2023-12-03 21:13:00
Lapidot Capital Reports Strong Financial Results for the Second Quarter of 2023
Lapidot Capital, a leading investment group in the fields of real estate and infrastructure, communications, and onshore drilling activities in Israel, has reported its financial results for the second quarter of 2023. The group’s financial reports include the results of the public companies Dania, Africa Israel Residential, and Sunny Communications.
The net profit for the shareholders of Lapidot amounted to about NIS 60 million, a significant increase compared to the corresponding quarter last year. The consolidated net profit in the third quarter of 2023 amounted to NIS 90 million.
The total dividend declared by all the group companies during the year 2023 amounted to 336 million shekels, with about 210 million shekels shared by Lapidot. The company’s board of directors approved the distribution of a dividend in the amount of 10 million shekels, bringing the total dividends declared by Lapidos in 2023 to 50 million shekels.
The consolidated equity of Lapidot at the end of the third quarter of 2023 amounted to approximately NIS 3 billion, a growth compared to the previous year. Dania, one of the largest construction and infrastructure companies in Israel, ended the third quarter with record revenues of NIS 1.4 billion, a growth of 27% compared to the corresponding quarter last year.
Africa Residences, held at a rate of approximately 51%, sold housing units with a monetary amount of approximately NIS 302 million including VAT during the third quarter of 2023. The company has 2,019 units in various stages of marketing, of which about 64% have been sold, with a financial volume of about NIS 3.4 billion.
Sunny Communications recorded revenues totaling NIS 219 million in the third quarter, with a total net profit of approximately NIS 2.3 million.
Eric Shapir, Vice Chairman of Lapidot Capital, stated, “The Lapidot Group companies show an excellent quarter and significant financial strength for the benefit of the investing public, while paying attention to the increase in liquidity.”
The company’s positive financial results reflect its strong performance and strategic investments in various sectors. With strong dividends and increased revenues, the group continues to create significant value for its investors.
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