Shafir Engineering: Revenue of NIS 937 million in the quarter – Capital Market

The construction company

Shafir Engineering
+ 3.28%

Base:2,286

opening:2,287

High:2,371

low:2,287

change:3,803,298

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Ended the fourth quarter of 2020 with revenues of NIS 937 million, an increase of 16% compared to NIS 811 million in 2019. The company’s revenues in 2020 amounted to NIS 3.5 billion, an increase of 19% compared to NIS 2.9 billion in 2019. Most of the increase in revenues was recorded in the residential real estate development sector but also in the industrial and infrastructure sectors.

The company’s gross profit in 2020 amounted to NIS 700 million, an increase of 17% compared to NIS 599 million compared to 2019. The increase in gross profit is mainly due to an increase in turnover while maintaining an average profitability rate of about 20%. Gross profit in the fourth quarter of 2020 amounted to NIS 187 million: an increase of 35% compared to NIS 137 million in the fourth quarter of 2019.

The net profit attributed to shareholders in 2020 amounted to NIS 330 million, an increase of 16% compared to the profit in 2019 of NIS 285 million. Net income in the fourth quarter of 2020 amounted to NIS 91 million, an increase of 60% compared to NIS 57 million in the corresponding quarter in 2019.

The company’s total assets at the end of 2020 in September 2020 amounted to NIS 7.7 billion, compared with NIS 7.2 billion at the end of 2019.
The company’s equity attributed to shareholders amounted to NIS 2.1 billion at the end of September, compared with NIS 1.8 billion at the end of 2019.
Following the publication of the reports, the company’s board of directors decided to distribute a dividend of NIS 70 million out of the 2020 profits.

The company is traded at a market value of NIS 8 billion and its share at a value of NIS 24 per share as of this writing, an increase of 3%.

Referring to the publication of the reports, he said Moshe Sabowski, acting CFO and accountant of the company“The Company’s results reflect an increase in revenue and profit for almost all of the Group’s operating segments, consistent with the Company’s work plan as prepared prior to the Corona Crisis, and stemming from adjustments the Company made during the crisis and its defense measures that ensured continuity in operations and execution.”