For several weeks now, Effie Properties has been under strong selling pressures. The company, whose most assets are in relatively weak Eastern Europe, has fallen by about 20% since the beginning of the year.
Efi Properties, today reporting its financial results for the first quarter of 2022, the company manages to increase its revenue line due to the improvement in mall revenues across Europe after the end of the corona and winter which is already ending in Europe.
The company manages to improve the bottom line by about 50%. Despite a number of bumps, such as financing increases that jumped following the index, the company is trading this morning above a value of NIS 6.3 billion.
WE – The NOI (part of the company) in the first quarter of the year amounted to NIS 144 million, compared with NIS 132.5 million last year, an increase of 9%. The increase began to be reflected in the year. The increase was partially offset by the sharp erosion of the euro exchange rate compared to last year. NIS million. The company is currently establishing a number of projects that, upon completion, the annual NOI rate is expected to reach NIS 959 million.
FFO The FFO in the first quarter of the year amounted to about NIS 75 million compared to about NIS 60 million last year, an increase of about 24%. The annual rate of the FFO is about NIS 307 million. The company estimates that upon completion of the population of several Projects that were recently completed (and have not yet fully yielded in the first quarter of the year) the FFO is expected to reach an annual rate of approximately NIS 372 million. Upon completion of the projects the company is currently constructing, the FFO is expected to reach an annual rate of approximately NIS 608 million.
For the first time since the corona plague began more than two years ago, revenue in the company’s malls in Romania increased in April compared to April 2019 by about 6.5%.
Profit attributable to owners – The profit attributable to owners amounted to NIS 74.3 million in the first quarter of 2021, compared with a profit of NIS 50 million in the corresponding quarter last year. The increase in profit is due, among other things, to the increase in NOI This is despite the sharp rise in financing expenses as a result of the rise in the index.
Avi Barzilai, CEO of the company: “With the disappearance of the corona plague we are witnessing a return to routine in the company’s mall activity and an increase in revenues compared to 2019 when we recently signed an agreement with international fashion giant Primark which is expected to open a huge store in Kotrochan mall.” The rental housing market in neighboring countries and the impact is clearly evident in Poland and the Czech Republic which are the company’s main markets in this area. We intend to continue to increase the company’s activity in the rental housing sector. “20 floors in the Landmark project in Tel Aviv for an international technology giant. We are continuing with full vigor to promote the projects under construction which are expected to increase the operational parameters significantly in the coming years.”