Azrieli Group Ltd. (TASE: AZRG), Israel's largest holding company, reported revenue and profit growth for the first quarter of 2011. Revenue rose 17% to NIS 1.87 billion from NIS 1.58 billion for the corresponding quarter, including an 11% increase in rental income to NIS 295.6 million from NIS 265.4 million. The company distributed a NIS 240 million dividend in April.
Net profit rose 18% to NIS 181.1 million for the first quarter from NIS 153.6 million for the corresponding quarter.
Azrieli owns malls in Israel and the US through Commercial Centers and Malls Ltd. Net operating income (NOI) of the company's real estate operations rose 11% to NIS 236 million for the first quarter from NIS 213 million for the corresponding quarter, while funds from operations (FFO) rose 26% to NIS 168 million from NIS 133 million. The company owns 12 malls with 240,000 square meters of rental space rented to 1,500 tenants, and 13 office buildings with 400,000 square meters of rental space rented to 930 tenants. The malls have a 100% occupancy rate and the office properties have a near 100% occupancy rate.
Azrieli Group also owns 4.79% of Bank Leumi (TASE: LUMI) and 20% of its credit card subsidiary Leumi Card Ltd. Azrieli Group also has extensive industrial holdings through Granite Hacarmel Investments Ltd. (TASE: GRNT), including fuel company Sonol Israel Ltd., Supergas Ltd. and paint maker Tambour Ltd. (TASE:TMBU), and desalination plant owner Global Environmental Solutions Ltd. (GES)
Azrieli Group's share price rose 2.2% in morning trading on the TASE to NIS 94.86, giving a market cap of NIS 11.3 billion.
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