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Reports quarterly results. Revenues amounted to NIS 1.51 billion, a decrease of 3% compared to the same period last year, when revenues amounted to NIS 1.56 billion. According to the company, the decrease in revenues is due to a delay in the execution of Solel Boneh projects, but this was partially offset by an increase in activity in Nigeria, Uganda and Ethiopia and an increase in revenues from the sale and rental of apartments in Israel.
Operating profit in the quarter amounted to NIS 253.1 million, compared with NIS 92 million in the corresponding quarter last year, an increase of 170%.
Half of this came from the company’s share in the profits of investee companies, which amounted to NIS 66.8 million, compared with a loss of NIS 18.3 million in the corresponding quarter. The change is due to an increase in the profits of companies in the energy sector of NIS 59 million and an improvement of NIS 28 million in the results of companies in the field of franchising. Net financing costs in the quarter amounted to NIS 84.9 million, compared with NIS 66.1 million in the corresponding quarter last year. Most of the increase is due to a 0.8% increase in the index compared to a 0.1% increase in the corresponding quarter.
The company made a net profit of NIS 119 million, compared with a loss of NIS 24.1 million in the corresponding quarter.
The backlog amounted to NIS 13.2 billion, and additional projects totaling NIS 7.7 billion that the company won by the end of the quarter are not included in the backlog.
Leumi Partners recently gave the stock a buy recommendation and raised the target price to NIS 26 per share, an upside of about 25%.
Tamir Cohen, Chairman of Shikun VeBinui, commented on the background of the reports: “We conclude third quarter with improvement in key parameters. The group continues to operate in a variety of channels After the acquisition and financial closure of the Brazoria Texas power plant was completed, we completed the financial closure in a mega flood diversion project in the US, we sold apartments in Israel on a significant scale and we continue In all the other projects. ”
Real Estate in Israel
During the quarter, 282 housing units were sold, compared with 94 units in the corresponding quarter last year at an average selling price of NIS 3.0 million, compared with NIS 2.0 million in the corresponding period last year. Total revenues in the quarter amounted to NIS 304.8 million, compared with NIS 263.6 million in the corresponding quarter last year.
Apartment projects for rent
The company recently won a tender for the construction of a long-term rental project in Lod, which includes 274 housing units, of which 34 units are for sale on the open market, following another win in August for the construction of a long-term rental project in Or Yehuda, which includes 159 units.
Real estate in Europe
In this segment, the income and profit are recognized on the basis of the actual delivery of apartments, as opposed to the basis of sale and execution as is customary in Israel. During the quarter, 69 dwellings were occupied, compared with 119 dwellings last year. Total revenues in the quarter amounted to NIS 50.3 million, compared with NIS 60.8 million in the corresponding quarter. The decrease in income is due to the difference in the number of dwellings inhabited. It also included income of about NIS 7 million from the sale of land in Poland, the company said.
Infrastructure in Israel
Revenues in the quarter amounted to NIS 682.7 million, compared with NIS 791.9 million in the corresponding quarter last year. The decrease in revenue is mainly due to a delay in accepting projects to be carried out, it was reported.
Infrastructure in Africa and others
Revenues for the quarter amounted to NIS 272.8 million, compared with NIS 221.1 million last year. Most of the increase is due to an increase in the rate of activity in Nigeria, Uganda and Ethiopia, partly due to the impact of the corona virus last year. A decrease in revenues of NIS 16 million was recorded in the quarter as a result of a decrease of 5.39% in the average dollar exchange rate relative to the corresponding quarter last year.
Revenues in the quarter amounted to NIS 152.1 million, compared with NIS 230.7 million in the corresponding quarter last year.
Financial closure of a system to divert flood waters in the United States (Fargo)
The volume of contracting activity in the United States increased by NIS 1 billion following the win.
The company’s share in the profits of investee companies increased by NIS 59 million following profits in the Ashalim and Ramat Hovav projects.
Acquisition of Electra holdings in a pumped storage project
The company decided to exercise its right to acquire the entire holdings of Electra in PSP (25.5%). At the same time, Infrared (which owns 49% of the project) also told Electra that it wanted to exercise the right to bid, but only in relation to some of the proposed shares.
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