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King Solomon: Net profit of a quarter of a billion shekels in half
Shlomo Holdings, which specializes in leasing, renting in Israel and abroad and selling vehicles, insurance and non-bank credit, and is owned by the Schmelzer family, shows a net profit of NIS 247 million in the last half - 5.5 times the first half of 2020, which was marked by the Corona
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Monday, 23 August 2021, 10:27 Updated: 10:46
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Shlomo Holdings publishes the financial statements for the first half and second quarter of 2021 and shows a sharp increase in all parameters.
• The Group's revenues in the second quarter of 2021 increased by 46% to NIS 1.2 billion, compared with NIS 841 million in the corresponding period last year. An increase that occurs due to an improvement in the activity of the vehicle and credit and the insurance company. Revenues in the first half jumped to NIS 2.4 billion by 32%, compared with revenues of NIS 1.8 billion in the corresponding period last year.
• Net profit in the second quarter of 2021 jumped by about 113% and amounted to about NIS 145 million, compared with a profit of about NIS 68 million in the corresponding quarter last year. The net profit in the first half of 2021 jumped to NIS 248 million, compared with a profit of NIS 45 million in the corresponding period last year.
About a week after submitting a draft prospectus for the issuance of its shares to the public, Shlomo Insurance presents a continued increase in output with a net profit that jumps to NIS 74 million, compared with a loss of NIS 6 million in the corresponding half last year. Shlomo Insurance recorded a profit from investments in this median of NIS 71 million, compared with a loss of NIS 58 million in the corresponding period last year, when the corona crisis began, which affected all markets in the world. The increase in profit is mainly due to an increase in output and an increase in income from investments in the capital market.
• Operating profit from vehicle and credit operations in the second quarter of 2021 increased to NIS 140 million, compared with operating profit of NIS 51 million.
In the first half of the year, operating profit increased by about 117% and amounted to about NIS 248 million, compared with about 114 in the corresponding half last year.
Most of the improvement in profit is due to an improvement in average rents, an increase in vehicle sales (both in the number of vehicles sold and in profitability) and an operational improvement.
• Profit before tax from the Group's car and credit operations increased in the second quarter of 2021 to NIS 122 million, compared with a profit before tax of NIS 23 million in the corresponding quarter of 2020. In the first half, profit jumped to NIS 213 million compared to NIS 60 million. In the same period last year.
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Asi Schmelzer, chairman of the Shlomo Group. The entry into the insurance field also contributed to the group's income (Photo: Ezra Levy)
"Ability to characterize customer needs in real time"
Asi Schmelzer, Chairman of the Shlomo Group
: “The results of the second quarter and the first half of 2021 show a record in the group's profits.
The strategy we have adhered to along the way, according to which the group concentrates on strengthening its activities in the areas of leasing and rental services, is proving itself in these results more than ever.
The insurance sector, which is run alongside the group's automotive activities, has also yielded impressive results, thanks to an orderly strategy and proper management throughout the Corona crisis and in general.
The wide range of services that Shlomo knows how to offer and the ability to diagnose the market behavior and the needs of Israeli customers in real time, allows us to provide an accurate and high-quality answer and enjoy impressive results.
The group is expected to continue to grow in its core activities alongside the possibility of expanding its activities to other areas beyond the automotive world, similar to our entry into the field of tourism in the past year. "
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