Poalim IBI reported revenues: NIS 19 million, 58% increase

Poalim IBI reported revenues of NIS 19 million in the second quarter. Compared to the first quarter results, revenues were up 58% but were still 5% lower than the corresponding quarter in 2018. Net profit amounted to NIS 7 million, a 55% jump over the previous quarter, but a 3% decrease over the same quarter.
The company suffered a sharp fall in revenues in 2018, mainly against the backdrop of the high-yielding commissions of foreign real estate companies in Tel Aviv.
In the first half of the year, the picture is less positive: Workers ibi recorded a 23% decrease in revenues compared to the corresponding period in 2018, to NIS 31 million. Its net profit shrank by 26% to NIS 11.5 million. During the half, the company participated in the management of 70 issues, in which NIS 20 billion was raised, compared with 57 issues in the corresponding period last year. The five transactions led by the company generated more than 70% of its revenues in the first half of the year, with 38% of the revenues resulting from transactions related to Bank Hapoalim (holding about 29% of the equity alongside the IBI investment house holding 30.5%). At the same time as the reports, the company announced a distribution of a dividend of NIS 7 million.
Investors liked the reports and the company's stock today rose 7% and advanced 32% year-on-year. The company's value was about NIS 182 million. Workers IBI, managed by Yaron Moses, operates in the underwriting market through the subsidiary, IBAL Workers Underwriting and Offerings, managed by Ofer Greenbaum and Shi Nevo.