Big: Revenues soared to NIS 395 million thanks to Effie Properties

by time news

The company’s revenues in the third quarter of 2021 amounted to NIS 395 million, an increase of 144% compared to NIS 162.3 million in the corresponding quarter last year. The increase in revenues is attributed to the consolidation of the results of Efi Properties, which contributed NIS 194 million to revenues.

On the bottom line, net profit was NIS 251.2 million, a jump of 103% compared to NIS 123.2 million in the corresponding quarter last year. The jump in net profit is attributed to the real estate editors performed by the company, as well as to the consolidation of the results of Epi Properties.

Gross profit amounted to NIS 272.6 million, an increase of 130% compared to NIS 118.5 million in the corresponding quarter last year.

The company’s operating profit jumped to NIS 590.1 million, compared with NIS 1208 million in the corresponding quarter last year. The improvement in operating profitability is attributed to real estate revaluations made by the company during the quarter in the amount of NIS 329 million, compared with a decrease of NIS 22 million in the corresponding quarter last year.

Assaf Nagar, Deputy CEO of Big: “Today we present record results in all parameters. The fact that despite 50 closing days in the first nine months of the year, redemption from identical properties increased, compared to 2019 pre-Corona, by 3.6% and accordingly the NOI same properties in Israel increased by 4.5% reflects the strength The ‘Big’ brand and the attractiveness of the company’s 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.

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“Despite the many investments we have made since the beginning of the year, including the takeover of Epi Properties, we have managed to reduce 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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