Shikun & Binui Q1 revenues down 28%Staff Writer | May 29, 2018
Shikun & Binui, a global construction and infrastructure company headquartered in Israel, reported its financial results for the first quarter ended March 31, 2018.
Shikun & Binui Revenues totaled NIS 1.4 billion
The decline was primarily due to the pace of progress in Solel Boneh Israel compared with the previous year, mainly the Ashalim and Mesilot (Railroad Tracks) projects, together with a decline in revenues from the International Construction (excluding the U.S.) segment due to the slowdown of its activities in Nigeria and the completion of its projects in the previous year in Ghana, Togo and Uganda.
Gross margin was 12% compared with 11% in the first quarter of 2017. The gross profit for the quarter totaled NIS 156 million compared with NIS 206 million for the first quarter of 2017.
Net profit for the quarter totaled NIS 27 million compared with NIS 88 million for the first quarter of 2017.
It is emphasized that the net profit in the first quarter of 2017, as published in the financial statements of last year, was before the effect of adopting accounting standard IFRS 15.
The company's cash flow for the quarter, excluding investments in land inventories and concessions arrangements, totaled NIS (381) million. Cash flow including those investments totaled NIS (728) million. ■