2024-03-21 13:46:04
The Azrieli Group, controlled by Dana Azrieli, ended the year 2023 with a 24% increase in net profit to NIS 2.21 billion. This, compared to a net profit of approximately NIS 1.79 billion in the corresponding period last year. The group ended 2023 with an 8% increase in NOI and a 7% growth in cash flow from actual operations, to a total of NIS 1.5 billion.
The company announced (Thursday, March 21, 2024) the distribution of a dividend in the amount of one billion NIS – 8.25 NIS per share. The dividend will be paid to the shareholders on May 9, 2024.
The war of iron swords that broke out in the fourth quarter of 2023 caused a decrease in redemptions in the many malls of the Azrieli Group. However, it was not stated what was the extent of the decrease in redemptions during the period when the shortfall stopped in the first days of the war, and during the subsequent period when the volume of trade decreased due to the bad national mood. Despite this decrease, in the total account for the year 2023, the redemptions of the Azrieli Group increased by 2.2%. Also, during the first period of the Iron Swords War, the group gave concessions to tenants in shopping malls amounting to approximately NIS 35 million.
The Chairman of the Board of Directors of the Azrieli Group, Dana Azrieli, wrote to investors that even before the outbreak of the Iron Swords War, the year 2023 was one of the most challenging years for Israeli society – beginning with political struggles and disagreements over proposed changes in the legal system that disrupted society and that spilled over into the political arena And the day-to-day life of all of us, through dealing with a worldwide inflation crisis, the rise of interest rates in Israel and the world, and a slowdown in the real estate market and the Israeli high-tech market.
“The increase in the price of money combined with the effects of the war may lead to an increase in the government deficit and the debt-to-product ratio and affect growth, consumption, the cost of debt, and of course the labor market in the foreseeable future. The strength of the Azrieli Group, the quality of its assets, the diversification of its activities, the responsible management and the financial strength, are particularly prominent In these times and they are the ones that allow us to manage our business with a long-term vision, while preserving the group’s leading position in its fields of activity and continuing development and examining opportunities, for the purpose of expanding into new and promising fields of activity,” she wrote.
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