2023-11-30 11:08:00
Hajaj Real Estate Group Reports Increase in Third Quarter Net Profit
The Hajaj Real Estate Group has reported a net profit of approximately NIS 20 million in the third quarter, up from NIS 16 million in the second quarter. This marks a positive turn for the company, with the gross profit rate estimated at approximately 49%. The company’s stock has also seen a 43% increase since the beginning of the month, driven by purchases of the group’s shares by the brothers Hajj – Ido and Tzachi.
During the third quarter, the company marketed 27 apartments with a total financial value of approximately NIS 107 million, including VAT. This is a significant increase compared to previous quarters and indicates a boost in sales volumes for the company.
However, the recent war in the region has caused a slowdown in the housing market, with transactions coming to an almost complete stop. This has led to uncertainty and a poor national mood, impacting the market’s ability to return to normal levels of activity.
The company’s CEO, Tamir Hajj, remains optimistic about the future, mentioning a growing interest from Jews in the Diaspora to purchase property in Israel. The company’s financial stability allows it to continue implementing plans to build 1,000 new housing units in Tel Aviv.
The news of the company’s cooperation agreement with the Gindi Group in the new Tel Aviv-Jaffa project has also generated interest, with only about 30 apartments remaining for marketing in this project.
Overall, the Hajaj Real Estate Group is seeing positive momentum despite the challenges in the housing market, and it remains committed to its plans for future growth and development.
#Hajaj #Real #Estate #net #profit #rose #NIS #million #apartments #company #sell