Nextcom Group results for the third quarter of 2021

by time news

Revenues from the renewable energy sector amounted to NIS 71 million in the third quarter; Revenues from the communications infrastructure segment in the third quarter amounted to NIS 54 million.

Record revenues in the first nine months of 2021 amounted to NIS 375.1 million – an increase of NIS 135 million in turnover compared to the corresponding period, of which NIS 200 million came from the continued strengthening of renewable energy activities and NIS 175 million in communications infrastructure.

Group Nextcom, Which deals with the planning, construction and maintenance of infrastructure and solutions in the fields of communications and renewable energy, reports its financial results for the third quarter of 2021, which reflect continued rapid growth and revenues reaching NIS 125 million and a net profit of NIS 6 million.

The rapid and profitable growth of Nextcom stems from the promotion and execution of significant projects in the fields of energy at high volumes and with a long business horizon. In the field of solar projects, the company has signed a strategic agreement for housing and energy construction for the construction of the largest floating photovoltaic project in Israel. This facility in the Habonim reservoir has a production capacity of 23 megawatts, contains approximately 51,500 panels and covers 160 dunams of water. The facility has already been connected and started supplying power.

The company’s revenues in the third quarter of 2021 amounted to NIS 125.1 million, an increase of 37.5% compared to revenues of NIS 91 million in the third quarter of 2020. Revenues in the first nine months of 2021 amounted to NIS 375.1 million, an increase of 56% compared to revenues of 240.4 NIS 1 million in the corresponding period. The increase in revenues is due to the increase in renewable energy, which increased by NIS 42 million compared to the corresponding quarter last year, of which the Weeping Valley project and Genesis contributed to an increase of NIS 20 million compared to the corresponding quarter last year.

Revenues from the renewable energy sector in the first nine months of 2021 amounted to NIS 200.3 million, a jump of more than 330% compared to revenues of NIS 60.5 million in the corresponding period.

The communications infrastructure sector maintained a high revenue threshold of NIS 54 million in the third quarter of 2021. The company is working with all relevant players in the communications market in the field of optical fiber deployment, expecting that the volume of these companies’ investments in the field will reach tens of millions of shekels. In addition, the company expects that its experience and connections with the major media players over the years will allow it to carry out future projects for the deployment of the fifth generation of mobile.

Gross profit in the third quarter of 2021 increased to NIS 13.8 million, compared to gross profit of NIS 11.8 million in the corresponding quarter. In the first nine months of 2021, gross profit amounted to NIS 39.6 million, compared with gross profit of NIS 29.9 million in the corresponding period. The increase in gross profit was due to the increase in the Company’s activity, with an emphasis on renewable energy activity. Gross profitability was affected by rising prices of raw materials and an increase in transportation costs.

Operating profit in the third quarter of 2021 increased to NIS 9.2 million, compared with operating profit of NIS 7.8 million in the corresponding quarter. Operating profit in the first nine months of 2021 amounted to NIS 26.4 million, a jump of more than 150% compared to operating profit which amounted to NIS 17.4 million in the corresponding period.

The net profit in the third quarter of 2021 increased to NIS 6 million, compared to a net profit of NIS 5.5 million in the corresponding quarter. This is the fifth consecutive quarter in which the company recorded a quarterly net profit of more than NIS 5 million. The net profit in the first nine months of 2021 amounted to NIS 18 million, a jump of more than 178% compared to the net profit which amounted to NIS 10.1 million in the corresponding period.

Equity as of September 30, 2021 amounted to NIS 99.6 million, approximately 35% of the total balance sheet, compared to equity of NIS 81.6 million, approximately 30.1% of the balance sheet on December 31, 2020. The change is due to the total profit recorded The company in the reporting period in the amount of approximately NIS 18 million.

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