May 26th, 2022; 4:50 PM
Mikey and Danny Salkind, Elco shareholders.
Elco Group, with the controlling interest of Mikey and Danny Salkind, had a surge in revenues and net profit in the first quarter of 2022, mainly due to the rise in Electra’s and Discount Investment Corporation’s profits.
Elco group (+4.34% 21150) controls Electra, Electra Consumer Products, Electra Real Estate, and Supergas Energy and holds 29.8% of Discount Investment Corporation (+2.76% 774), which holds, among others, the profitable real estate company Gav Yam (+7.86% 3101).
Elco’s revenues in the first quarter have increased by 65% to approximately 4.8 billion shekels, compared to approximately 2.9 billion shekels in the first quarter of 2021. The company’s operating costs have increased significantly as marketing costs were doubled and amounted to approximately 510 million shekels. Nonetheless, the surge in revenues led to a tripling of the operating profit to approximately 617 million shekels, and the net profit soared as well by 170% to 458 million shekels.
Electra has contributed a profit of approximately 109 million shekels this quarter, a 21% surge compared to the same period last year. Electra Real Estate has contributed the largest profit to the group this quarter - approximately 344 million shekels, seven times the revenues of the same quarter last year. Electra Consumer Products has contributed a profit of approximately 86 million shekels, a 91% increase compared to the 45 million shekels profit from the same quarter last year.
Supergas has contributed a profit of approximately 26 million shekels, a decrease compared to the 36 million shekels profit of the same quarter last year. The company’s holdings of Discount Investment Corporation have produced a 97 million shekels profit for Elco.