Azorim real estate company
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Selling her land with an area of 2,012 square meters (plot 12, block 9043), which is intended for the construction of sheltered housing in Netanya, for NIS 60 million. The buyer is her partner in the complex (50%) who exercised the right of refusal on September 13.
The land has construction rights to the extent of 25,344 square meters. Following the sale, Azorim is expected to record a gross profit of NIS 19 million, which will be recorded in the company’s reports in the first quarter of 2023.
Azorim will receive the money in two stages: NIS 20 million has already been paid at the time of signing, and another NIS 40 million will be paid within 90 days of the signing.
Ron Avidan, CEO of Azorim: “The purpose of this land is not within Azorim’s core activity, and therefore we did not see a business advantage in continuing to hold it. The company will continue to work to strengthen its activities in the areas in which it specializes.”
In the second quarter of 2022, Azorim reported that revenues amounted to NIS 291 million compared to NIS 404 million. In the corresponding quarter, 400 units were sold. The gross profit amounted to NIS 77 million compared to NIS 84 million last year. The gross profit rate increased to 22% compared to 18% in the corresponding period. The increase in gross profit was due to an increase in the selling price as well as a decrease in the project’s contribution to the price per resident , in which the profitability rates are relatively low. Revaluation profits amounted to 37 million shekels compared to 22 million last year, so that the net profit amounted to 84 million shekels compared to 82 million shekels last year.
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The average price of a housing unit increased by 25% and amounted to about NIS 2.5 million compared to an average price of NIS 2 million in the corresponding period. The scope of income from rent and management services amounted to NIS 33.7 million compared to NIS 19 million last year.
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