Business & Economics

Altshuler Provident soars after first financials as public co

Altshuler Shaham Provident Funds and Pension Ltd., floated on the Tel Aviv Stock Exchange last month, released its first financials as a public company this morning.

Net profit in the second quarter of 2019 rose to NIS 19.5 million from NIS 10.5 million in the second quarter of 2018. On the top line, revenue from provident find and pension fund management fees rose to NIS 163 million from NIS 127 million in the corresponding quarter of 2018.

The company’s provident fund assets grew from a total of NIS 75.8 billion at the end of 2018 to NIS 89.7 billion at the end of the second quarter of this year, or by 18.3% over the six month period. Pension fund assets grew from NIS 3.7 billion at the end of 2018 to NIS 5.3 billion at the end of the second quarter this year, or 43.8%. The increase was largely thanks to recruitment of new customers as a result of the inclusion of the company’s pension fund among four selected by the Capital Markets, Insurance and Savings Authority.

The company posted a net profit from investment and financing revenue of NIS 1.2 million in the second quarter of this year, which compares with a loss of NIS 70,000 in the corresponding quarter.

The company’s share price has shot up by about 8% on the Tel Aviv Stock Exchange this morning. Since the flotation, the share price has risen by 28%, making it the second most successful flotation on the Tel Aviv Stock Exchange after that of the exchange itself.

Published by Globes, Israel business news – en.globes.co.il – on August 18, 2019

© Copyright of Globes Publisher Itonut (1983) Ltd. 2019

Article source: https://www.globes.co.il/en/article-1001297519

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