Of money
All articles
Elco: 94% increase in net profit for the quarter
The Elco Group's revenues in this quarter increased by about 36% and reached NIS 3.49 billion.
Due to the results of the first half of 2021, the company's board of directors approved a dividend distribution of NIS 20 million, following a distribution of NIS 40 million made last April
Tags
Elco
Electra
Electra needs
Electra Real Estate
financial reports
quarterly
I have Seville
Tuesday, 31 August 2021, 10:42 Updated: 13:02
Share on Facebook
Share on WhatsApp
Share on general
Share on general
Share on Twitter
Share on Email
0 comments
Elco Group today published the financial statements for the second quarter and first half of 2021. Main results for this quarter:
Revenues: Revenues increased by 36% to NIS 3.49 billion, compared with NIS 2.56 billion in the corresponding quarter 2020.
Gross profit: Gross profit quarter By 76% to NIS 679 million, compared with NIS 386 million in the corresponding quarter last year.
Operating profit: In this quarter, operating profit climbed by 89% to NIS 336 million, compared with a total of NIS 178 million in the corresponding quarter last year.
Net profit: The company ended the first quarter of 2021 with a net profit of NIS 213 million (NIS 103 million attributed to shareholders), an increase of 94% compared to NIS 110 million (NIS 54 million attributed to shareholders). Shares) in the corresponding quarter in 2020.
Avi Israeli, Deputy CEO of Elco
"Results of the period were positively affected by, among other things, the initial consolidation of the results of Electra Electra Ltd. channels and wines will result Electra Consumer Products, as well as continued growth in other segments subsidiaries."
Electra Ltd. backlog continued to increase, resulting in the most today From NIS 20 billion, and in the first half of the year it recorded growth in all sectors of its activity with the first positive contribution of entering the field of transportation, which will be one of the company's important growth engines for the coming years.
More on Walla!
NEWS
Not a waste of money?
The trick that will arrange for you the next purchase at the supermarket
To the full article
Michael and Daniel Zalkind, controlling shareholders of Elco (Photo: Israel Hadari)
NIS 6 billion for consumer products
Electra Consumer Products made a number of significant strategic moves during the first half of the year, including entering the food retail sector, through the acquisition of the Pavilion Wines Group, and entering the sports and leisure sector following the acquisition of Saar, a Columbia and Outdoor brand.
These acquisitions, along with the growth in the activity of air conditioners and electricity retail, position the company as a leading consumer products group in Israel with an annual revenue turnover of approximately NIS 6 billion.
Pavilion Wines, the acquisition of Electra Consumer Products in the field of food retail (Photo: Shlomi Gabay)
Significant improvement in real estate profits
Electra Real Estate concludes the period with a significant improvement in its profits, which doubled in the second quarter of the year, and with the continued increase in the activity of the investment funds under its management, which currently amount to about $ 2.4 billion.
Gil Roshink, CEO of Electra Real Estate.
A jump to a profit of NIS 88 million compared to NIS 29 million in the corresponding quarter last year (Photo: Oren Kahn)
High volume of electricity and energy revenues
Supergas is promoting the strategy to deepen its activities in the fields of renewable energy, has acquired solar energy companies in Israel and entered the American market by acquiring an entrepreneurial company operating in these worlds.
According to Elco, these moves will allow the company to make a business leap over the next few years.
Supergas has signed agreements for the construction and operation of solar systems and generating line facilities of about 70 megawatts, and it intends to continue developing these activities.
According to the company, its revenues from electricity generation and renewable energy by 2025 will be higher than revenues from LPG and natural gas.
In addition, Balco recently completed the transaction to acquire about 30% of Discount Investments, in which significant improvement potential was identified.
Kfir Navon, CEO of Supergas. Leads the company in the field of renewable energy (Photo: Eldad Refaeli)
The contribution of the subsidiaries to the group's profits
Electra Ltd.:
recorded revenues of NIS 2.23 billion in this quarter, and contributed a profit of NIS 68 million, compared with a profit of NIS 47 million in the corresponding quarter last year.
Electra Real Estate:
recorded revenues of NIS 162 million during the period NIS, and contributed a profit of NIS 88 million, compared with a profit of NIS 29 million in the corresponding quarter last year.
Electra Consumer Products:
recorded revenues of NIS 898 million in the quarter, and contributed a profit of NIS 62 million, compared with a profit of NIS 35 million in the corresponding period last year.
Supergas Energy:
recorded revenues of approximately NIS 136 million during the period, and reported a loss of approximately NIS 1 million, compared with a profit of approximately NIS 12 million in the corresponding quarter last year.
Zvika Schwimmer, CEO of Electra Consumer Products - jumps to a profit of NIS 62 million, compared to NIS 35 million, in the corresponding quarter of 2020 (Photo: Doron Bersky)
Results of the first half of 2021
Revenues:
In the first half, they increased by about 24% to about NIS 6.4 billion, compared with about NIS 5.2 billion in the first half of 2020.
Gross profit:
In the period increased by about 50% to about NIS 1.2 billion, compared to about NIS 0.77 billion in the first half last year.
Operating profit:
In the period, it grew by 67% to NIS 554 million, compared with a total of NIS 333 million in the corresponding period last year.
Net profit: The
company ended the first half of 2021 with an 81% increase in net profit to NIS 381 million (NIS 199 million attributed to shareholders), compared to NIS 211 million (NIS 110 million attributed to shareholders ) In the first half in 2020.
Dividend: NIS 20 million
Elco's consolidated balance sheet shows that the group has a short-term cash and investment position, as of June 30, 2121, of approximately NIS 1.172 billion.
The Group's shareholders' equity, as of June 30, 2121, amounted to NIS 3.99 billion (of which NIS 1.80 billion is attributed to shareholders).
Dividends - In the first half of 2021, the group's public subsidiaries announced dividends in which Elco's share is approximately NIS 55 million.
Last month, the group's public subsidiaries announced additional dividends in which Elco's share is in the amount of an additional NIS 55 million.
Simultaneously with the approval of the financial statements, Elco's Board of Directors approved the distribution of a dividend of NIS 20 million to the shareholders, following a distribution of NIS 40 million made last April.
In June, the acquisition of 29.8% of the shares of Discount Investments Ltd. by Elco was completed in exchange for an amount of approximately NIS 409 million.
About the Elco Group
The Elco Group is engaged in the initiation, development and guidance of companies and business ventures.
The group works to realize business opportunities, in Israel and abroad. The main activity of the company is carried out through the following subsidiaries: Electra (49%), operates in the field of services for buildings and infrastructure in Israel and abroad, Electra Real Estate (60%) engaged in purchasing, management And improvement of rental housing in the southeastern United States, Electra Consumer Products (48%), operates in the field of importing and marketing electrical consumer products and providing service for products, Dream Theater Cinema (100%), operates in the field of operating cinema complexes nationwide, Supergas Energy (62% ) And more.
Share on Facebook
Share on WhatsApp
Share on general
Share on general
Share on Twitter
Share on Email
0 comments
