Yigal Damari (PR photo, freepik)
Yigal Damari is establishing himself as one of the major players in the Israeli real estate world. At the end of the third quarter of the year, Damari’s equity amounted to NIS 1.45 billion, which also makes him a significant financial player.
The company’s financial statements show that revenues in the third quarter increased by 7.9% to NIS 290.8 million, compared with NIS 269.6 million in the corresponding quarter last year, when the company said that the increase reflected the rate of apartment sales in construction projects and the rate of construction progress. The gross profit from sales, rental of commercial buildings and construction work in the third quarter of 2021 amounted to NIS 79.3 million, compared with NIS 79.5 million in the corresponding quarter last year.
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Operating profit in the third quarter of 2021 increased by 28.7% to NIS 72.9 million, compared with NIS 56.6 million in the corresponding quarter last year. Net income in the third quarter of 2021 increased by 39% to NIS 45.5 million, compared with NIS 32.7 million in the corresponding quarter last year.
In the third quarter of the year, Damari sold 211 housing units for a cash consideration of NIS 354.9 million (of which the company’s share is 199 housing units and the consideration is approximately NIS 326.9 million), compared with 213 housing units in Israel in the corresponding quarter last year. NIS 289.4 million (of which the company’s share is 201 housing units and the consideration for it is approximately NIS 265.1 million).
Abroad, the company sold 40 units in the third quarter for a monetary consideration of NIS 9 million, compared with 24 units for a monetary consideration of NIS 5.3 million in the corresponding quarter last year.
From the end of the third quarter of the year until November 28, the company sold 172 units in Israel for a cash consideration of approximately NIS 355 million (of which the company shares 165 units for a monetary consideration of approximately NIS 331 million). In addition, the company sold 16 plots of land in Ofakim for a total consideration of NIS 15.4 million.
As of the end of the third quarter of the year, the company is building 2,689 housing units (of which 2,452 housing units are part) in 18 projects throughout the country, of which 837 housing units (763 housing units) were sold for a total monetary consideration of approximately 1.49 billion NIS (the company’s share is about NIS 1.3 billion).
The company’s equity attributed to Damari’s shareholders as of the end of the third quarter of the year amounted to approximately NIS 1.45 billion and constitutes approximately 33.7% of the balance sheet.
Yigal Damari said in the publication of the financial statements that: “In the first nine months of the year, the growth trend continues and we have witnessed an increase in sales volumes and an increase in demand, a trend that began after the” first wave “of the Corona virus in 2020.
“Currently, we are constructing about 2,700 apartments in 18 projects across the country, and we are in the planning stage of about 1,600 additional units whose construction is expected to begin soon. At the same time, the company has significant land reserves of approximately 10,600 housing units, and in addition we are currently promoting construction clearance projects amounting to more than 8,000 housing units, and projects within the framework of TMA 38 amounting to approximately 500 housing units.
“We intend to work to locate attractive opportunities for land acquisition and to initiate urban renewal projects to expand activity in the coming years, while continuing to position the ‘Damari’ brand as a leading and high-quality brand in the Israeli residential market.”
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