Azrieli Group Ltd. (TASE: AZRG) released its results for the fourth quarter of 2012 and the year as a whole this morning. The results show that it was an excellent year for the real estate group, controlled by David Azrieli.
The company posted a comprehensive profit of NIS 1.1 billion for 2012, 5.4 times the profit of NIS 204 million in 2011. Net profit grew 1.6 times to NIS 986 million.
In the fourth quarter, the Azrieli Group switched to a comprehensive profit of NIS 476 million, compared with a comprehensive loss of NIS 205 million in the fourth quarter of 2011. Net profit in the fourth quarter of 2012 was NIS 135 million, compared with a net loss of NIS 135 million in the fourth quarter of 2011.
The salary cost of chairman David Azrieli was NIS 23 million last year, consisting of a NIS 8.7 million management fee and a bonus of NIS 14.36 million. Azrieli jumps straight to the top of the salary ladder, a long way ahead of Protalix Biotherapeutics Inc. (AMEX:PLX; TASE: PLX) CEO David Aviezer. Azrieli's deputy Menachem Einan earned NIS 7.04 million, and CEO Shlomo Sherf earned NIS 5.26 million.
The group reports an 11% rise in NOI (net operating income) to NIS 1.087 billion. In the fourth quarter, NOI grew 7% to NIS 275 million.
FFO (funds from operations) from the group's income producing real estate activity grew 11% to NIS 716 million. In the fourth quarter, FFO grew 4% to NIS 181 million.
The company declared a dividend of NIS 265 million, which compares with a total dividend in 2011 of NIS 240 million.
Sherf said of the results: "2012 was a year of excellent results, showing growth and value creation and substantial improvement in NOI, in FFO, and in all operating measures. Beyond routine examination of business opportunities, the company continues to work consistently to create additional growth engines in its core businesses, whether through further development projects in the future, purchases of assets with growth potential, or enhancement of exisiting assets."
Published by Globes [online], Israel business news - www.globes-online.com - on March 20, 2013
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