"Big Shopping Centers Reports Strong Q3 and Nine-Month Financials Despite Challenging Economic Climate"

"Big Shopping Centers" has showcased robust performance in the third quarter and the first nine months of 2023, demonstrating resilience amidst a challenging economic environment. The company's revenues for Q3 experienced a notable surge, reaching approximately NIS 495.2 million, marking a substantial 16.9% increase from the corresponding period last year when revenues stood at approximately NIS 423.5 million.

The impressive growth in Q3 was attributed to various factors, with a significant portion stemming from increased revenues from Epi Properties. The company's continued expansion of operations in Eastern Europe, including property acquisitions in Montenegro and Poland, along with the completion of a new center in Serbia, contributed significantly to the positive results. Additionally, real and inflationary increases in income from SAD and management fees played a role in boosting overall revenues.

During the quarter, the value of real estate for investment and construction witnessed a noteworthy increase of approximately NIS 146.1 million. Although this marks a decline from the value increase of about NIS 270.7 million in the same quarter last year, the total value of real estate for investment and development stands impressively at about NIS 26.6 billion.

Despite a dip in net profit from approximately NIS 212.3 million in Q3 of the previous year to NIS 208.3 million in the current quarter, the company attributes this decrease to a sharper increase in the value of investment real estate in the previous year.

Moving on to the cumulative performance for the first nine months of 2023, "Big Shopping Centers" reported a remarkable 22% growth in revenues, totaling approximately NIS 1.39 billion compared to approximately NIS 1.14 billion in the corresponding period last year. Similar to the Q3 results, the increase was primarily driven by higher revenues from Efi properties and the continued expansion of activities in Eastern Europe.

However, the net profit for the first nine months of 2023 declined to approximately NIS 522.7 million, compared to NIS 774.2 million in the same period last year.

Assaf Nagar, deputy to the CEO of "Big Shopping Centers," expressed confidence in the company's financial stability and flexibility. Nagar highlighted high liquidity, a comfortable long-term debt distribution, significant credit lines, and signed escort agreements for ongoing projects as factors contributing to the company's ability to navigate the current uncertain economic climate. He emphasized the company's commitment to executing and marketing various projects under construction, anticipating them to be significant drivers of growth in the coming years.

Nagar concluded with a positive outlook on the Israeli economy, expressing belief in its resilience and the potential for a return to growth and prosperity in the near future. "Big Shopping Centers" remains steadfast in its pursuit of opportunities amid the ongoing uncertainties, confident in its ability to thrive in the face of challenges.