Amram Avraham Sells Nearly 800 Homes This Year, Reports Strong Financial Results

Amram Avraham Group CEO Noam Grayf announced that the company has sold 794 housing units since the beginning of the year and is advancing 4,640 units under construction. Grayf made the announcement at an investor conference in Tel Aviv, attended by dozens of leading institutional investors. These figures emerge amidst official data showing a 25% growth in contractor sales over the past year, despite broader discussions about a slowdown in the market. A significant portion of Amram Avraham's sales are part of the government's "Price for the Resident" housing program, which typically results in lower average revenue per unit. The company anticipates obtaining building permits for approximately 2,572 units in the coming year. Amram Avraham currently has 70 urban renewal projects in planning stages and another 37 in progress, alongside 9 income-generating projects and 3 under construction, plus 1,120 hotel rooms in planning. Grayf stated the company is "continuing with all force according to the company's work plan," highlighting continued growth engines including winning tenders, urban renewal, and income-producing real estate. He noted that most of their residential activity is in the periphery, targeting the middle market with strong demand. The company also launched 'Amram Avraham Global' to serve the Jewish community abroad seeking diverse housing options. Grayf also mentioned that company employees collectively performed approximately 3,000 reserve duty days since October 7th. The company's financial results were bolstered by accounting gains from revaluing an affiliate and the progression of projects from planning to execution. Amram Avraham has a projected gross profit backlog of approximately 2 billion shekels yet to be recognized. Deputy CEO and CFO Yosef Gonen reported that the company's revenues reached about 774 million shekels year-to-date, maintaining a gross profit margin exceeding 20%. The discrepancy between sales figures and revenue is attributed to the sales data being as of October 12th, while revenue recognition extended to the end of the second quarter, with the average price per unit being lower due to the "Price for the Resident" program, estimated to account for at least 60% of sales.