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United Credit
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Engaged in the field of non-bank financing, publishes its results for the year 2021. in which it presented an 84% increase in revenues along with a reduction in the net loss, which amounted to NIS 6.5 million. The salary of the company’s chairman, Moshe Kahlon, who was at the heart of public criticism, is estimated at NIS 2.2 million.
During the year, the company recorded financing income of NIS 33.8 million, an increase of approximately 84% compared to approximately 18.3 in the corresponding period last year. Most of the increase is attributed to an increase in the company’s credit portfolio and an improvement in the effective interest rate charged to customers.
In the bottom line, the company reports a decrease in the net obituary, which stood at NIS 6.5 million at the end of the year, compared with a loss of NIS 11.4 million in 2020.
The company’s reports reveal the salary of Moshe Kahlon, the former finance minister who serves as the company’s chairman Kahlon. Kahlon is the second highest earner in the company, and his salary amounted to NIS 2.2 million during 2021. After in August 2021, members of the management, including Kahlon, agreed on a 20% cut in their salaries, as part of the company’s economic efficiency. Kahlon in options, whose fair value is estimated at NIS 3.2 million.
There is indeed truth in the allegations against Kahlon since it is a very high salary, especially for a chairman who is usually supposed to receive less than a CEO’s salary. However, this is very far from a salary of NIS 8.3 million, which they tried to catch up with. It is also important to remember that his actual salary should be considered mainly, as the options can be exercised at different times, with some of them maturing only towards the end of the period. On the other hand, there is a point to the defect, since the company is still losing money, and the benefit is paid by the investors.
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