Thanks to Ichilov and Nvidia: Best's order backlog grew by 902 million shekels
Construction and real estate group Best reported a 182% jump in Q2 2026 net profit to 34.7 million shekels. The company's order backlog expanded to 6.2 billion shekels.
The construction and real estate group Best published its financial report for the second quarter of 2026 yesterday, showing growth in revenues and a jump in profit. Net profit in the second quarter totaled 34.7 million shekels, an increase of 182% compared to 12.3 million shekels in the corresponding quarter of 2025.
The main engine for the increase in profits was the contracting sector. Revenues from the construction and finishing sector from external clients rose by 23% and totaled 915 million shekels, compared to 743 million shekels in the corresponding period in 2025. The sector's results rose by 43% and totaled 67.1 million shekels. The sector generated about 82% of the group's revenues.
At the same time, the order backlog of the company, managed by Elias Tanous, grew by 17%, from 5.3 billion shekels at the end of 2025 to 6.2 billion shekels at the end of the quarter — on June 30, 2026. The main increase stemmed from the selection of Best as the general contractor for the construction of the new hospitalization tower of the Ichilov Medical Center in Tel Aviv, with a construction cost of about 420 million shekels. In addition, the company will build the Nvidia office tower in the Melisron high-tech park project in Yokneam at a cost of 170 million shekels.
Shares of the Best group were issued at the beginning of June this year, and the company raised 400 million shekels at a valuation of about 3 billion shekels. The report published yesterday is the company's first since the IPO.
At the same time, the company was forced to correct the financial report for 2025, which was published as part of the prospectus ahead of the IPO. The correction was required after it became clear that in the period between September 2025 and June 2026, on the eve of the IPO and in the months preceding it, the company paid 2.2 million shekels to subcontractors who performed private work for the controlling shareholders. Following the suspicion of irregularities, the group's chairman, Rafi Bisker, who is not among the controlling shareholders, appointed an external auditor accompanied by lawyers Zvi Agmon and Yehuda Gindi. Following the findings of the audit, the controlling shareholders paid the company the amount that had been paid to the contractors who performed the work for them.
