Damari: 57% increase in net profit – NIS 65 million – capital market

Real Estate Entrepreneurship Company Y.H.

Damari
+ 2.48%

Base:17,370

opening:17,370

High:17,840

low:17,370

change:2,732,455

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Reports a 49% increase in fourth quarter revenues to NIS 377 million, net profit increased by 57% and amounted to NIS 65 million. During the quarter, the company sold 280 units in Israel for a total consideration of NIS 515 million. Despite the corona crisis, the company’s share jumped by 78.5% to a market value of NIS 3.32 billion.

The company’s revenues in the fourth quarter of 2020 amounted to NIS 376.7 million, an increase of 48.8% compared to NIS 253.1 million in the corresponding quarter last year.

On the bottom line, net profit rose by 57% to NIS 65 million, compared with NIS 41.4 million in the corresponding quarter last year.

Gross profit from sales, works and rentals of apartments and commercial buildings in the fourth quarter of 2020 amounted to NIS 108.9 million (approximately 29% of revenues), increasing by 32.8% compared to NIS 82 million (approximately 32.3% of revenues) in the corresponding quarter last year. The gross profit for the quarter was NIS 111.2 million, an increase of 35.8% compared to NIS 81.9 million in the corresponding quarter last year.

Operating profit in the fourth quarter of 2020 increased by 54.4% to NIS 91.7 million, compared with NIS 59.4 million in the corresponding quarter last year.

In the fourth quarter of 2020, YH Damari sold 280 housing units in Israel for a cash consideration of NIS 514.6 million (of which the company’s share is 259 housing units and the consideration is NIS 453.7 million), compared with 255 housing units in Israel in the corresponding quarter last year. With a monetary consideration of approximately NIS 427.6 million (of which the company’s share is 246 units and the consideration for it is approximately NIS 398.9 million).

Abroad, the company sold 41 units in the fourth quarter for a monetary consideration of NIS 9.4 million, compared with 9 units for a monetary consideration of NIS 1.8 million in the corresponding quarter last year.

Yigal Damari, CEO of YH Damari: We are proud to conclude the fourth quarter and 2020 with an increase in revenue and net profit. Despite the corona event and economic uncertainty, there has been a sharp increase in sales volume and even a moderate increase in sales prices in some projects. Meanwhile, during the Corona period, we worked to take advantage of opportunities and entered into two transactions of significant scope for the acquisition of land rights in the Bavli neighborhood of Tel Aviv and Bat Yam, transactions that support the company’s long-term growth. “