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Azrieli Group has reported its Q3 2021 results, showcasing notable financial growth. The net operating income (NOI) reached NIS 428 million, up 22% year-over-year, with a significant increase in the office segment. The total funds from operations (FFO) were NIS 357 million, representing a 27% increase. Despite a slight dip in net profit to NIS 187 million, comprehensive income soared to NIS 273 million. Key investments include NIS 2.4 billion in acquiring Green Mountain and NIS 153 million in property developments. The company's solid balance sheet reflects NIS 2.7 billion in cash and a robust equity to assets ratio of 47%.
Azrieli Group announced strong Q2 2021 results, with NOI reaching NIS 407 million, a 75% increase year-over-year. Net profit attributed to shareholders surged to NIS 382 million, up from a NIS 66 million loss in Q2 2020. Total FFO increased by 86% to NIS 371 million. The average occupancy rate stood at 98% for malls and offices. Key business developments include the acquisition of Green Mountain, a data center company, and successful bond issuance raising NIS 3.655 billion. The company emphasizes continued growth in retail and senior housing sectors.
Azrieli Group (TASE: AZRG) has announced its acquisition of 100% of Green Mountain, a private data center company in Scandinavia, for approximately NIS 2.8 billion. Founded in Norway, Green Mountain specializes in server farms and utilizes 100% renewable energy. The acquisition aligns with Azrieli's strategy to expand in the data center sector in Europe, targeting a growing market with high power availability at competitive costs. Green Mountain currently has contracts for 24 MW and significant growth potential with a forecast of 49 MW by the end of 2022.
Azrieli Group reported its Q1 2021 results with a NOI of approx. NIS 301 million, a 34% increase from Q4 2020 but a 27% decline from Q1 2020 due to lockdowns. The FFO excluding senior housing was approx. NIS 206 million, up 36% quarter-over-quarter yet down 30% year-on-year. The net profit attributed to shareholders rose to approx. NIS 110 million, a 20% increase compared to Q1 2020. The occupancy rate in malls stood at 98%, while office occupancy was 99%. The company invested around NIS 303 million in properties this quarter.
Azrieli Group reported its Q4 and FY 2020 financial results, highlighting a significant decrease in Net Operating Income (NOI), which fell to NIS 224 million from NIS 408 million year-over-year. Overall, FY 2020 NOI was NIS 1,214 million, down from NIS 1,611 million due to extensive mall closures during the pandemic. Total Funds From Operations (FFO) declined to NIS 213 million from NIS 314 million in Q4 2019, while the yearly total dropped to NIS 999 million from NIS 1,313 million. Despite challenges, a strong investment of NIS 1 billion was made in properties. The occupancy rate in malls remained high at 98%.
