Anshei Ha'ir sold 3 penthouses for 58 million shekels - revenues jumped by 70%
The Anshei Ha'ir group recently gave away an apartment as a gift, which may have boosted sales after a sluggish period. Revenues rose to 110 million shekels in the second quarter. The company sold 16 apartments at an average price of 7.8 million shekels.
The Anshei Ha'ir group recently made headlines with a promotional campaign: an apartment as a gift. This move changed the game for several developers in Tel Aviv: sales have grown since the campaign launch, and the giveaway of an apartment worth about 2 million shekels significantly reduced marketing expenses while boosting apartment sales revenues.
According to the second-quarter report, revenues rose to 110 million shekels, with total profit after tax reaching 28.1 million shekels. Revenues reflect a 158% jump, while equity increased by approximately 55% to 81 million shekels. From the beginning of the year until the report's publication, the company sold 16 apartments for a total volume of 125 million shekels. Despite the challenging market in Tel Aviv, the average price per apartment exceeded 7.8 million shekels. These figures led the board of directors to approve a plan for the self-purchase of series B bonds of up to 4 million shekels.
Financial highlights show that the company's revenues amounted to 109.5 million shekels, compared to 42.5 million shekels in the same quarter last year. Gross profit jumped to 48 million shekels, compared to 4.7 million shekels in the corresponding quarter, and total profit after tax reached 28.1 million shekels, compared to a loss of 4.4 million shekels in the same period.
Growth was supported by the realization of rights in the La Guardia project as part of a deal with Manrav, which contributed 37.6 million shekels in revenue and 34 million shekels in gross profit. Simultaneously, core business activity continued to grow, with revenues from apartment sales and construction services rising by 69% to 72 million shekels. While not all revenues can be attributed solely to the giveaway, sales momentum has clearly accelerated.
Sales momentum continued after the balance sheet date. From the beginning of 2026 until the report's publication, the company sold 16 apartments for a total of 125 million shekels, including VAT. Notably, the company sold three penthouses for a total of 58 million shekels, at an average price of 19.3 million shekels per unit.
As of the end of the quarter, Anshei Ha'ir is advancing 12 projects in execution stages, with expected revenues of 764 million shekels and expected surpluses of 148 million shekels. During the quarter, the Glitzenstein 4 project moved to execution, a building permit was received for Jabotinsky 154, and after the balance sheet date, execution of the Mane 4 project began.
The company manages 53 projects in high-demand areas, including 5,343 housing units, of which 3,156 are intended for sale. The company estimates that full project realization will yield 5.1 billion shekels in revenue and 809 million shekels in unrecognized gross profit.
Additionally, an agreement was signed to purchase all Rothstein holdings in the company (approximately 41.32% of capital) for 99.2 million shekels, based on a company valuation of 240 million shekels. The transaction is subject to closing conditions.
Ron Chen, CEO and founder of Anshei Ha'ir, stated:
"The results reflect the continued maturation of our quality projects and growth in core activity. We are identifying a recovery in the Tel Aviv market, reflected in sales volumes and transaction prices. The Manrav deal illustrates the value creation potential in our backlog, while the bond buyback plan expresses the board's confidence in the company's strength."
