Crasso overcomes the corona – the capital market

Crasso Motors, an importer of Renault, Nissan and other brands, along with the holding of leasing activity, reports revenues of NIS 969 million in the last quarter of 2020, compared to NIS 847.2 million in the corresponding quarter last year. The increase in revenue is due to an increase in revenue in the automotive and leasing sectors due to the consolidation of the results with Kal Otto as of May 1, 2020.

Division into sectors – Revenue from the automotive sector In the fourth quarter of 2020, they increased to NIS 608.4 million, compared with NIS 536 million in the corresponding quarter last year. The segment’s profits in the quarter rose to NIS 95.9 million, compared with NIS 77.6 million in the corresponding quarter last year.

Revenue from the leasing sector Increased in the fourth quarter of 2020 to approximately NIS 271.9 million, compared with approximately NIS 201 million in the corresponding quarter last year. The increase in the segment’s revenues is due to the first consolidation of the Kal Otto Group as of May 1, 2020. The segment’s profits in the quarter increased to NIS 41.9 million, compared with NIS 14.4 million in the corresponding quarter last year.

Revenues from the service sector and others in the fourth quarter of 2020 amounted to NIS 88.6 million, compared with NIS 110.2 million in the corresponding quarter last year. The segment’s profits in the quarter increased to NIS 21.5 million, compared with NIS 18.7 million in the corresponding quarter last year.

Profit from ordinary activities increased to NIS 83.4 million, compared with NIS 42.3 million in the corresponding quarter last year. The increase is due to the increase in gross profit, as stated, and a decrease in administrative and general expenses. Net income rose to NIS 42.6 million, compared with NIS 32.1 million in the corresponding quarter last year. The increase in profit was recorded despite the aforesaid loss from exchange rate differences and financial derivatives.

Against the background of the reports, Itzik Weitz, CEO of Carasso Motors, said: “We summarize the year 2020 which was a complex and challenging year in light of the Corona event with good business results. We conclude the fourth quarter of the year with an increase in revenues and profit in all operating segments, and accordingly the company’s board of directors approved a dividend of NIS 63 million, in addition to the dividend we distributed last September.

“In the new vehicle segment, there was an increase in revenue in the fourth quarter of 2020 compared to the previous quarter and compared to the corresponding quarter last year, and in the leasing segment, which we significantly expanded with the acquisition of Kal Auto, we see an increase in activity and a sharp increase in profit. Kal Otto’s operations We carried out organizational, operational and financial moves to stabilize and improve its operations as part of its assimilation in the Pacific company and the realization of synergies between the companies. And while implementing additional steps that will contribute to the promotion of its business plans and the creation of value for shareholders. ”

Results in 2020
The company’s revenues in 2020 amounted to NIS 3.7 billion, compared with NIS 3.9 billion in 2019. The decrease in revenues is mainly due to the Corona crisis, which led to a decrease in sales of new vehicles, as opposed to an increase in leasing segment activity for the first time. May 1st.

Division into segments – Revenues from the vehicle sales segment amounted to NIS 2.44 billion, compared with NIS 2.54 billion in 2019. Sector profits in 2020 amounted to NIS 310.8 million, compared with NIS 373.5 million in 2019.

Revenues from the leasing segment rose to NIS 1.32 billion in 2020, compared with NIS 952.9 million in 2019. The increase in the segment’s revenues is due to the first consolidation of the Kal Otto Group. The segment’s profits increased to NIS 99.9 million, compared with NIS 75.5 million in 2019.

Profit from ordinary activities amounted to NIS 236.6 million, compared with NIS 249.9 million in 2019. The decrease in profit is mainly due to an increase in administrative and general expenses in light of the first consolidation of Kal Otto results. The company’s net profit increased to NIS 130.8 million, compared to NIS 126.6 million in 2019.

Given these results and the value of the company on the stock exchange – about NIS 1.5 billion, the company is traded at a profit multiplier of about 10-11.

Comments on the article(0):

Your response has been received and will be published subject to system policies.
Thanks.

For a new response

Your response was not sent due to a communication problem, please try again.

Return to comment

.Source