared with NIS 45 million in the previous quarter and NIS 8.8 million in the corresponding quarter. The increase in revenues was due to the consolidation of the results of companies acquired in 2020 and 2021 and an organic increase and the improvement of the companies acquired. The company’s revenues in the first nine months of the year amounted to NIS 137.5 million, compared with NIS 12.6 million in the corresponding period.

Abra’s net profit in the third quarter stands at NIS 600,000, compared with NIS 1.5 million in the corresponding quarter.

In the first nine months of 2021, the company’s net profit is about NIS 13 million, compared to a loss of about NIS 14.1 million in the first nine months of 2020.

Shai Ozon, CEO of ABRA: “The third quarter of 2021 is a record quarter for us and represents the acquisitions we have made so far. ABRA is keeping pace with the revenue we have promised, as well as operating profit, excluding accounting reductions, despite the smaller number of working days in the quarter, against the background of the holidays. “Abra is in accelerated growth, the results of activity increased not only in relation to the corresponding quarter last year, but also in relation to the second quarter of 2021. We will continue the acquisition process and increase the company’s services along with realizing synergy processes and improving acquired companies.”

EBITDA amounted to NIS 5.1 million, compared with NIS 2.7 million in the previous quarter, and negative EBITDA of NIS 0.8 million in the corresponding quarter. According to the company, the increase is due in part to the first consolidation of companies during 2021 and in part to an organic increase in the company’s operations. EBITDA in the first nine months of the year amounted to NIS 10.6 million, compared with negative EBITDA of NIS 3.5 million in the corresponding period.

The company’s cash balance and cash value at the end of the third quarter of 2021 amounted to NIS 65 million. As of the date of publication of the report, the company owns only two CLO devices, with a total value of approximately NIS 6.1 million.

The company’s shareholders ‘equity at the end of the third quarter amounted to NIS 188 million, compared with NIS 122 million at the end of 2020. The company argues that the increase in shareholders’ equity was mainly due to the issuance of shares to existing shareholders and company profits.

In recent months, the company has completed an acquisition of about three companies: Neway, Hirolo and Enagel.

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