The non-bank credit group
Naoi
-0.07%
Base:2,720
opening:2,800
High:2,800
low:2,664
change:2,501,839
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Reports results for the first quarter of the year. The company’s revenues amounted to NIS 52.4 million, compared with NIS 36.6 million in the corresponding quarter last year, an increase of 43%.
On the bottom line, the company recorded a 50% increase in profit, which amounted to NIS 34.6 million, compared with NIS 23 million in the corresponding quarter in 2021. The return on equity in annual terms was 21.49%.
The company’s credit portfolio increased by NIS 1.2 billion compared to the corresponding quarter and amounted to NIS 3.5 billion as of the end of the first quarter of the year.
The company’s shareholders’ equity as of the end of the first quarter amounted to NIS 653.2 million, compared with NIS 601.1 million in the corresponding quarter. The company announced a dividend of NIS 10 million from the company’s profits in the first quarter of 2022.
The reports show the company with bank credit lines totaling NIS 2.2 billion to finance its current operations. The company also has capital market credit in the amount of NIS 482 million in bonds and NIS 300 million in commercial securities.
The company notes that during the first it entered into a memorandum of understanding with a leading factor in the car sales and leasing market, for the establishment of a venture in the field of consumer credit backed by collateral. As part of the Memorandum of Understanding, the two parties will establish a subsidiary that will engage in the activity of financing vehicle purchase transactions, vehicle-backed credit or collateral in the field of consumer credit, and will be maintained by the parties in equal parts.
Shahar Oshri, Chairman of the Naoi Brothers Group: “We continue to improve profitability and increase the volume of the balance sheet while meeting the goals we set in the strategic plan. The current market conditions create opportunities on the one hand and strict adherence to all risk management considerations on the other hand. We carefully examine transactions and optimize the credit portfolio.”
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