Electra: Revenues rose by 12% in the third quarter to NIS 2 billion – the capital market

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Ended the third quarter with a net profit of NIS 50.8 million, compared to NIS 112.9 million in the corresponding quarter last year. The profit last year included a profit after tax of a non-recurring nature in the amount of NIS 92 million (NIS 116 million before tax) from the sale of the natural gas distribution activity in the south of the country. Excluding this profit, the company recorded a net profit of about NIS 21 million last year, so that the net profit increased by about 144%.

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The group’s revenues in the quarter increased by 12% to NIS 1.99 billion, compared with NIS 1.78 billion in the corresponding quarter last year. Most of the increase is due to the construction and infrastructure projects sector in Israel.

Electra’s backlog as of September 30, 2020, amounted to NIS 16 billion, compared with NIS 14.3 billion at the end of 2019.

Gross profit for the quarter increased by 19.4% to NIS 172.5 million, compared with NIS 144.5 million in the corresponding quarter last year.

EBITDA in the quarter amounted to NIS 153.4 million, compared with NIS 237.6 million in the corresponding quarter last year. Excluding the aforesaid profit from the sale of the natural gas distribution activity, EBITDA in the corresponding quarter last year amounted to approximately NIS 121.6 million.

The company’s significant improvement was made in the area of ​​revenue in projects for buildings and infrastructure in the local market. Revenues increased by 22.7% in the quarter to NIS 1.08 billion, compared with NIS 878 million in the corresponding quarter last year. Operating profit in the segment increased by 334% in the quarter to NIS 51.4 million, compared with NIS 11.9 million in the corresponding quarter last year. The increase was mainly due to an increase in the volume of execution in the company’s projects in the areas of primary contracting for infrastructure and installation of electro-mechanical systems.

In the construction and infrastructure projects segment abroad, revenues in the quarter increased by 2.4% to NIS 345 million, compared with NIS 337 million in the corresponding quarter last year. Operating profit in this segment amounted to NIS 13.5 million in the quarter, compared to NIS 22.1 million in the quarter The decline in profit is mainly due to the effects of the corona crisis, which affected the profits of companies operating in the field of electromechanical systems contracting in the United States, Nigeria and Europe.
In the service and maintenance sector, revenues in the quarter increased by 10.1% to NIS 520.1 million, compared with NIS 472.5 million in the corresponding quarter last year. Operating profit in this segment increased by 5.1% in the quarter to NIS 43.9 million, compared with NIS 41.8 million in the corresponding quarter last year.

In the development and construction of entrepreneurial real estate segment, revenues in the quarter amounted to NIS 93 million, compared with NIS 128.9 million in the corresponding quarter last year. This is a decrease of 28%. Operating profit in this quarter amounted to NIS 9.1 million, compared to operating profit The change was due to a temporary decrease in the sector’s activity in Israel due to the restrictions imposed by the government in light of the corona crisis and a decrease in the profits of a company treated according to the equity method operating in St. Petersburg, Russia, compared to the same period last year.

In the franchising segment, the company recorded revenues of NIS 20.7 million in the quarter, compared with NIS 39.6 million in the corresponding quarter last year. The company recorded an operating profit in this segment of NIS 1.1 million in the quarter, compared with NIS 110.5 million in the corresponding quarter last year, which included the profit from the sale of the gas distribution activity, as stated.

The company’s balance sheet, as of September 30, 2020, shows that the Group’s total liquid assets (cash and cash equivalents and marketable securities) amounted to NIS 574 million.

The company’s capital, as of September 30, 2020, amounted to NIS 1.28 billion, of which NIS 1.26 billion is capital attributed to the company’s shareholders.

Itamar Deutscher, CEO of the Electra Group: “During the quarter and the entire period, we showed growth in most of the operational parameters, which is a result of the continued implementation of the Group’s business strategy. At the same time, Electra’s increase continued, and currently stands at NIS 16 billion. And recently we also reported on our winning three significant implementation projects totaling NIS 720 million – the Infiniti project in the Somail complex in Tel Aviv, the ‘Sea Park’ project in Bat Yam and the chemistry building project at the Weizmann Institute of Science in Rehovot. The projects will be carried out by the subsidiary Electra Construction as early as 2021. In addition, we reported last week on the purchase of a plot of land, in partnership with a real estate building, in the ‘Alef Compound’ in Rishon LeZion for about NIS 122 million – land located in one of the areas The main demand in Gush Dan, and we see it as a significant potential for improvement. ”



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