Y.H. Dimri Construction & Development (DIMRI) Q4 2024 earnings summary

Executive summary

• Revenue for 2024 reached 1,420 million NIS, with a gross profit margin of 35.2%, and net profit of 528 million NIS, marking a significant increase from 2023.

• The company expanded its residential and urban renewal pipeline to 39,685 units, with 3,514 units under construction and 1,600 units sold in 2024.

• NOI from income-producing properties was 40 million NIS, with a 92% occupancy rate and asset value of 1.7 billion NIS.

• Major land acquisitions in Tel Aviv (Shde Dov, Bavli) and sales in Ashdod and Hadera generated substantial capital gains.

• The company maintained an A1.il credit rating with a stable outlook and distributed 230 million NIS in dividends during 2024.

Financial highlights

• Revenue: 1,420 million NIS (2024), up from 1,355 million NIS (2023).

• Gross profit: 499 million NIS (35.2% margin); net profit: 528 million NIS.

• EBITDA margin: 29% (2024); equity: 3.0 billion NIS.

• Cash and equivalents: 644 million NIS; total assets: 8.45 billion NIS.

• Dividend payouts: 230 million NIS in 2024; policy updated to up to 40% of net profit.

Outlook and guidance

• Plans to initiate 9 new projects (2,107 units) in 2025, including major developments in Tel Aviv.

• Targeting building permits for 9,500 units over the next three years across 19 cities.

• Focus on expanding income-producing real estate and urban renewal as growth engines.