Dorsal: Revenues amounted to NIS 18 million, net profit to NIS 11 million – the capital market

The income-producing real estate company,

Dorsal
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, Reports the results of the fourth quarter, and for the year 2020 full in the shadow of the corona plague. Revenues for the quarter amounted to only NIS 18.4 million, compared with NIS 13.2 million in the corresponding period last year. Rental income (core activity) decreased from NIS 15.3 million in the previous quarter, to only NIS 14.4 million in the current quarter.

On the bottom line, the company reports a quarterly total profit of NIS 10.8 million, a decrease compared to NIS 17.5 million in the corresponding period last year, but the highest quarterly profit recorded by the company in 2020. The bottom line is driven by its subsidiary Kiryat Yavne.

For the full 2020, the company’s rental income amounted to NIS 58 million, unchanged from 2019, the NOI (rental income, less property operating costs), amounted to NIS 45.3 million, an increase of NIS 1 million compared to 2019. The FFO for 2020 amounted to NIS 24.2 million, compared with NIS 23.5 million in 2019. Net profit amounted to NIS 26.2 million or 42% of total revenues, compared with NIS 33.8 million or 47% of total revenues. The cash flow from operating activities amounted to NIS 27.4 million, an amount that represents an increase of NIS 2 million compared to 2019. The company announced a dividend of NIS 5 million.

Gabi Boganim CEO of the company: “As in the economy as a whole, the company’s activities in 2020 were conducted in the shadow of the Corona crisis, the quality and strength of the company’s customers, reflected in the financial results this year, during the crisis, “With the outbreak of the crisis, we were prepared with significant liquidity balances, through a bank credit cycle, with the intention of taking advantage of opportunities to expand the asset portfolio.”

“In light of the rise in prices and the decline in yields that have characterized the real estate market in Israel in recent years, the company’s board of directors has made a decision to examine real estate investments outside Israel. “We are proud of the company’s results and will continue to work vigorously to increase the company’s profitability for the benefit of its shareholders.”