This is the summary of the reports filed on Wednesday, 19 August 2026.
Errors or inaccuracies are possible. Spotted something that looks wrong? Write to me and I will correct it.
Ten That Received a Piece of Their Own
| The quarter | The central point | |
|---|---|---|
| Clal Insurance | net NIS 1,059m | A NIS 195.9bn balance sheet, and a 33.3% tax rate |
| Azrieli | NIS 1,138m · net 155m | Financing took 74.3% of operating profit |
| Delek Group | NIS 1,036m · net 523m | NIS 209m of the profit belongs to the minority |
| Carasso Motors | NIS 2,127.3m · net 42.0m | A NIS 12.2bn balance sheet - importer and finance house |
| One Technologies | NIS 1,390.7m · net 68.5m | Return on equity identical to Matrix's |
| Ashdod Refinery | $1,091m · net 69m | 94% of gross profit survives to operating |
| Castro | NIS 580.5m · net 44.6m | 3.3x the operating profit of Retailors, at the same size |
| Isramco | $119.1m · net 30.1m | A 69% operating margin, and financing takes 53.5% |
| Afcon Holdings | NIS 464.0m · net 26.2m | Financing took only 16.5% |
| Israir | $140.7m · loss 18.5m | A gross margin of 1.0% |
And the Fact That Governs How the Day Is Read: The Currency
Of the twenty-six filers that submitted a structured file, seven denominated their accounts in dollars.
And this is not a technical footnote - it is the only way not to be wrong by a factor of three.
The day's dollar reporters: Ashdod Refinery, Isramco, Israir, Beit Shemesh Engines, Global Knafaim, Almeda Ventures and Medipower.
They are not a coincidence. Refineries, gas partnerships, airlines and manufacturers selling into the world market price both their inputs and their outputs in dollars, so their functional currency is not the shekel.
And the trap is simple: somebody reading several Israeli reports in sequence on the same day assumes they are all in the same currency. "Revenue of 1,091 million" at Ashdod Refinery and "revenue of 1,036 million" at Delek Group look nearly identical - and in fact the first is larger than the second by a factor of more than three.
Any comparison between the two without converting is simply wrong.
The Remaining Filers
NIS millions, unless otherwise stated:
| Revenue | Gross margin | Operating margin | Net profit | |
|---|---|---|---|---|
| Bikurei Hasadeh | 662.2 | 23.9% | 4.3% | 20.2 |
| Plasto Cargal | 268.5 | 16.0% | 5.8% | 2.6 |
| Sunny Communications | 252.3 | 13.6% | 5.6% | 11.1 |
| Clal Capital Raising | 224.9 | 0.2 | ||
| Shniv | 208.3 | 28.8% | 7.6% | 9.1 |
| Acro Group | 181.3 | 28.0% | 20.2 | |
| Abra | 159.0 | 21.8% | 4.9% | 2.8 |
| Phoenix Gama | 155.3 | 64.5% | 46.3% | 58.0 |
| Assot | 123.2 | 22.3% | 16.7% | 19.4 |
| Beit Shemesh Engines ($) | 91.4 | 23.1% | 18.9% | 16.0 |
| Hiron | 44.6 | 79.1% | 69.1% | 22.0 |
| Sufrin | 35.5 | 59.7% | 20.8% | 0.7 |
| Delek Israel Properties | 17.0 | 98.3% | 123.4% | 10.3 |
| Medipower ($) | 15.6 | 68.8% | 61.9% | -3.3 |
| Almeda Ventures ($) | 7.3 | 95.1% | 6.9 | |
| Global Knafaim ($) | 2.4 | 79.5% | 103.5% | 2.0 |
Financing: From the Same Operating Profit, Entirely Different Outcomes
This is the ratio that recurred today more than any other - how much of operating profit survives to the pre-tax line:
| Financing as a share of operating profit | |
|---|---|
| Afcon | 16.5% |
| Shniv | 22.2% |
| Acro Group | 47.4% |
| Isramco | 53.5% |
| Azrieli | 74.3% |
| Sufrin | 78.2% |
| Plasto Cargal | 79.0% |
| Medipower | 123.4% |
And the case at the bottom of the table is the one worth understanding.
Medipower posted operating profit of $9.7 million - an operating margin of 61.9%, among the highest of the day.
And below the operating line about $11.9 million was taken out, that is, more than the entire operating profit. The result: a pre-tax loss of $2.3 million, and a net loss of $3.3 million.
And there is a further line here worth noticing: the loss attributable to shareholders, $4.5 million, is larger than the total loss. That is, the minority recorded a profit while the shareholders recorded a loss - the same phenomenon we saw at Alony-Hetz yesterday.
The conclusion that recurs this week: a high operating margin guarantees nothing when debt sits beneath it. Sufrin, with an operating margin of 20.8%, reached the pre-tax line with just NIS 1.6 million.
Three Unusual Balance-Sheet Lines
Clal Capital Raising filed a balance sheet of NIS 7,103.5 million against negative equity of NIS 1.6 million. At an entity whose entire function is to raise debt and pass it on, this is not a sign of distress but a structure: assets and liabilities almost exactly offset one another, and the equity left over is negligible against both.
Delek Israel Properties and Global Knafaim posted operating profit higher than revenue - 123.4% and 103.5% respectively. At a property company that is usually a positive revaluation recorded above the operating line; at a holding company it is usually equity earnings. The structured filing does not separate them, so we do not assert which.
Acro Group posted net profit of NIS 20.2 million, of which only NIS 10.5 million went to shareholders - almost half to the minority.
And Three That Filed Without a Structured File
Ellomay Capital, Malam Team and Malam-Team Holdings filed without a structured data file, and therefore do not appear in the tables above. No figures were assigned to them from another source.
הזווית שלי
דעה אישית של אילן אברמוב - לא ייעוץ ולא המלצה
If there is one thing this day taught me, it is that the currency is a datum and not an assumption.
Seven of twenty-six Israeli filers reported in dollars. That is more than a quarter, and it appears in none of their headlines. A reader flicking between reports and comparing figures in their head is wrong by a factor of more than three on every such comparison, with no sign at all that anything is amiss.
And that is what makes it dangerous: a currency error does not look like an error. The figure is plausible, the order of magnitude is plausible, the ratios within that one company are entirely correct - and only the comparison between two of them is broken.
And what I take from the second day running is the ratio that recurred in every table: how much of operating profit actually reaches the pre-tax line. Today it ranged from 16.5% at Afcon to 123.4% at Medipower - that is, from a company whose profit stays with it to a company whose entire operating profit went to its lenders, and then some.
It is one ratio, computed in two seconds from two figures that are always reported, and it separates these reports better than any margin.
(It is important to stress: this is my personal opinion only, and nothing herein constitutes a recommendation to take any action.)
