Israel Canada real estate profit: NIS 204 million compared with NIS 4 million last year

The Israel Canada real estate company, controlled by Barak Rosen and Assi Tochmeier, publishes strong results for the third quarter of 2021. The source of the good results is growth in income from apartment sales, property revaluation - mainly following the revaluation of Eurocom in Ramat Gan and Midtown Jerusalem - and contribution of hotel and income-producing properties.
Israel Canada's revenues in the third quarter amounted to NIS 304 million - a jump of more than six times compared to the corresponding quarter last year. Revenues in the first nine months of the year amounted to NIS 540 million - an increase of 277% compared to the corresponding period in 2020.
As a result, Israel Canada's net profit in the third quarter amounted to NIS 204 million, compared with NIS 4 million in the corresponding quarter last year. Israel-Canada ended January-September 2021 with a net profit of NIS 335 million - a jump of ten times compared to the corresponding period in 2020. Following the increase in profit, the shareholders' equity attributed to the shareholders of Israel Canada amounted to NIS 1.4 billion at the end of September 2021. The company's share rose by about 78% and Israel Canada is traded at a market value of about NIS 5 billion.
Barak Rosen, CEO of Israel Canada, said that "the company shows creativity and capabilities to execute significant transactions in the current quarter, such as the Barat Gan Triangle complex, Sde Dov and the Discount Bank complex, including the development and expansion of the hotel arm with the purchase of 52 housing units at the West Tel Hotel. Spring, after the balance sheet date, and the expansion of the urban renewal activity. The trend of high demand in the real estate market - and in the residential market in particular - is reflected in the increase in apartment sales and growth in all areas of the company's operations. Since the beginning of the year, we have strengthened the company's "Of the capital market in the activity of the company and the controlling shareholders, and we intend to continue the business development and expansion of the areas of activity of Israel Canada for the benefit of carrying value for the shareholders of the company and for us."