Rani Zim (photo by Meir Adri)
The company ‘Rani Zim Shopping Centers’ published this morning (Thursday) its financial results for the second quarter and the first half of the year 2022, which show an increase in revenues, operational parameters as well as the net profit line.
Highlights of results for the first half of 2022: The company’s revenues in the first half of 2022 increased by approximately 32.5% to approximately NIS 42.4 million, compared to approximately NIS 32 million in the corresponding period last year. The increase in revenue is due to the opening of new centers during the second quarter of the year, in Gani Tikva, Tira and Phase I in Kfar Saba, as well as from the operation of a fast food complex that the company established in one of the commercial centers, the construction of which was completed in the second half of 2021. In addition, the increase was affected by the fact that in the first quarter In 2021, concessions were given to renters due to the corona virus crisis.
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The NOI in the half increased by approximately 23.4% to approximately NIS 32 million, compared to approximately NIS 25.9 million in the corresponding period last year. The NOI Same Property grew by about 43% to about NIS 30.6 million, compared to about NIS 21.3 million in the corresponding period last year. The company’s FFO according to the management’s approach in the first half of 2022 climbed by about 86.5% to about NIS 11.2 million, compared to a total of about NIS 6 million in the first half of last year.
During the period, the company recorded an increase in the value of investment real estate in the amount of approximately NIS 55.4 million, compared to approximately NIS 34.3 million in the corresponding period last year. The majority of the increase in the period is attributed to the increase in the value of investment real estate, including the valuation resulting from the increase in the index, progress in marketing and execution of projects in construction and planning, as well as An increase in the value of assets that the company realizes. The company recorded an increase of about 33% in the net profit in the first half of 2022 to about NIS 35.6 million, compared to about NIS 26 million in the corresponding period last year.
The company’s revenues in the second quarter increased by about 16% to about NIS 22.1 million, compared to about NIS 19 million in the corresponding quarter last year. The increase was mainly due to the opening of new branches, as mentioned, as well as improvements in existing centers. The NOI in the quarter increased by about 5.3% to about NIS 16.5 million, compared to about NIS 15.7 million in the corresponding quarter last year. The NOI Same Property in the quarter increased by about 16.7% to about NIS 15.2 million, compared to about NIS 13 million in the corresponding quarter last year.
The company’s FFO, according to the management’s approach, increased in the quarter by about 9% to about NIS 5.2 million compared to about NIS 4.7 million in the corresponding quarter last year. In addition, the company recorded in the second quarter of 2022 an increase in the value of investment real estate in the amount of approximately NIS 36.5 million, compared to approximately NIS 22.6 million in the corresponding quarter last year. The net profit in the second quarter increased by approximately 32% to approximately NIS 23 million, compared to approximately NIS 17.4 million in the corresponding quarter last year. As of June 30, 2022, the company has a cash balance and cash value of approximately NIS 175.4 million. The equity attributed to the shareholders, as of June 30, 2022, has increased to approximately NIS 585.7 million.
Rani Zim, Chairman of Rani Zim Shopping Centers: “During the second quarter, we continued to implement the company’s strategy for an accelerated expansion of business activity on all fronts. In this context, in the second quarter we launched with great success the new centers in Tira and Gani Tikva, as well as the first phase of the project in KFS, and in addition, during the quarter we executed a strategic deal to purchase the residential and construction group from Giddo, which will allow us to significantly expand our activities in the residential sector throughout the country. We continue To act with full force and accelerated momentum, and we will continue to work to expand and improve the activity and to find additional opportunities to create significant value for Rani Zim Shopping Centers.”
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