Imperia: Elco is close to an income of NIS 20 billion a year
Elco wraps up first half of 2022 with further revenue and earnings growth;
The annual revenue rate is approaching NIS 20 billion.
Revenues in the second quarters: NIS 4.7 billion, revenues for the first half of 2022: NIS 9.6 billion, with a 140% increase in net profit, which approaches half a billion NIS
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08/24/2022
Wednesday, August 24, 2022, 11:57 am Updated: 12:17 pm
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They inherited an empire and have only been expanding its borders ever since.
Brothers Michael (right) and Daniel Zelkind (Photo: Israel Hadari)
No one really thought that Elco's dismal second-quarter reports would herald a slowdown — and yet, the numbers are staggering.
The company controlled by the brothers Michael (Mikey) and Daniel (Danny) Zelkind, continues to establish its position as a business empire, certainly on an Israeli scale.
Elco wraps up first half of 2022 with further revenue and earnings growth;
The annual revenue rate - approaches about NIS 20 billion.
The group ended the half with a growth of about 49% in revenues to about NIS 9.6 billion and with an increase of about 140% in the net profit attributed to the shareholders to about NIS 480 million.
In the second quarter of the year, Elco recorded a growth of about 36% in its revenues to about 4.7 1 billion shekels and an increase of about 75% in the net profit attributed to the shareholders to about 180 million shekels.
CEO of Electra Real Estate, Gil Rushink (Photo: Oren Kahn)
The companies that make up the puzzle of the Zelkind brothers
Elko Group is engaged in the initiation, development and direction of companies and business ventures.
The group works to realize business opportunities, in Israel and abroad - both in the fields of activity of the group companies and in other sectors.
The main activity of the company is carried out through the following subsidiaries:
Electra
(48%), operates in the field of services for buildings and infrastructures in Israel and abroad, including: Installation and service of central air conditioning systems, elevators, sanitation, infrastructure, implementation and construction of national infrastructure facilities, integrated security and protection solutions, electricity and plumbing, construction, real estate supervision and management, real estate initiation, property management and maintenance and in the field of public transportation.
Electra Real Estate
(60%), is engaged in the purchase, management and improvement of rental housing in the southeastern USA - held directly by the company and by investment funds in rental housing in the USA.
Electra Consumer Products
(48%), operates in the field of importing and marketing electrical consumer products and providing service for the products, operating retail marketing chains for the sale of electrical products, and a food retail chain.
Dream Group holdings
(100%) (formerly Alco Media), operates in the field of operating cinema complexes nationwide which includes, among other things, the sale of cinema tickets, food and drinks in buffets, the rental of cinema halls and commercial spaces for various purposes and the sale of media (advertising on cinema screens).
Discount Investments
(29.8%) which owns companies in the field of real estate (property and building), cellular (Cellcom), high-tech enterprises (Elron), agriculture and cold stores (Mehadrin).
Supergas Energy
(62%), operates through Supergas, and includes, among other things, Gef marketing and natural gas for industrial, commercial, agricultural and private household customers, along with the construction and planning of LPG and natural gas systems.
Daniel and Michael Zelkind serve as joint CEOs of the group
.
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CEO of Electra Consumer Products, Zvika Schwimmer (photo: PR)
"is in a flurry of activity"
Avi Israeli, deputy CEO of Elco
: "Elco continues to show significant growth in revenues and profits in the first half of 2022 as well, and is in a boom of activity in accordance with the group's strategy to ensure its continued growth in the coming years.
"At Electra Real Estate, record results were recorded in half, reflecting the successful implementation of the company's strategy, which is focused on the management of Private Equity funds that invest in high-quality base assets in the US and UK markets.
The investor capital managed by the company's funds continues to grow and stands at approximately 4.3 billion dollars, And the company's main target markets remain firm, mainly due to strong demand for rental housing in the "Sunbelt" region in the US, which is characterized by an excess of demand over the existing supply.
The company continues to raise funds from investors in Israel and abroad at a high rate, and continues to establish its position as a leading player in the markets in which it operates.
At Electra Consumer Products, the processes for developing the company's growth engines for the coming years continue.
In the food sector, the company is working intensively to complete the preparations for the launch of the Carrefour chain in Israel, and for the opening of the first ELEVEN-7 store later this year.
At the same time, the company is currently formulating an efficiency and restructuring plan that may improve the performance of the Beitan Wines chain already during the coming months.
Meanwhile, in the field of fashion, the company is expanding its activities through the purchase of the franchise for Adidas stores in Israel.
In addition, this month the company signed a strategic agreement to establish a credit card club, which will be the largest in Israel, in cooperation with KAL and Bank Hapoalim.
The club will strengthen the relationship with the company's customers in the various sectors of the company's activity and contribute to its profits."
The company is preparing, among other things, for the start of work on the project to establish the green line of the light rail in Tel Aviv, the total scope of which is about NIS 9 billion, and which will be one of Electra's flagship projects in the coming years.
In the second quarter, Electra's results were affected, among other things by a pre-tax profit of approximately NIS 87 million recorded from the sale of its holdings in the pumped storage project in Gilboa.
The Supergas company, under the leadership of its new CEO, is currently working on implementing the business strategy to become a leading multidisciplinary energy supplier while accelerating growth and improving profitability, in Israel and the USA."
The Elco Group today published the financial statements for the second quarter and the first half of 2022, which teach about A significant increase in all operational parameters - an increase in revenues, operating profitability and the bottom line.
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