Y.H. Dimri Construction & Development (DIMRI) Q3 2023 earnings summary

Executive summary

• 33,583 residential units in projects at various planning and execution stages as of 30 Sep 2023; the attributable share was 29,185 units.

• Strategy combines self-developed construction, broad geographic coverage, urban renewal, rental housing and development of existing overseas land.

Financial highlights

• 9M 2023 revenue was ₪1,049m vs. ₪1,136m YoY; gross profit was ₪377m vs. ₪401m, and net income was ₪171m vs. ₪265m.

• 9M 2023 operating profit was ₪284m vs. ₪397m YoY; total assets were ₪5,902m and equity was ₪1,923m as of 30 Sep 2023.

• 9M 2023 cash flows: operating activities -₪191m, investing activities -₪157m, financing activities +₪184m; cash and equivalents decreased by ₪164m.

Outlook and guidance

• Forecast of permits for 8,161 units during 2024–2026; the stated three-year plan includes expansion into high-demand areas and urban renewal.

• Cumulative project estimates, mostly through 2025, show expected revenue of ₪9,629m and gross profit of ₪3,409m; figures rely on assumptions and work plans and may differ from actual results.