Ambassador Car Services Group, a leading provider of services to insurance companies and car sharing and rental, today reports its financial results for the fourth quarter and 2020.
Revenues in 2020 amounted to approximately NIS 180.5 million, compared with revenues of approximately NIS 188.8 million in the corresponding year last year. The decrease in revenues was due to an erosion in tariffs and a change in the mix of services provided by the company, among other things due to the effects of the corona virus epidemic. Revenues in the fourth quarter amounted to NIS 44.9 million.
Gross profit in 2020 amounted to NIS 34.9 million, a rate of 19.3% of revenues compared to NIS 39.2 million, a rate of 20.8% in 2019. The decrease in gross profit is due to an erosion in the rates of the Company’s customers in the insurance companies services sector and a change in the mix The services provided by the company.
EBITDA in 2020 amounted to approximately NIS 30.5 million, compared with approximately NIS 32.2 million in the corresponding year last year.
The net profit in 2020 amounted to NIS 4.2 million, compared with a loss in 2019. The net profit includes a non-recurring profit of NIS 12.6 million resulting from the realization of a holding in GoTo following the discontinuation of the consolidation of Goto reports starting in the third quarter of 2020.
Ambassador’s cash balance and cash value as of December 30, 2020 amounted to NIS 27.9 million, compared to NIS 12.0 million on December 31, 2019. After the balance sheet date, the Company raised capital in the amount of NIS 30 million.
David Michael, CEO of the Ambassador Group: “The latest business developments in the company, starting with the strategic acquisition of Trefilog’s locating activity that allows us to provide a holistic solution to our customers, completion of capital raising from leading institutional entities, investments by Adam Neumann and Talcar in Goto, And diversifying the ambassador’s sources of income. “