The acquisitions of Electra Consumption held a profit of NIS 61 million

The acquisitions of Electra Consumption and the consolidation of the results of the companies purchased - Bitan Wines, Office Duty (the electricity and electronics store at Ben Gurion Airport), and Saar Entrepreneurship - contributed to doubling the Group's sales turnover in the third quarter.
The net profit was cut by 72% to NIS 61 million, compared to NIS 219.1 million in the corresponding quarter - then the company recorded a one-time profit of NIS 177.7 million on the sale of Golan Telecom.
The Elco-controlled company of the Zalkind family - and managed by Zvika Schwimmer - ended the quarter with revenues of NIS 1.56 billion, compared to NIS 741.2 million in the corresponding quarter last year, a 110% growth. The acquired companies contributed NIS 830 million to sales.
The contribution of the companies acquired and consolidated in the reports was offset by a decrease of 8.6% in revenues from the operation of air conditioners and white electrical products - the core of the traditional activity of Electra Consumer. This is, among other things, in view of the decrease in sales of air conditioners in Israel and the sale of a granddaughter company in France that was engaged in the field. The segment's revenues at the end of the quarter amounted to NIS 320 million.
Sales in the electricity retail sector rose by 8.3% to NIS 471 million - in this sector, the group operates with the chains Electricity Warehouses, Shekem Electric and the online site. The acquired companies contributed NIS 270 million to the gross profit of Electra Consumer, which is managed by Zvika Schwimmer, and jumped 141.6% to NIS 445 million in the quarter. The gross profit margin from sales rose to 28.6% compared to 24.9% in the corresponding quarter.
The operating profit line also benefited from the expansion of operations - the company reported a 41% increase in operating profit to NIS 76 million, with the acquired companies contributing NIS 35.7 million. The acquired companies contributed NIS 270 million to the gross profit of Electra Consumer, which is managed by Zvika Schwimmer, and jumped 141.6% to NIS 445 million in the quarter. The gross profit margin from sales rose to 28.6% compared to 24.9% in the corresponding quarter.
The operating profit line also benefited from the expansion of operations - the company reported a 41% increase in operating profit to NIS 76 million, with the acquired companies contributing NIS 35.7 million.