Last May, the company received a rating increase to A-from Maalot, when Maalot’s decision stated that “in the past year, the scope of projects in execution and marketing has increased and there has been significant growth in operating results. The completion of the sale of the land on the streets reported by the company gives a high visibility to the recognition of revenues and cash flows from current operations (before purchasing land) in the next two years … “The company carries out most of the construction and engineering execution of its projects, and it usually does not market apartments and commercial areas in advance sale, which allows it to present high gross profitability compared to developers without an executive arm.”
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In the previous quarter, the company reported a jump in revenue and profit. The company’s revenues in the first quarter were NIS 97.6 million, compared with NIS 57.9 million in the corresponding quarter in 2021 – an increase of 68%. The profit line recorded a jump with a gross profit of NIS 34.5 million this year compared to NIS 15.9 million in 2021, and a net profit of NIS 19.3 million compared to NIS 5.5 million in the first quarter of 2021, a jump of 252%. The year 2021 ended with a net profit of NIS 137 million.