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Director Itamar Deutscher reports an increase in revenue in the fourth quarter of 2020 of about 10.4% to about NIS 2.06 billion compared to about NIS 1.87 billion in the corresponding quarter in 2019, according to the company. .
EBITDA in the fourth quarter increased by 11% and amounted to NIS 137 million, compared with NIS 123 million in the corresponding quarter in 2019. Net income attributable to shareholders was NIS 40.2 million, compared with NIS 33.8 million in the corresponding quarter in 2019, an increase of about 19%.
Gross profit for the quarter increased by 24% to NIS 172 million, compared with NIS 139 million in the corresponding quarter in 2019.
The group’s accumulated work as of the end of February 2021 stands at about NIS 18 billion. Cash flow from operating activities was approximately NIS 601.5 million. Following the reports, the company’s board of directors approved a dividend of NIS 40 million.
Itamar Deutscher, CEO of Electra: “The company concludes the fourth quarter and the entire year 2020 with good performance, along with an increase in the backlog. This year we announced a significant strategic move to acquire control of Afikim, through which we can also expand into the field of transportation operation and maintenance in Israel. “And we want to become a major player in this field, which will be an important growth engine for us. In addition, Alumi recently completed the financial closure of the huge project to build the Menara power plant, which has a volume of over NIS 1.1 billion.”
Results for 2020
Revenues in 2020 increased by about 10% to about NIS 7.7 billion, compared with about NIS 7 billion in 2019. Most of the increase is due to the projects for buildings and infrastructure projects in Israel and the projects for buildings and infrastructures abroad segment. Gross profit in 2020 increased by about 13% to about NIS 649 million, compared to NIS 575 million in 2019. The company ended 2020 with a net profit attributable to shareholders of NIS 150 million, compared with NIS 222 million in 2019. The decrease in profit is mainly due to a one-time profit after Tax in the corresponding period last year in the amount of NIS 97 million, from the sale of the gas distribution activity. Excluding this profit, Electra recorded a 21.7% increase in net profit in 2020.
Cash flow from operating activities increased in 2020 to NIS 493 million, compared with NIS 390.1 million in 2019. Cash flow from operating activities, before purchasing and investing in land, increased to NIS 601.5 million, compared to NIS 428.5 million in 2019.
Sector results:
Revenues in the construction and infrastructure projects sector in Israel increased by 14% in 2020 to NIS 4.22 billion, compared with NIS 3.69 billion in 2019. The increase in revenues is mainly due to an increase in the volume of execution in the field of primary contracting for infrastructure and installation of electro-mechanical systems. Operating profit in the segment increased by about 104% in 2020 to about NIS 150 million, compared to about NIS 73 million in 2019.
In the construction and infrastructure projects segment abroad, Electra recorded a 14% increase in revenue in 2020 to NIS 1.27 billion, compared with NIS 1.12 billion in 2019. Operating profit in this segment amounted to NIS 64 million in 2020, compared to NIS 64 million. NIS 70 million in 2019. The decrease in profit is mainly due to a decrease in the volume of activity of the group in Nigeria, among other things, as a result of various restrictions imposed in the country as a result of the spread of the corona virus
In the operating, service and maintenance segment, revenues increased by 3% to NIS 1.97 billion in 2020, compared with NIS 1.91 billion in 2019. The increase in revenues in this segment in the reporting period was low compared to the increase in revenues in previous reporting periods, mainly due to declining activity. Imposed by the state following the Corona crisis, mainly on the group’s customers operating in the field of tourism and leisure (such as hotels and shopping malls), as well as office towers, which were forced to reduce their activities. Operating profit in this segment amounted to NIS 176 million in 2020, compared with NIS 181 million in 2019.
In the development and construction of entrepreneurial real estate segment, revenues in 2020 amounted to NIS 424 million, compared with NIS 433 million in 2019. Operating profit in this segment amounted to NIS 42 million in 2020, compared with an operating profit of NIS 56 million in 2019.
In the franchising segment, the company recorded revenues of NIS 162 million in 2020, compared with NIS 203 million in 2019. Most of the revenues in this segment derive from revenues recognized in the project to initiate, establish and operate the Electra campus at Bar Ilan University. The company recorded an operating loss in this segment of NIS 7 million in 2020, compared with an operating profit of NIS 114 million in 2019. Most of the loss in the reporting period was due to the costs of submitting tenders.
Electra’s backlog as of December 31, 2020, amounted to NIS 17 billion, compared with NIS 14.3 billion at the end of 2019.
Additional events during and after the report:
In February 2021, the company reported that it had signed, through its subsidiary Electra Infrastructure, an agreement with Alumi for the planning and construction of the giant storage plant pumped at the Menara cliff for NIS 1.13 billion – after Alumi completed the financial closure.
In January 2021, the company reported that it had acquired control of Afikim at a value of approximately NIS 154 million. In doing so, Electra is expanding its operations and entering the field of transportation for the first time, through its operating, service, and maintenance sector.
In November 2020, the company reported that Mivna Real Estate and Electra Investments, a wholly owned subsidiary of the company, purchased a plot of land in the Alef complex in Rishon Lezion for NIS 122 million (50% -50%) from a private entity that owned the land.
In November 2020, the company reported winning three large construction projects totaling NIS 720 million – the Infiniti project in the Somail complex in Tel Aviv, the Sea Park project in Bat Yam and the chemistry building project at the Weizmann Institute of Science in Rehovot.