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Shlomo Holdings reports its financial results for 2020 and the fourth quarter. The holding company’s revenues in 2020 amounted to NIS 3.879 billion, compared to NIS 3.705 billion in the previous year. In the last quarter of 2020 alone, the group’s revenues increased by more than NIS 110 million and stand at NIS 1.008 billion. Compared to NIS 895 million in the corresponding quarter last year.
Shlomo Holdings’ net profit in 2020 stands at NIS 247 million, an increase of over 20% compared to last year, when the net profit was NIS 203 million. The net profit in the last quarter of 2020 was NIS 104 million and increased by 67% compared to the corresponding quarter last year.
The Group’s automotive and credit division presents a pre-tax profit of NIS 224 million in 2020, compared with NIS 104 million in the corresponding period last year, an increase of approximately 215%.
Shlomo Insurance presents a net profit of NIS 29 million in the last quarter of 2020 and a significant recovery trend from the loss of NIS 49 million recorded in the first quarter of the year, mainly due to losses in the company’s nostro portfolio affected by the global corona crisis, and recovered. The net profit, on the other hand, in the corresponding quarter last year was NIS 37 million.
The insurance company’s net profit in 2020 was NIS 70 million, compared with NIS 124 million in the previous year. There is a significant increase in premiums.
The profit from investments in the fourth quarter of 2020 is NIS 53 million, compared with a profit of NIS 24 million in the corresponding quarter last year.
In addition, the group announced a dividend of NIS 75 million.
According to Asi Schmelzer, chairman of the Shlomo Group: “Shlomo Group has entered the period of the Corona crisis without any prior notice when it is strong and solid. The strategy we developed regarding leasing products for private customers and deepening C2B activity that was implemented in the group about 6 years ago, proves itself more recently than ever.
It is clear that the Israeli consumer is beginning to understand today that changing consumption habits in the automotive field is inevitable and he must demand to switch to using the vehicle as a consumer product, whether by leasing, shared vehicles or renting for a specified period of time according to a specific need. The Israeli audience is voting with their feet and this is evident in the group’s financial results, today more than ever.
We will continue to accelerate in the coming year processes of development, acquisition and implementation of advanced technologies, which are designed to improve the service and safety experience in the variety of various company activities, as we have done in recent years and have reached notable successes. Only in the past year have we witnessed a successful IPO on the Tel Aviv Stock Exchange of the human extension company in which we are invested and have completed the assimilation of advanced technologies into the group’s service systems.
With the exception of the rental company’s activity which was affected as a result of the crisis and stagnation in tourism, the insurance company’s nostro veteran which was affected at the beginning of the Corona crisis in the first quarter of this year and has fully recovered, the group is showing very impressive results. Our achievements are the result of the hard work of a professional and skilled staff and the trust of a wide clientele. “