The company reports revenues of NIS 708.1 million – an increase of 29% compared to the previous year. the gross profit jumped by 31.3% to NIS 139.4 million. Rav Barih Group’s gross profitability grew by20% in the second half of 2022, Despite a significant increase in the prices of raw materials in 2022 in relation to the year 2021. And yet for the entire year the company earned NIS 1.4 million.
The increase in revenues and the weakness in profits is also evident in the fourth quarter. In the fourth quarter, the group’s revenues amounted to approximately NIS 182.8 million, an increase of approximately 10.7% compared to the corresponding quarter last year, which amounted to approximately NIS 165.1 million. The gross profit in the fourth quarter grew by about 2.3% to a total of about NIS 36.9 million compared to the corresponding period last year. In the second half of 2022, gross profitability grew by more than 20%. Although in 2021, the raw materials component in 2022 is still significantly higher, and the improvement in raw materials originates from lateral streamlining moves such as moving the shielding plant, improving depreciation and streamlining installations.
In the fourth quarter of 2022, the adjusted EBITDA amounted to approximately NIS 18.9 million, compared to NIS 21.1 million in the corresponding quarter last year. A change mainly due to the timing of the Tishri holidays in 2022, most of which were in the 4th quarter compared to 2021, when most of the Tishri holidays were in the third quarter.
The adjusted EBITDA for 2022 amounts to NIS 73.9 million, which is a growth of 30.3% compared to 2021. Godnet profit The Rav Barih Group’s annual income amounted to– 1.4 one million NIS compared to the loss in 2021.
The company reports that it continues to progress towards its strategic vision for 2027 and recorded in 2022 a record in the total of its future order contracts in the residential and institutional contractor sectors for a total of 451 million shekels, which is a growth rate of 24% compared to 2021. This trend also continues at the beginning of 2023 when in the first two months of this year, the company recorded a sequence of new and significant transactions in the institutional contractor sector in the amount of approximately NIS 30 million.
Idan Zoertz, CEO of the Rav Barih Group noted on the background of the publication of the reports: “The Rav Barih Group summarizes the year 2022 as strong with a jump in all indicators compared to 2021: an increase of approximately 29% in the group’s revenues, a jump of 31.3% in the gross profit and a growth of 30.3% in adjusted EBITDA for 2022.
“In addition, we experienced a growth of 24% in the backlog of future orders in the contractor sectors while implementing the strategy of expanding the product portfolio for the contractor. At the same time, the company is progressing towards the 2027 vision that was presented to the capital market in August 2022, by strengthening all five sectors of the company’s activity and expanding the production infrastructure and products.
“The Rav Barih Group continues to build a supporting infrastructure for its main cornerstones: growth, technology, innovation and profitability, among other things through: continuing organic growth in all sectors and implementing acquisitions with high synergy potential such as the garbage sweepers and railings activities that entered during 2022, the merger of Electra Solar that we recently carried out into the subsidiary Barih-Golan, focusing on improving profitability and implementing cross-company efficiency measures.
“This week in Ashkelon we inaugurated the renewed locking factory that grew from about 2,000 square meters to an area of about 7,000 square meters. The factory was equipped with advanced technologies and robots that enable the automation of a large part of the production steps which will significantly increase the productivity and production capacity intended for the markets in Israel and around the world.
“Also, we are working with full vigor to complete the opening of phase one of the new steel products factory in Kiryat Rav Barih during the coming months, the most advanced factory of its kind in the world.”
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