From the beginning of 2021 until close to the date of publication of the report, the company sold 182 apartments.
The company concludes a strong 9 months with a net profit of about NIS 36 million.
The company recently updated on significant progress in promoting the urban renewal project in Ramla in the amount of about 300 housing units; the expected revenue is estimated at about NIS 488 million.
As of the date of the report, the company is promoting the initiation and marketing of approximately 2,087 housing units in 7 projects, as well as the initiation of approximately 16,000 housing units in 36 projects in the field of urban renewal and NAP 38/2 at various initiation stages.
Ami Peretz, CEO of Bonni High School: “We conclude the third quarter of 2021 with an increase in revenues and profits. The company is currently in a great momentum of activity when we recently announced significant progress in promoting the urban renewal project in Ramla, in which about 300 units were built with revenues of NIS 448 million. “Bonni Tichon is currently promoting the development, planning and construction of approximately 18,000 housing units at various stages of development in a wide variety of projects, as part of ensuring its continued growth in the coming years.”
The high school construction company, managed by Ami Peretz, reports its financial results for the summary of the third quarter of 2021, which reflect continued growth and a sharp increase in profit.
Highlights of the third quarter results 2021
Revenues in the third quarter of 2021 climbed by 41% to NIS 138.3 million, compared with revenues of NIS 98.2 million in the corresponding quarter last year. The increase is mainly due to the pace of progress in the implementation of the various projects, with an emphasis on the projects in Ashkelon, Modi’in, Carmei Gat, Kiryat Ono Complex D and Kiryat Ono Complex C.
Gross profit in the third quarter climbed by 139% to NIS 30.8 million, compared with NIS 12.9 million in the corresponding quarter last year. The gross profit margin climbed to about 22%, compared to about 13% in the corresponding quarter last year.
Operating profit in the third quarter climbed by 251% to NIS 25.3 million, compared with NIS 7.2 million in the corresponding quarter last year.
Net profit for the quarter climbed by 650% to NIS 13.5 million, compared with NIS 1.8 million in the corresponding quarter last year.
SalesDuring the third quarter of 2021, the company sold 47 units. From the end of the third quarter until close to the date of publication of the reports, the company sold an additional 37 units. From the beginning of 2021, the company sold 182 units totaling NIS 470 million ( includes VAT).
As of the date of publication of the report, the company is promoting the initiation and marketing of 2,087 housing units in 7 residential real estate projects in Kiryat Ono, Modi’in, Ashkelon, Beer Yaakov, Carmei Gat, Jerusalem and Netanya, as well as promoting 36 urban renewal projects and NAP. 38/2 at various stages of initiation in the amount of over 16,000 housing units.
Highlights Results of the first nine months of 2021
The company’s revenues in the period climbed by 88% to NIS 360.2 million, compared with NIS 191.4 million in the corresponding period in 2020.
The net profit in the first nine months of 2021 jumped to NIS 35.9 million, compared with a loss of NIS 10.8 million in the corresponding period in 2020 (a loss of NIS 2.1 million, net of impairment).
November 2021 The company has updated regarding significant progress in connection with the Ramla-Frenkel project in light of receiving approval from the district committee for the master plan initiated by the company. – 1,150 square meters of commercial space and about 690 square meters of offices and 660 square meters for a public building, the expected volume of revenue for the project is estimated at NIS 488 million (including VAT).
July 2021 The Company made a full and final early redemption of the debentures (Series X) in the amount of approximately NIS 55 million.
June 2021 The Company completed the raising of debentures (Series 19) in the amount of NIS 105 million at an unlinked fixed interest rate at an annual rate of 3.05%.
April 2021 The company won a tender from the Israel Land Authority for the construction of 238 apartments and about 1,222 square meters for commerce in Beer Yaakov. 50% of the apartments in the project (119 apartments) will be marketed in the “reduced price” route at a price of 11.6 thousand NIS per square meter Including VAT) and the rest (119 apartments) will be marketed to the general public on free market terms and prices. The expected amount of revenue for the project is estimated at NIS 543 million (including VAT).
As of the date of the report, the company is engaged in the initiation of 36 projects in the field of urban renewal and NAP 38/2, in various feasibility stages (some in very preliminary stages but including the signing of at least 25% of the project owners) to evacuate 4,256 housing units and build 16,144 housing units. D. Of this, during the reporting period, 13 projects were added with an expectation of the construction of 3,589 housing units, of which 2,546 housing units will be sold on the free market and 1,043 housing units will be settled for the owners of existing apartments.