Real Estate Company
Africa Residence
+0.8%
Base:21,300
opening:21,300
High:21,670
low:20,940
change:1,955,858
Page Quote News Graphs Company Profile Recommendations
More articles on the subject:
Reported a 17% decrease in revenue along with a net profit of NIS 220 million, during the year 2021. In the last quarter, the company sold 350 units with a cash volume of about NIS 1.1 billion.
The company’s revenues during 2021 amounted to NIS 1.11 billion, a decrease of 17% compared to NIS 1.34 billion in 2020.
Bottom line, the company’s net profit amounted to NIS 220 million, compared to NIS 103 million in 2020. This is thanks to real estate revaluations made by the company in the amount of NIS 83.4 million during the year.
In the fourth quarter, the company sold 350 units with a cash volume of NIS 1.1 billion, compared with 176 units with a cash volume of NIS 402 million in the corresponding quarter last year.
Micha Klein, CEO of Africa Israel Residence: “We are pleased to conclude a strong year with continued growth in apartment sales, improved profitability and significant increase, of thousands of housing units for a total of over 13,000 housing units in the company’s future projects inventory. Taking advantage of business opportunities, the company promotes plans for the development of over 5,000 housing units in the field of urban renewal.
In addition, the company intends to continue to expand its activities in the field of rental housing and in the field of commerce and offices, which will constitute a significant arm of income-producing real estate as well as the company’s growth engines for the coming years. “NIS 2.6 billion, which has not yet been recognized and we see this as tangible evidence of the great value that is expected to be reflected in the coming years. Thanks to the moves we promoted this year, we are witnessing a significant decrease in the company’s leverage.”
Comments on the article(0):
Your response has been received and will be published subject to system policies.
Thanks.
For a new response
Your response was not sent due to a communication problem, please try again.
Return to comment