Yitzhak Tshuva and Dudu Zvida in a major move: first dividend and share buyback

The Tsilu Blue group has published its financial reports for the second quarter and the first half of 2026, with the significant news being the first dividend distribution. The company, formerly the real estate giant Hanan Mor, will distribute a dividend for the first time in the amount of 6 million shekels and will carry out a share buyback in the amount of 10 million shekels.

In March of this year, Yitzhak Tshuva and Dudu Zvida, who entered the company in December 2024, decided to increase their holdings in Tsilu Blue. The company allocated them 11.5 million shares, representing 23% of the company's equity, for 55 million shekels. Together, they now hold about 55% of the company.

Financial highlights for the first half

The company has equity of about 488 million shekels, assets worth about 859 million shekels, and a net profit of 76 million shekels. The group shows a significant strengthening in its financial structure and liquidity, with the equity-to-balance ratio increasing from 37.5% in the first half of 2025 to 56.8% in the first half of 2026. Additionally, the group's financing expenses decreased by 22.3%, from 10.3 million shekels to about 8 million shekels.

Real estate and development

In the income-producing real estate sector, the company holds three assets, including commercial centers: two in Harish and one in Modiin. Furthermore, the company maintains a land reserve designated for commerce and employment in Harish. The value of investment real estate on the balance sheet is approximately 512 million shekels. Revenues in the first half amounted to about 18.1 million shekels (42% of total revenues), with the income-producing activity generating an NOI of about 14 million shekels, an increase of 13.6% compared to the previous year.

In the residential real estate development sector, construction in the Or Yam and Harish projects has been completed. The company holds an unsold inventory of 69 housing units, with a surplus balance of about 123 million shekels. Revenues in this segment amounted to about 16.8 million shekels (39% of total revenues).

The group also operates in residential real estate and urban renewal through its holding in the Levinsky-Ofer company, in which it increased its stake to 40.1%. Tsilu Blue also owns a hotel in Poland, which generated revenues of about 8 million shekels with a profit contribution of about 1.4 million shekels.

Management statement

Dudu Zvida, Chairman of the Tsilu Blue group, stated:

"The moves we have completed in the last year represent a turning point for Tsilu Blue. We have strengthened the capital and balance sheet structure, expanded financial flexibility, and can now focus on accelerating activity. The decision to distribute a dividend for the first time and carry out a share buyback, with equity per share at approximately 4.86 shekels, expresses our confidence in the financial base we have built and the company's ability to generate value for shareholders over time."