Afcon: Moved to a small profit due to the sale of TIBA and a revaluation of the transportation sector

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Afcon Holdings
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Reports in the third quarter on Revenues amounted to NIS 525.7 million in the quarter, compared with NIS 430.4 million in the corresponding quarter last year.

Operating profit was NIS 27.6 million, compared with NIS 2.9 million in the corresponding quarter last year. According to the company, this is an increase in the volume of activity – the progress of projects with higher profitability than the corresponding period last year.

Net income amounted to NIS 13.6 million in the quarter, compared with a loss of NIS 4.8 million in the corresponding quarter last year. This increase is mainly due to the results of the sale of the holdings in TIBA and the revaluation of the investment in Afcon Electric Transportation.

The backlog amounted to NIS 2.58 billion in the quarter, compared with NIS 2.35 billion at the end of last year, an increase of 10%. Working capital decreased to NIS 520 million, compared with NIS 562 million at the end of the year. The balances and cash value amounted to NIS 459 million

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