Y.H. Dimri Construction & Development (DIMRI) Q3 2024 earnings summary

Executive summary

• Over 35 years of activity with a broad geographic footprint and a focus on self-initiated and executed projects.

• Holds a leading position in the Israeli real estate sector, aiming to be the most professional and leading company.

• Company values emphasize responsibility, self-construction, and broad national presence.

• Expanding residential and investment real estate portfolio, with over 36,000 housing units in planning and execution and 90,487 sqm of income-producing properties.

• Maintains an A1.il rating with a stable outlook and joined the TA-35 index in November 2024.

Financial highlights

• Revenue for the first nine months of 2024 reached ₪1,431 million, up from ₪1,049 million in the same period last year.

• Net income for the first nine months of 2024 was ₪385 million, up from ₪177 million in the same period last year.

• Gross profit for the first nine months of 2024 was ₪604 million (42.2% margin), compared to ₪377 million (35.9%) last year.

• EBITDA for the nine months was ₪513 million, up from ₪376 million in the prior year period.

• Cash and cash equivalents as of September 30, 2024, stood at ₪1,456 million.

Outlook and guidance

• Plans to advance 8,588 housing units for permits over the next three years across multiple cities.

• Despite geopolitical uncertainty, sales volumes and pace of sales continue to rise, with a 54% increase in housing unit sales in Q3 2024 compared to the same quarter last year.

• Management expects continued strong demand for residential projects, especially in urban renewal, and anticipates future cash surpluses from ongoing projects.

• The company does not foresee liquidity issues, supported by positive working capital, significant land inventory, and available credit lines.