Meir Shamir (Flash 90 photo)
Manif, the real estate financing arm of businessman Meir Shamir, published its financial statements today, which show that the company extended a credit of NIS 267 million to the industry in the fourth quarter of the year.
Manif is actually a non-bank credit company that provides Mazin loans to real estate entrepreneurs. The company provides credit for periods of between one and 5 years, but most of the credit it provides in favor of equity for real estate entrepreneurs is given for periods of one and a half to two years. Let’s recall that the real estate industry is very sensitive to interest and inflation, and hence the whole process makes the project more expensive for them, and if they fail to “pass on” the increased costs to the client, then their profitability is greatly eroded, which puts the loans taken out for their benefit at increased risk.
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If so, during the fourth quarter of 2022, Manifa increased its customer portfolio by approximately NIS 267 million, and as of the end of 2022, it stands at approximately NIS 2.1 billion
Maor Doak, CEO of Manif, said with the publication of the reports that: “Manif concludes a positive year with good results and significant growth in the customer portfolio. The company’s profits increased due to an increase in the asset portfolio, the increase in interest rates in the economy and the maturing of projects. On the other hand, the one-time provisions were relatively low, and this is thanks to the company’s rich experience spanning 24 years, including in changing market conditions, conservative management and the ability to take advantage of quality opportunities. The level of complexity in the real estate industry has indeed increased over the past year.
“At the same time, the profile of the transactions coming to Manif is better. The company has made and continues to make all the time the necessary adjustments in signing new deals and managing the existing portfolio in accordance with the changing market situation, in order to try and avoid threats and at the same time take advantage of business opportunities that come to it.
“Accordingly, the company continues the trend of growth in a more conservative manner, and even reduced the amount of the dividend in the current quarter to a total of NIS 8.5 million in the upcoming distribution, when a total of about NIS 40 million was distributed for the results of 2022. In this way, the company continues to share with the shareholders With the good profitability and the flow it generates, to strengthen the capital base in order to deal with the complexity of the market, and to take advantage of business opportunities.
“The expansion of the activity with the various financial corporations contributed to the increase in the annual profit and we intend to deepen the business activity with them as part of our growth strategy.”
The company’s reports show that in 2022 the revenues amounted to approximately NIS 183.2 million, an increase of approximately 52% compared to revenues of approximately NIS 120.5 million in 2021. The financial profit of the company amounted to approximately NIS 88 million compared to NIS 65.5 million in 2021.
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