Nawi Group (NAWI) Q4 2024 earnings summary

Executive summary

• Publicly traded non-bank lender with leading equity in its sector, focused on business and real estate financing, mainly residential projects; 74 projects financed at various stages.

• Equity reached ₪912M as of Dec 31, 2024, up from ₪811M year-over-year; credit portfolio at ₪3.94B, 78% secured by collateral.

• Net income for 2024 rose 9.9% to ₪157M; total comprehensive income up 20.2% to ₪195M compared to 2023.

• Dividend yield at 19.34%; total dividends distributed since IPO at ₪473M, with ₪21M for Q4 2024.

Financial highlights

• 2024 revenue increased 0.7% year-over-year to ₪375M; net financing income up 3.6% to ₪237M.

• Net income for 2024 was ₪157M, up 9.9% year-over-year; comprehensive income reached ₪195M, up 20.2%.

• Credit portfolio grew by ₪752M from end-2023 and by ₪464M from Q3 2024.

• Equity as of Dec 31, 2024, was ₪912M, representing 22% of total assets.

• 78% of the credit portfolio is secured by collateral, with additional guarantees and deferred notes.

Outlook and guidance

• Targets credit portfolio of ₪4.3B by end-2025 and ₪5B by end-2026; equity expected to reach ₪960M and ₪1.06B, respectively.

• Plans to expand secured consumer credit and establish a mortgage financing company.

• Dividend distributions subject to board discretion and market conditions.