Despite the depression caused by covid and the war in Europe, Israeli companies are untouched. Their incomes are robust, even soaring. Learn more about impressive 3rd quarter reports of major Israeli companies on VonNaftali: Subscription $29,90/year
The latest quarterly reports from major Israeli companies tell a very robust and compelling story: they are doing well despite war and disease. Of course, it is not an exhaustive overview, but it is a meaningful foray into selected reports from the last few days and weeks.
Let’s start with Bank Leumi and its third quarter report. The press release says: “Net income in the third quarter of 2022 reached NIS 1.8 billion ($508 million), compared to NIS 1.6 billion ($452 million) in the corresponding quarter last year.
Net income in the first nine months of the year reached NIS 5.4 billion ($1.5 billion), compared to NIS 4.6 billion ($1.3 billion) in the corresponding period last year.”
Even more Bank Leumi can report that it has the best efficiency ratio among Israeli banks: in the third quarter of 2022, the efficiency ratio was 39.1%, compared with 47.4% in the corresponding quarter last year.
“The efficiency ratio in the first nine months of the year, net of the results of Leumi USA, was 39.5%, compared with 45.5% in the corresponding period last year. The efficiency ratio during the reporting period was affected by the merger of Leumi USA with Valley National Bank.”, explains Bank Leumi.
ELBIT Systems, a global major player in the military industry, shows impressive figures. Readers of VonNaftali are not surprised. In the press release you can read: “Backlog of orders at $14.7 billion; Revenues of $1.3 billion.” Full stop. Nothing more need to be said.
The Strauss Group wraps up Q3 2022 with NIS 2.5 billion in revenue, 7% organic growth. In the first nine months of 2022, revenue totaled NIS 7 billion, up 7.6%1. The increase is largely due to sales growth in the coffee company in Brazil and Eastern Europe as well as continued growth in the water company but was offset by the drop in sales by the Confectionery Division and Sabra, both of which operated partially in the past several months, explains Strauss Group in its press release.
Max Stock, a major value retailer with 55 stores in Israel, can announce that the revenue increased 14.8% to ILS 293.5 million in the third quarter 2022 as compared with revenue of ILS 255.6 million in the third quarter 2021. Gross profit increased 19.4% to ILS 117.7 million in the third quarter 2022 from ILS 98.6 million in the third quarter 2021.
First International Bank of Israel presents the public that the net income of the First International Bank Group in the third quarter of the year was NIS 467 million, reflecting growth of 28.3% compared with that of the corresponding period of last year. Return on equity was 18.5%. In the first nine months of the year, net income was NIS 1,131 million, reflecting growth of 5.5% compared with the corresponding period of last year, with return on equity at 15.1%.
And finally as pars pro toto the Turpaz Group has to be named: The company presents record results for the third quarter in sales, gross profit and operating profit. The group’s revenues in the quarter grew by 70% to 30.3 million dollars, which includes strong organic growth of 24% The adjusted EBIDTA in the quarter increased by 60% to $7 million and the net profit climbed by 42% to $3.6 million.
Conclusion – More Competition is possible
Quarterly report after quarterly report can be lined up like pearls. One more beautiful than the other. Sure, there are one or two notches here and there, but in general Israel’s companies are very robust. No reason to complain.
The Israeli economy seems to be very robust, as also the last report of the Bank of Israel proves as reported on VonNaftali.
Hence, it is high time to open the markets of Israel and lift many of the restrictions on imports. To reduce the costs of living and to make customer services better, Israel needs more competition. Israeli companies are ready to match this competition. Open the markets.