Big distributes a dividend of NIS 100 million, at the end of a successful quarter

by time news

Big Shopping Center (Big Photo Shopping Centers)

Big, the shopping complexes controlled by businessmen Roni and Yehuda Naftali, has completed a successful quarter that reflects the return to routine and the refinement experienced by the open shopping centers. The company has announced that it will distribute a significant dividend of NIS 100 million, a significant amount that does good to investors.

The company’s data show that revenues in the third quarter grew by 87.7% to NIS 360.1 million, compared with NIS 191.9 million in the corresponding quarter last year. Most of the increase is due to the consolidation of the results of EPI Assets, the decrease in the effects of the corona and the continued expansion of activity. The NOI in the quarter increased by 81% to NIS 253.4 million, compared with NIS 140 million in the corresponding quarter last year for the same reasons mentioned above that led to an increase in revenues.

The real FFO in the quarter climbed by 83.7% to NIS 162.2 million, compared with NIS 88.3 million. The company ended the third quarter of 2021 with an increase of 167.9% in net profit to NIS 251.2 million, compared with a net profit of NIS 93.8 million in the corresponding quarter last year.

It should be noted that the company will value assets that generated profits (from revaluation) of NIS 234 million of investment real estate and construction under construction, compared with a decrease of NIS 34.5 million in the corresponding quarter last year. Most of the increase is due to the revaluation of properties in Israel and Serbia and the first consolidation of the results of Efi Properties.

Assaf Nagar, Deputy CEO of Big: “Today we present record results in all parameters. The fact that despite a 50-day closure in the first nine months of the year, redemption from identical assets, compared to 2019 pre-Corona, increased by 3.6% and accordingly NOI same properties in Israel increased by 4.5% reflects the strength of the Big brand and the attractiveness of the company centers. In light of the strong results, the company’s board of directors decided to distribute a dividend of NIS 100 million, after we distributed a dividend of NIS 100 million about two months ago.

“In the U.S. we are continuing to realize the Company’s assets, in accordance with the Board’s decision, and we recently updated on the sale of a number of additional assets in California, Utah, Oregon and Wisconsin for a total amount in excess of book values. To date, we have signed contracts for the sale of 14 properties in which the company’s share in consideration amounts to approximately $ 456 million, and which constitute about half of the value of the company’s share in assets in the United States.

“In Israel and Serbia, we continue to develop and expand our activities, and are advancing in initiating and establishing a number of new centers, when recently we received validity for two programs in Petah Tikva and Ness Ziona in hundreds of thousands of meters in each program. The Big Group currently enjoys many significant growth engines that will support the continued growth in operational parameters.

“At the same time, we continue to examine a number of projects in the field of energy in accordance with the company’s reports over a year ago on the intention to enter the field and I hope that we will soon be able to update on developments on the subject.

“Despite the many investments we have made since the beginning of the year, including the takeover of Epic Properties, we have managed to lower the company’s leverage rate dramatically when, in parallel with all investments, since the beginning of the year the company has made unprecedented NIS 2.2 billion.”

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