Text size

Mehadrin (TASE: MEDN), a subsidiary of Property & Building Corporation (TASE: PTBL) , which itself belongs to the IDB (TASE: IDBH)  group, had a strong first quarter.

Yitzhak Tshuva's insurance company The Israel Phoenix Assurance Company (TASE: PHOE)  also owns a controlling interest in Mehadrin, which engages mainly in agriculture (from the orchard to the packaging plant) and real estate.

The company today reported a 70% leap in quarterly profit (not including one-time items) to NIS 51 million on revenues that jumped 80% year over year to NIS 380.6 million.

Operating income also rose 70% to NIS 72.6 million, Mehadrin said.

That NIS 51 million does not include an NIS 20.4 million capital gain from selling 900 dunams of land in Ashkelon during the quarter.

Mehadrin attributed its strong results mainly to its packaging operations, which is highly seasonal and strongest in the first and fourth quarters. Also, its costs on its agricultural operations were relatively low.

Shares in Mehadrin have risen 32% in a year, lifting the company's market cap to NIS 470 million on the Tel Aviv Stock Exchange. News of its results sent the company's stock climbing 8.5% at the Thursday opening.

Mehadrin stock