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Azrieli Group
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The activity in the field of income-producing real estate reports a 42% increase in revenues in the first quarter of 2022, along with a jump in net profit of NIS 336 million, partly due to revaluation gains recorded during the quarter, and due to the comparison with the weak quarter last year.
The group’s revenues from rent, management, maintenance and sales in the first quarter amounted to NIS 623 million, an increase of 42.5% compared to NIS 437 million in the corresponding quarter last year.
On the bottom line, the company reported a net profit of NIS 336 million, a jump of 205% compared to NIS 110 million in the corresponding quarter last year. The jump in the bottom line is mainly attributed to an increase in NOI of NIS 155 million, mainly as a result of the Corona crisis’ effect on the corresponding period last year, which was reflected in the transition to a fair value adjustment of NIS 252 million compared to a loss of NIS 38 million in the corresponding quarter last year.
The company’s NOI in the first quarter was NIS 456 million, an increase of 51% compared to NIS 301 million in the corresponding quarter last year.
The average occupancy rate (excluding populated properties) in the malls sector was 99%, in the office sector in Israel 98%, and in sheltered housing 99%. Thus, in March-April 2022, there was a 0.5% increase in mall revenues compared to the same period in 2021. In January-February last year, the malls were closed for most of the period.
Eyal Hankin, CEO of the Azrieli Group: “We conclude another quarter with continued growth in all operational parameters. In the offices’ operations, we are witnessing a continued high demand trend alongside growth in NOI from identical properties. Years.
In the trading activity, we see growth in redemptions and a return to the buying and entertainment patterns that characterized the Israeli audience in the period before the Corona. In the last two years, we have invested tens of millions of shekels in upgrading existing malls and their surroundings, as well as in diversifying and developing the businesses that operate in them, and we are confident that this investment will bear fruit in the near future. Moreover, we intend to significantly expand the MIXED USE concept that characterizes the Azrieli Group, which sees real estate complexes as an entire ecosystem and a place for community formation and social life. It has changed its face and turned from a parking lot and taxi station into a unique entertainment and culinary complex and a center of attraction for mall visitors, office tenants and the general public.
The field of data centers continues to grow at high rates which are expected to increase significantly with the completion of the many projects under development. Sheltered housing is a strong and growing leg of the group and is expected to expand significantly in the coming years. Alongside the core activities, the group continues to promote the new areas of activity, hotels and long-term rental housing, while exploring new opportunities that are integrated into our business strategy for the benefit of the group’s continued growth. ”
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