Africa Israel profits up 138%. (Africa Israel Investments)

Israel Business Today, April, 1994

Africa Israel Investments registered a net profit of NIS 113.8 million $38.4 million) in 1993, versus NIS 47.8 million ($16.1 million) in 1992, an increase of 138 percent. Company officials attributed the gain to growth in all the various branches of the group. The net return on equity capital in 1993 was 21.3 percent versus 10.1 percent in 1992.

Shlomo Grofman, managing director of Africa Israel, said the company plans to raise NIS 200 million ($67.6 million) based on its 1993 financial statements. The structure of the financing has yet to be decided upon, he added. The company raised NIS 180 million $60.8 million) in 1988 for subsidiary Africa Israel Hotels.

To date, Africa Israel has already reached 40 percent of its 1994 apartment sales...

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