2023-12-19 11:51:57
Baran Group Reports Strong Financial Results for the Third Quarter
The Baran Group, an international engineering company specializing in the management and planning of building, industry, and technology infrastructures, announced this morning their financial statements for the third quarter of the year. The company reported a move to a quarterly profit and a significant increase in both revenue and net profit.
In the top line, the group’s revenues doubled to approximately NIS 154.2 million in the third quarter, compared to revenues of approximately NIS 82.7 million in the corresponding period last year. This substantial increase in revenue can be attributed to the company’s strategic acquisition and consolidation of solar companies in Israel.
Despite an increase in sales, marketing, management, and general expenses, the company has continued to focus on reducing and improving efficiency in these areas. Net financing revenues also saw a significant increase, mainly due to the positive effect of the exchange rates of the dollar and the euro in relation to the shekel, as well as financing income from interest on deposits.
The impressive financial performance is evident in the gross profit, which increased 2.5 times to about NIS 19.4 million in the third quarter of this year, compared to NIS 8 million in the corresponding quarter last year.
In the bottom line, the net profit surged to approximately NIS 10 million, a stark contrast to the loss of approximately NIS 0.3 million in the corresponding quarter last year. Additionally, the EBITDA increased 35 times to about NIS 15 million, and the cash balance and cash value more than doubled compared to the same period last year.
Itzik Frank, CEO of the Baran Group, expressed confidence in the company’s continued growth in activity, revenues, and net profit in the coming quarters. He also reassured stakeholders that the recent conflict in Israel had not yet significantly impacted the company’s operations.
As the leading engineering and projects company in Israel, the Baran Group is poised to play a central role in the reconstruction of the national infrastructure and economy after the recent conflict. Frank emphasized the company’s commitment to contributing to the country’s recovery and growth in the various fields in which they operate.
The Baran Group’s strong financial results and optimistic outlook for the future position them as a key player in the industry and reflect their successful execution of a strategic work plan.
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