Cal Credit Card Company Sees High Interest from Potential Buyers
Translated & summarized from Maariv by baba
Cal, an Israeli credit card company, is attracting significant interest from potential buyers including Gil Agmon, Moti Ben-Moshe, and an American investment fund. The company reported a 10.3% profit increase in the third quarter to NIS 99 million and a 4% revenue rise to NIS 889 million. Cal's consumer credit portfolio grew 12.4% to NIS 9.6 billion. The company did not issue a dividend, likely due to the sale, and recently launched a successful loyalty club.
The story in 6 lines · by baba
- Cal credit card company is attracting interest from Gil Agmon, Moti Ben-Moshe, and a US fund.
- CEO Yafit Grani confirmed a large number of interested parties in Cal.
- Cal's third-quarter profit rose 10.3% to NIS 99 million.
- Revenues increased 4% to NIS 889 million in the third quarter.
- Consumer credit portfolio grew 12.4% to NIS 9.6 billion.
- Cal launched the FLY All club, attracting over 200,000 members.
Cal, the Israeli credit card company, is experiencing significant interest from potential buyers, including prominent figures like Gil Agmon and Moti Ben-Moshe, as well as an American investment fund. Yafit Grani, CEO of Cal, stated that the company is witnessing a large number of interested parties. This interest comes as Cal reported a strong third quarter, with a net profit of NIS 99 million, a 10.3% increase compared to the same period last year. Revenues grew by 4% to NIS 889 million, and consumer credit portfolio expanded by 12.4% to NIS 9.6 billion. The number of active cards rose by 6.5% to 4.2 million. For the first nine months of the year, net profit reached NIS 281 million, a substantial jump from NIS 82 million in the prior year, with equity surpassing NIS 3 billion. Despite the profits, Cal did not distribute a cash dividend, likely due to the ongoing sale transaction. A notable development for the company this year was the launch of the FLY All club in partnership with Issta, which has already attracted over 200,000 members and is posing a challenge to competitors in the credit card market.
