Company
Shafir Engineering
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Operating in the fields of infrastructure, industry and residential development publishes its financial results for the fourth quarter of 2021 and for the entire year. According to the reports, the company enjoyed revaluation gains that jumped the operating and net profit, with not much erosion in the margin of the company’s gross profit on an annual basis, partly due to supply chain issues, but stability in quarterly comparison.
The company reports revenues of NIS 973 million in the fourth quarter compared to NIS 946 in the corresponding quarter, a growth of 2.8%. The gross profit reached NIS 190 million compared to NIS 186 million in the corresponding quarter, an almost identical gross profit rate of 19.5%.
Operating profit was NIS 288 million, compared with NIS 139.3 million, with the company enjoying revaluation gains of NIS 161 million. The revaluation profits are mainly due to a revaluation in the sheltered housing network acquired by the company “Up to 120” as well as the opening of the shopping center in Rosh HaAyin, which has moved from “under construction” status to “active”. The net profit was NIS 193.1 million compared to NIS 94.7 million.
In an annual summary, the company’s revenues reached NIS 3.893 billion, compared with NIS 3.48 billion last year, an increase of 12%. The gross profit was NIS 712.2 million, compared with NIS 700.2 million a year earlier. The gross profit margin decreased from 20.1% in 2020 to 18.3% in 2021.
Operating profit was NIS 679.5 million, compared with NIS 521 million. The company benefited from valuation gains of NIS 161 million, which explains the difference in operating profit, as administrative and general expenses jumped from NIS 158 million to NIS 203 million. On the bottom line, net profit amounted to NIS 452.2 million, compared with NIS 328.2 million in 2020.
Shafir Engineering is traded at a value of NIS 11.2 million after increases of 14% since the beginning of the year and 34% in the last 12 months. The annual net profit for the company reflects a profit multiplier of about 25. Looking to the future, the company has many lands in various stages of development, as it intends to increase the scope of activity in the field of real estate.
Yesterday, the company announced the signing of an agreement to acquire the Fritz Company activity, which provides services throughout the supply chain in the fields of international shipping and logistics. The acquired company will assist in all areas of logistics in all the various areas of activity of the company. The value of Fritz’s total activity, according to the company, is about NIS 280 million.
Shai Lindner, CFO of Shafir Engineering: “In 2021, the company made investments of more than NIS 2 billion. We expanded our real estate activity by acquiring the sheltered housing network ‘Up to 120’ and added a number of commercial and residential projects in Ramat Hasharon, Bat Yam, Beit Shemesh, Beer Yaakov and Yehud-Monson. The investments we made, along with winning the tender to build the Purple Line And the additional projects in which we must reach the final stage position the company to continue to grow in the coming years. ”
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