Shikun & Binui reports NIS 4.2bn in YTD revenues

Israel-based construction and infrastructure company Shikun & Binui Ltd. (TASE: SKBN.TA) has reported YTD revenues of NIS 4.2 billion, a decrease of 14% compared with the first nine months of 2017, the company said.

Gross profit for the period totaled NIS 555 million, compared with NIS 543 million for the first nine months of 2017.

Net profit for the first nine months of 2018 totaled NIS 217 million. This is compared with NIS 148 million for the same period last year. The increase primarily reflected a NIS 331 million pre-tax capital gain generated from the sale of the Portfolio. This was offset partially by significant one-time expenses of SBI during the period, which totaled 37 million dollars, or 131 million shekels.

Cash flow from operations, excluding investments in land and rights offerings, totaled NIS (698) million. Cash flow from operations including these investments totaled NIS (1,179) million.

The Shikun & Binui Group operates in Israel and internationally in seven segments: 1) infrastructure and construction contracting outside of Israel (excluding the United States); 2) US infrastructure and construction contracting; 3) infrastructure and construction contracting within Israel; 4) real estate development within Israel; 5) real estate development outside of Israel; 6) renewable energy; and 7) concessions. The Group´s activities focus on large, highly complex projects carried out for entities in private and public sectors with a focus on sustainability.

Shikun & Binui Ltd. recently secured a new contract to build an airport in Uganda.