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Publishes a preliminary financial report for its results in the fourth quarter of 2020 and throughout the year. Revenues per year amounted to NIS 1.88 billion, an increase of about 17.5% compared to 2019, and net income was about NIS 100 million, or NIS 13.69 per fully diluted share, an increase of about 22% from a figure of NIS 82 million last year. Revenues for the quarter increased by 40% to NIS 587 million, compared with NIS 415 million in the corresponding period. Quarterly earnings amounted to NIS 32.9 million, or NIS 4.62 per fully diluted share, which is 60% higher than NIS 20.8 million a year earlier.
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Gross profit for the year was NIS 316 million, 13% higher than in 2019, while this quarter it amounted to NIS 97 million, an increase of about 30% compared to the corresponding period. After declining revenue between the first and second quarters of 2020, Van began to show a recovery in the form of consistent quarterly growth. Thus, revenues in the fourth quarter, NIS 587 million, were 28% higher than in the third quarter.
Operating profit in the quarter before other income increased by 40% compared to the corresponding quarter, and increased by 24% for the entire year, with the increase attributable to growth in the volume of activity in the software segment, as well as to the mix of value-added transactions and higher profitability in the infrastructure sector. Another factor in the increase was the consolidation of companies that were first merged during the reporting period.
In the whole of 2020, Van Technologies generated cash in the amount of NIS 251 million from current operations, compared to an amount of NIS 83 million in 2019 (an increase of about 200%). In the last 12 months, the Van share has risen by about 70%, and is now trading at a value of NIS 3.1 billion.
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