The non-bank credit company
SR Accord
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of Adi Zim reports revenues of NIS 49.7 million, compared to NIS 33.6 million in the corresponding quarter. The company’s operating profit increased by 34% compared to the corresponding quarter to NIS 30.3 million. The company’s net profit was NIS 23 million, while in the corresponding quarter the figure was NIS 17.6 million. The company’s net customer portfolio (for the short and long term) increased by 50% to a total of 1.5 billion dollars. The company’s capital increased by 17% compared to the end of 2021 to NIS 326.6 million.
The expense for credit losses in the first nine months of 2022 increased 2.5 times to approximately NIS 5.6 million, this compared to approximately NIS 2.2 million in the corresponding period last year, this is mainly as a result of the increase in the company’s credit portfolio and changes in the company’s management’s assessments regarding the ability to collect certain debts. The expense rate for credit losses and bad debts during the reporting period stands at approximately 4.2% of financing income, compared to approximately 2.3% in the corresponding period last year.
In April 2022, the company distributed a final dividend for 2021 in the amount of NIS 4 million, in June and September 2022 it distributed an interim dividend for the first quarter of 2022 and the second quarter of 2022 in the amount of approximately NIS 7 million and approximately NIS 5 million respectively. With the publication of the reports, the company announced an additional interim dividend for 2022 in the total amount of NIS 8 million which will be paid on December 1, 2022, in accordance with the company’s dividend distribution policy of distributing at least 30% of the company’s net profit in 2022.
Adi Zim, the controlling owner of the company, said: “We continue to generate income and profits, at a high and selective underwriting level, against tangible collateral accompanied by strong corporate governance. In accordance with the company’s work plans, we continue to expand the company’s activities with the capital market and with the banking corporations to provide additional credit and improve the conditions During the reporting period, we expanded the bonds (series A) in two installments, for a total of approximately NIS 187 million, and last July we raised a new series of bonds, amounting to approximately NIS 94 million.
Zim added: “In addition, we increased credit facilities by approximately 150 million shekels in the banks. In our view, all of these express the continued expression of confidence in the company and its capabilities, from the capital market and the banking system. During the last quarter and after that, we even made our own purchases of the company’s shares, we believe that this time is A business opportunity to purchase the shares, which will benefit the company and its shareholders.”
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In the last 12 months, the company’s stock fell by 12% and now stands at a price of NIS 4.8, representing a market value of NIS 647 million. Last August, the board of directors approved a buyback plan for the company’s shares in a total amount of up to NIS 5 million, for a period of 3 months, starting on September 1, 2022. As of the end of the last quarter, the company purchased shares of the company at a total cost of approximately NIS 2.2 million. Until the publication date of the current report, the company purchased additional shares at a total cost of approximately NIS 2.5 million, a total of approximately NIS 4.7 million.
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