Shlomo Holdings: record increase in the operations in the automotive sector - 25%

Shlomo Holdings presents the financial statements for the first quarter of 2020 and shows a record increase in the company's operations in the automotive sector:
Gross profit from the Group's automotive operations jumped 25%, reaching NIS 130 million in the first quarter of the year, compared with NIS 104 million in the corresponding period last year
Group revenues in the first three months of 2020 totaled NIS 952 million, compared with NIS 909 million last year
However, the company's nostro portfolio in insurance was affected by the Corona crisis, resulting in a loss of NIS 87 million this quarter - but began to show a positive trend as of the end of March and has returned over 50% of the losses up to that date.
According to Assi Schmeltzer, chairman of the Shlomo Group, the Shlomo Group, like the entire economy, has been hit by the Corona crisis, which affects the group's activity and the economy in general, without any prior warning. And its executives, the Shlomo Holdings Group continues to show continued growth across all parameters, with the exception of losses due to shocks on the world's stock exchanges that affected the group's nostro portfolio.
Proper management and intensive work are the ones that have led us to a significant 25% increase in gross profit from the company's automotive operations.
The company continues to invest in the development of its private leasing product and in the integration of new technologies in order to create a comfortable and accessible customer experience and to advance the technology in the automotive market in Israel.
We hope that we will succeed in the global corona crisis on the best side, after which many opportunities in all areas are waiting for us.
Shlomo Holdings today reports the financial results for the quarter of 2020. The holding company's revenues in the first three months of 2020 amounted to NIS 952 million, compared with NIS 909 million in the corresponding quarter last year. The first quarter of 2020 for the holding company amounted to a loss of NIS 23 million, compared with a net profit of NIS 45 million in the corresponding period last year.
The Group's auto and credit division posted a net profit of NIS 26 million in the first three months of 2020, compared to NIS 12 million last year.
Solomon Insurance presents a loss after tax of NIS 49 million in the first quarter of 2020, especially following losses in the company's nostro portfolio affected by the global corona crisis, compared with a net profit of NIS 33 million in the same period last year.
Shlomo Holdings is a private business group controlled by the Schmeltzer family engaged in leasing, renting in Israel and abroad and selling vehicles, insurance and off-bank credit.