Amram Avraham Reports 794 Units Sold and Strong Growth at Investor Conference
Amram Avraham reported selling 794 housing units and advancing 4,640 units under construction at a Tel Aviv investor conference, posting revenues of 774 million shekels.
Amram Avraham held an investor conference in Tel Aviv, revealing strong sales figures despite market slowdown discussions. CEO Noam Greif announced that the company has sold 794 housing units since the beginning of the year and is currently advancing 4,640 units under construction.
The company's performance aligns with recent data from the Central Bureau of Statistics showing a 25% growth in contractor sales over the past year. However, a significant portion of Amram Avraham's sales comes from the government-backed 'Mehir LeMishtaken' (Price for a Tenant) affordable housing program, which explains the relatively lower average revenue per apartment.
Growth Engines and Future Pipeline
According to the presentation, the company expects to receive building permits for approximately 2,572 units in the coming year. Amram Avraham currently holds 70 urban renewal projects in planning stages alongside 37 additional projects in advancement. The portfolio also includes 9 income-producing properties, 3 income-producing assets under construction, and 1,120 planned hotel rooms.
"We are continuing full speed ahead according to our work plan," said CEO Noam Greif. "We sold nearly 800 housing units since the beginning of the year and continue to promote growth engines including tender wins, urban renewal, and income-producing real estate encompassing commerce, logistics, and hospitality."
Financial Strength and New Horizons
Joseph Gonen, Deputy CEO and CFO of Amram Avraham, reported that the company's revenues since the beginning of the year totaled approximately 774 million shekels, while maintaining a gross profit margin exceeding 20%. The company boasts an expected unrecognized gross profit backlog of around 2 billion shekels, which will be reflected in future financial results.
Additionally, the company recently established 'Amram Avraham Global' to cater to the Jewish diaspora seeking diverse residential options in the country, mirroring similar initiatives by major developers to capture foreign buyer demand.
