The construction and real estate company
Ashstrom Group
-7.05%
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opening:7,327
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Reporting its results in the third quarter, the company brought in approximately NIS 1.37 billion, compared to approximately NIS 1.04 billion in the corresponding quarter last year, an increase of 31.2%.
The gross profit in the quarter increased by about 22.2% to about NIS 280.5 million, compared to about NIS 229.5 million in the corresponding quarter.
Ashstrom Group’s operating profit in the third quarter grew by approximately 48.1% to approximately NIS 254.1 million, compared to approximately NIS 171.5 million in the corresponding quarter.
The net profit in the third quarter of this year climbed by about 45% to about NIS 130 million, compared to about NIS 89.7 million in the corresponding quarter. The profit attributed to the shareholders in the quarter climbed by about 33.6% to about NIS 119 million, compared to a net profit to the shareholders in the amount of about NIS 89.1 million in the corresponding quarter last year.
in the division into the company’s activity sectors
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In the construction and infrastructure contracting sector in Israel, revenues in the quarter increased by approximately 19.6% to approximately NIS 708.2 million, compared to approximately NIS 592 million in the corresponding quarter. The sector’s gross profit in the quarter increased by about 10% to about NIS 64.3 million, compared to about NIS 58.5 million in the corresponding quarter last year.
In the investment and entrepreneurship real estate sector (through Ashstrom Properties) revenues in the quarter amounted to approximately NIS 101.5 million, compared to approximately NIS 139.9 million in the corresponding quarter. The decrease in revenues is mainly attributed to the end of the sales phase of the two towers in the LYFE project in Bnei Brak. The sector’s gross profit in the quarter amounted to approximately – NIS 56.4 million, compared to approximately NIS 75.3 million in the corresponding quarter.
In the industrial sector, revenues in the quarter increased by approximately 44.7% to approximately NIS 242.1 million compared to approximately NIS 167.3 million in the corresponding quarter. Gross profit in the sector increased in the quarter by approximately 81.6% to approximately NIS 36.5 million compared to approximately NIS 20.1 million in the corresponding quarter last year.
The field of renewable energy
The Ashstrom Renewable Energy subsidiary owns, through subsidiaries, five projects that are in various stages of development in the USA (4 of them in Texas) with an aggregate volume of approximately 1,500 megawatts. The estimated construction cost of the aforementioned projects is estimated at approximately $1.5 billion.
Rami Nussbaum, Chairman of the Ashstrom Group Board of Directors: “We conclude the third quarter with growth in revenues and profits, while continuing the trend of expanding our activities in all areas. We anticipate the continued momentum of activity also in 2023, during which we are expected, among other things, to occupy two residential projects for long-term rental with a total scope of approx. 570 housing units in the Mashtala neighborhood in Tel Aviv and Kiryat Yuval in Jerusalem. Also, we plan to start construction of 2-3 additional projects in this area in 2023, with a total of about 700 housing units.”
“In the field of renewable energy, we continue to expand our activities, when during the year 2023, we are expected to start establishing a project with the scope of about 400 megawatts in the USA”.
“The Ashstrom Group currently enjoys a high level of financial strength and liquidity, with cash totaling approximately NIS 1.8 billion, and is prepared to continue expanding its activities, among other things, by taking advantage of business opportunities, as many as they may be.”
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