Q2 2024 Azrieli Group Ltd Earnings Call Transcript
Key Points
- Azrieli Group Ltd (XTAE:AZRG) reported a record high FFO for the quarter, with an increase of ILS62 million, or 17% year-over-year.
- The company maintained high occupancy rates across its properties, averaging around 98%.
- The data center segment is experiencing significant growth, with strong demand and a robust pipeline of transactions.
- Azrieli Group Ltd (XTAE:AZRG) continues to invest heavily in development, with ILS934 million invested in the second quarter alone.
- The shopping mall segment showed positive trends, with a 10% increase in store revenues for the quarter and 14% in July compared to the previous year.
- There is a noted slowdown in market growth rate, with private consumption per capita increasing only 1.2% year-over-year.
- The high interest rate environment remains a challenge, affecting the company's business operations.
- The company reported a decrease in net profit for the quarter, amounting to ILS156 million compared to ILS419 million year-over-year.
- The office sector is experiencing long negotiations and uncertainty in the market, although there is still a healthy deal flow.
- The senior housing segment is facing longer leasing times due to difficulties in the second-hand apartment market.
Good day and thank you for standing by. Welcome to Azrieli Group's second quarter 2024 conference call for foreign investors. (Operator Instructions) With us today are Mr. Eyal Henkin, CEO; and Mr. Ariel Goldstein, CFO. (Operator Instructions) This conference call will be accompanied by a slide presentation. It can be found on Azrieli's site www.azrieligroup.com on the investor relations page under media room presentations.
And the financial reports can be found on the website as well. I would like to remind everyone that forward-looking statements for the respected company's business, financial condition, and results of its operations are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated. Please note that today's conference has been recorded.
I would now like to hand the conference over to your speaker, Mr. Eyal Henkin, CEO. Please go ahead.
Good afternoon
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