With assets of NIS 27 billion, Moore Provident is going public

by time news

Yossi Levy CEO of Mor Investments (Photo by Boaz Tzarfati)

The provident company of Moore Investment House has been the star of the capital market in recent years. The company, which has accumulated assets under management of almost NIS 27 billion, submitted a draft confidential prospectus to the Securities Authority as a first step before an initial public offering.

The financial statements of the Moore Investment House show that revenues in the first three quarters of the year amounted to NIS 243 million, an increase of 53% compared to the corresponding period last year. Revenues for the third quarter of the year amounted to NIS 86 million – an increase of about 72% compared to the third quarter last year.

The net profit (attributed to the parent company’s owner) in the first three quarters of the year amounted to NIS 18.4 million, an increase of about 52% compared to the corresponding period last year. Upon publication of the reports, the company updated on the distribution of a dividend in the amount of NIS 5.1 million.

As of November, the volume of assets managed by the investment house was about NIS 62 billion, compared to the volume of assets of about NIS 32.6 billion at the end of 2020. The increase in assets is due to the continued trend of asset diversification Continued significant growth in the provident company and the portfolio management company.

The volume of assets managed in provident funds and study funds stands at about NIS 26.7 billion, a growth of about 180% in the volume of assets managed since the beginning of the year.

Revenues from the provident and continuing education sector in the third quarter of 2021 amounted to NIS 34.6 million, a 4.5-fold growth compared with the corresponding period last year. The increase in revenue is due to the significant increase in the volume of assets under management.

At the same time, Moore says, the more moderate growth in operating results in the first nine months of 2021 is due to the fact that this is a sector in development stages (accompanied by an increase in expenses following the significant growth in assets and entry into pension activity). The moderate increase in the third quarter of the year is also attributed to the shortage of working days due to the Tishrei holidays.

The volume of assets in mutual funds is about NIS 22.7 billion, of which about NIS 3.5 billion is in mutual funds and imitators. The segment’s revenues in the third quarter amounted to NIS 42.2 million – a growth of 33% compared to the corresponding period last year. The increase in the revenues of the mutual fund management segment is mainly due to an increase in the average volume of assets for the period, among other things following the entry into the field of ETF activity and imitations starting at the end of the second quarter last year.

In the field of investment portfolio management, the company continues to show significant growth and manages about NIS 12.3 billion – a twofold increase compared to the volume of assets at the end of 2020. Operating income was about NIS 5.9 million in the quarter – an increase of about 62% compared to the same period last year. The growth is due to an increase in the volume of activity, along with a more moderate increase in expenses.

The scope of the assets managed in the activity of the investment sector for eligible investors – hedge funds and investment funds – is NIS 253 million. The increase in the volume of assets under management is due to the establishment of new funds towards the end of 2020 and during the first quarter of 2021.

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