Eckerstein in strong reports: revenues in the quarter increased by 16%, profit increased by 42%

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engaged in the production and marketing of concrete products for environmental development and profitable real estate, the income in the fourth quarter of 2022 was about NIS 199.5 million compared to revenues of NIS 171.9 million in the corresponding quarter last year – an increase of 16%. The revenues in the whole of 2022 amounted to NIS 782.3 million compared to revenues of NIS 640.5 million in 2021 – an increase of 22%.

The company explains that the increase is due to growth in the engineering sector and the industry sector abroad. The increase is offset by a decrease in revenues in the engineering sector due to the planned stoppage of production at the Yeroham plant in favor of installing new production lines and upgrading existing ones in order to expand production capacity in the field of environmental development and landscape design.

The NOI from the real estate activity in 2022 amounted to NIS 23 million compared to NIS 20.4 million last year, an increase of about 13%. The NOI from the real estate activity in the quarter amounted to NIS 6 million compared to NIS 5 million In the corresponding quarter, an increase of about 19.8%. The NOI from the same properties in 2022 increased by approximately 21.1% and amounted to NIS 23 million compared to NIS 19 million last year. The NOI from identical properties in the quarter increased by approximately 25.3% and amounted to NIS 6 million compared to NIS 4.7 million in the corresponding quarter.

The gross profit (excluding real estate) in the quarter grew by 20.3% and amounted to NIS 52.7 million compared to NIS 43.8 million in the corresponding quarter. The gross profit rate (excluding real estate) in the quarter amounted to 7% compared to 6% in the quarter the equivalent The operating profit (excluding other expenses and income) in the quarter grew by 25.6% and amounted to approximately NIS 58.7 million compared to approximately NIS 46.8 million in the corresponding quarter last year.

The EBITDA in the quarter increased by 24.6% and amounted to NIS 37.5 million compared to approximately NIS 30.1 million last year. EBITDA (excluding real estate) in the quarter increased by 24.5% and amounted to NIS 33.5 million compared to NIS 26.9 million in the corresponding quarter.

The net profit in 2022 grew by 25.5% and amounted to NIS 75.7 million compared to about NIS 60.3 million last year. The net profit in the quarter grew by 42.3% and amounted to NIS 42.7 million compared to about NIS 30 million in the corresponding quarter last year. The company will distribute a dividend of NIS 40 million for 2022 profits.

Ehud Danoch, CEO of Eckerstein Industries: “We are proud to conclude a record year in all parameters, including a record quarter since the company was issued. The growth, which is evident in all sectors, is the result of the extensive efforts we are making to expand operations along with the continued improvement of operational efficiency. The business environment in the field of infrastructure in Israel is solid and projects of significant scope are expected to come to fruition In the coming years, in which ‘Eckerstein’ is expected to play a central role. We continue to strengthen our capacity so that continued growth will be possible and a response will be provided to the high demands we feel. In the fourth quarter, we installed new production lines at the company’s factory in Yeruham, and we also expanded the production capacity of the factory in Zahar operations that directly affect capacity the production of the engineering sector. These two events put us at the technological forefront in the field, with a leap forward in production capabilities. These upgrades will be reflected in the following reports.”

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