Crashed: Net profit jumped to about NIS 67 million

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Motors reports revenue of NIS 1.01 billion along with a net profit of NIS 67 million in the third quarter of 2021. This is due to an improvement in gross and operating profitability during the quarter.

The company’s revenues in the third quarter amounted to NIS 1.01 billion, similar to the corresponding quarter last year.

On the bottom line, the company’s net profit was about NIS 67 million, an increase of about 123% compared to about NIS 30.1 million in the corresponding quarter last year.

Gross profit was about NIS 205 million (about 20.3% of revenues), compared to about NIS 157.2 million (about 14.9% of revenues) in the corresponding quarter last year.

Operating profit in the third quarter of 2021 increased to NIS 111.5 million, compared with NIS 53.5 million in the corresponding quarter last year.

Increase in import and leasing activity against a decrease in the automotive sector
Divided by sectors – revenue From the automotive sector In the quarter, they amounted to NIS 476 million, compared with NIS 535.6 million in the corresponding quarter last year. The segment’s profits in the quarter rose to NIS 100.5 million, compared with NIS 83.2 million in the corresponding quarter last year.

In the third quarter of 2021, the company sold 4,250 vehicles, compared to 5,015 vehicles sold in the corresponding quarter last year. It should be noted that the third quarter of this year included a shortage of working days due to the timing of the Tishrei holidays this year.

Revenue From the leasing sector Increased in the quarter to NIS 445.8 million, compared with NIS 423.7 million in the corresponding quarter last year. The segment’s profits in the quarter doubled to NIS 42.2 million, compared with NIS 21.4 million in the corresponding quarter last year.

Revenue From the service sector and others In the quarter, they grew to NIS 90.9 million, compared with NIS 85.2 million in the corresponding quarter last year. The profit in the third quarter of the two sectors is NIS 25 million, similar to the corresponding quarter last year

Itzik Weitz, CEO of Carasso Motors: “We conclude the period and quarter with a significant improvement in net profit, in light of the automotive and leasing segment activities. In the automotive segment, we are experiencing strong demand for new vehicles and we are preparing to address this trend. We continue to work to maximize Pacific’s synergies with Easy Auto, which are expected to support the continued improvement in operations in this segment. To continue to improve the company’s efficiency. ”

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