| Adam Cohen, FUNDER News |
On Sunday, the Lapidot Capital Group publishes its financial results for 2021, in which it shows a high increase in value in all the group’s companies. Adjusted net profit reached a peak of NIS 495 million. The total dividends announced by the group’s companies are the highest ever, NIS 411 million.
Lapidot Capital is an investment company, which controls the companies Danya Cebus (TASE :), Sunny Communications (TASE 🙂 and Lapidot Heletz (TASE 🙂 and is engaged in oil and water drilling and international trade. The controlling shareholder in the group (76.7% of the share capital) is the chairman Yaakov (Luxi) Luxenburg (pictured above).
The Lapidot (TASE 🙂 share has soared by 43% in the last 12 months, and currently reflects a market value of NIS 2.6 billion for the group.
It shows that the adjusted net profit from operations for Lapidot shareholders in 2021 amounted to NIS 495 million, including net profit from current operations of NIS 190 million, profit from the realization of holdings in subsidiaries (charged directly to capital) in the amount of NIS 294 million and additional adjustments of NIS 11 million. . For comparison, the adjusted annual profit for 2020 amounted to NIS 114 million. Lapidot’s adjusted net net debt amounts to NIS 94 million.
Lapidot’s shareholders ‘equity at the end of 2021 amounted to NIS 1.3 billion, compared with NIS 733 million at the end of 2020. The significant increase in shareholders’ equity is due to the net profit for the past year, the issue of Danya and the distribution of shares during the year; In addition, shareholders’ equity was affected by dividend disputes in the amount of NIS 40 million to Lapidot shareholders.
The total dividend of all the group companies paid in 2021 was NIS 336 million, as a result of which Lapidot received dividends in the amount of NIS 212 million. During the first quarter of 2022, all the group’s companies announced a distribution of dividends totaling NIS 75 million, and Lapidot’s share in these dividends amounts to NIS 38 million.
The return on equity in 2021 amounted to about 65%, compared to 49% in 2020. Over the past two decades, beginning with the acquisition of control of the company by Luxembourg, the average return on equity of the company is estimated at 23% per year.
In 2022, Lapidot will focus on improving three real estate properties in areas of demand in Tel Aviv, Mevoot Savyon and Yehud, where it is working to promote a master plan that will enable the development of these properties, as well as promoting activities in the water infrastructure sector. According to the companies, the financial scope of the works is estimated at NIS 300 million, and they will be spread over about 4 years.
| The main financial results of the companies held by the Lapidot Group
(Held at a rate of 60% by Lapidot), one of the largest construction and infrastructure companies in Israel, crossed the revenue threshold of NIS 4 billion in 2021 – an increase of 14% compared to 2020, when revenues totaled NIS 3.6 billion.
In 2021, Danya’s net profit was NIS 132 million – an increase of 26% compared to a net profit of NIS 105 million in 2020. Danya’s EBITDA increased by 20% in 2021 and stood at 218 in 2021, compared to 143 in 2020.
A company (41% owned by Lapidot) sold 908 housing units in 2021, with a cash volume of about NIS 3.1 billion, compared to 427 housing units in 2020 with a financial volume of about NIS 945 million. The inventory of Africa Residential’s future projects at the end of the year amounted to approximately 13.3 thousand housing units (the portion of Africa Residential is approximately 8,200), of which 5,600 are in urban renewal. Africa Residential’s net profit in 2021 more than doubled, and amounted to NIS 220 million in 2021, compared to NIS 103 million in 2020.
The company (held 49% by Lapidot) recorded revenues of NIS 915 million in 2021, compared to revenues of NIS 906 billion in 2020. Sonny’s adjusted net profit grew by 36% and stood at NIS 45 million in 2021 compared to 19 million Shekel in 2020.
The article was originally published on the FUNDER website.