This is the summary of the reports filed on Thursday, 20 August 2026.
Errors or inaccuracies are possible. Spotted something that looks wrong? Write to me and I will correct it.
The Fact That Determines How the Day Is Read
Forty filers, and three different currencies.
| In shekels | 37 | |
| In dollars | 2 | RP Optical, Electra Real Estate |
| In euros | 1 | Kardan N.V. |
And yesterday there were seven dollar filers out of 26. Today, three currencies on the same trading day.
The trap is identical every time: anyone reading several Israeli reports in sequence assumes they are all in the same currency, because they were all filed with the same exchange on the same day.
And that is not true. A dollar figure read as a shekel one is inflated by more than three times; a euro figure, by about four.
And it is not stated in the headline of any report. It sits in the units of measurement inside the structured file.
The Thirty-Two That Received a Piece of Their Own
| The quarter | The central point | |
|---|---|---|
| Shikun and Binui | 2,292m · net 229m | A pre-tax loss, and a net profit after it |
| G City | 516m · net 124m | A balance sheet of 30.4 billion, a third of the profit to the minority |
| Shlomo Holdings | 1,756m · net 103m | A balance sheet of 13.9 billion - an importer and a financing arm |
| IDI Insurance | net 196.7m | A 14.7% return on equity in the quarter |
| Electra Consumer | 1,823m · net 30m | Only 16% of the gross margin survives |
| Dalia Energy | 1,314.1m · net 15.8m | Financing 63%, tax 72.3% |
| Neto Holdings | 1,327.6m · net 44.2m | 55.8% of the profit to the minority |
| Neto Malinda | 1,327.6m · net 44.3m | Exactly the same revenue, 98% to shareholders |
| Yochananof | 1,233.4m · net 50.0m | The only one with comparatives - and all of them negative |
| Generation Capital | 870.5m · net 636.4m | A 98% operating margin - because it is a fund |
| Victory | 635.8m · net 10.5m | A higher gross margin than Yochananof, half the operating one |
| IBI | 479.3m · net 95.7m | A third of the profit to the minority |
| Novolog | 451.9m · net 0.5m | A profit of about a thousandth of turnover |
| Dimri | 398.9m · net 63.8m | 81% of the gross margin survives |
| Doral Energy | 323.8m · loss 95.0m | An operating loss, against 52% at Nofar |
| Elad Software Systems | 285.5m · net 14.8m | An operating margin identical to One Technologies |
| Altshuler Shaham Pension | 217.1m · net 20.7m | The attributable figure larger than net profit |
| Nofar Energy | 202.2m · net 16.1m | A 52% margin, and a pre-tax loss |
| Gaon Group | 198.8m · net 16.2m | A report with no unusual lines |
| Sugat | 187.8m · net 7.6m | Leverage of 1.6 - financing takes a sixth |
| Analyst | 171.6m · net 38.3m | Pre-tax higher than operating |
| Mer | 169.3m · net 10.2m | A 10.8% tax rate |
| Holmes Place | 156.3m · net 9.3m | Leverage of 8.8, and mostly leases |
| Rani Zim | 83.8m · net 20.2m | An operating profit of 95.6% of revenue |
| Gilat Telecom | 71.4m · net 8.4m | Zero tax in the quarter |
| Arit Industries | 56.3m · net 9.7m | 48.3% of the profit to the minority |
| Goto | 55.9m · loss 4.3m | An operating loss of 1.3% - right on the line |
| Prime Energy | 35.8m · loss 10.5m | Financing took 2.5 times operating profit |
| Dorsel | 13.2m · loss 7.4m | Financing almost equal to all the revenue |
| RP Optical (USD) | 30.7m · net 6.9m | An 8.6% tax rate |
| Electra Real Estate (USD) | -3.8m · loss 16.5m | A negative revenue line |
| Kardan N.V. (EUR) | 2.9m · loss 62.3m | Negative equity of 239.6 million |
And Eight That Appear Here Only
Seven of them filed in the afternoon, and one - IDI Issuance - is a debt-raising vehicle with a balance sheet of NIS 505.8 million against negative equity of NIS 852 thousand.
| NIS millions | Revenue | Operating | Net | Note |
|---|---|---|---|---|
| Ayalon | 1,196.2 | 135.9 | An insurer; a balance sheet of 24.3 billion, leverage of 13.5 | |
| Carmit | 152.4 | 8.2 | 2.6 | A gross margin of 20.7% |
| Levinstein Engineering | 145.0 | 19.5 | -3.0 | Operating positive, net negative |
| C-Lab | 48.4 | -6.9 | -6.1 | An operating loss |
| My Town | 32.9 | 0.2 | -2.3 | Right on the operating line |
| Baser Engineering | 5.6 | 6.3 | 3.9 | Operating higher than gross |
| Sola | 4.5 | -3.2 | A loss of NIS 68.24 per share | |
| IDI Issuance | 10.6 | 0.0 | Negative equity |
And at Levinstein Engineering there is a line worth noting: the loss attributable to shareholders, NIS 5.3 million, is larger than the total loss of NIS 3.0 million - that is, the minority recorded a profit while the shareholders lost.
The Three Extremes of the Day
Three lines that show how wide the range is between companies filing on the same day.
The tax rate: from zero at Gilat Telecom - where net profit is identical to pre-tax profit - to 78.8% at Novolog. And in between, 8.6%, 10.8%, 16.7% and 72.3%.
The leverage ratio: from 1.07 at Arit Industries, whose liabilities come to about NIS 85.7 million only, to 9.4 at Prime Energy. And beyond that range, two companies with negative equity.
And financing as a share of operating profit: from 3.1% at Generation Capital to 252.7% at Prime Energy.
And that is the ratio that recurred today more than any other, and to my mind it is the most instructive: how much of the operating profit actually reaches the pre-tax line. It is computed from two figures that are always reported, and it separates the companies better than any margin.
הזווית שלי
דעה אישית של אילן אברמוב - לא ייעוץ ולא המלצה
After forty reports in a single day, what stays with me is not a particular company but a pattern.
In almost every report I read today, "net profit" was not the figure that described the quarter. At Shikun and Binui it was the result of a tax line that turned a loss into a profit. At Neto Holdings most of it belongs to partners. At Rani Zim it included a revaluation that is not cash. At Novolog it was about a thousandth of turnover.
And this is not a criticism of the companies - every one of those lines is entirely correct in accounting terms and disclosed in the report. It is a criticism of the habit of reading from the bottom up.
And the two lines that did hold across all forty reports are operating profit, and what happens to it on the way down. The first describes the business; the second describes the structure behind it.
And what this day gave, and nothing else can, is the comparison. Forty companies on the same day make it possible to see that margin survival ranged from 15% to 94%, and that it derives from the structure of the sector rather than from the quality of management. Dimri keeps 81% because it builds; Electra Consumer keeps 16% because it sells through a chain.
And what I take forward is that this ratio - and not the gross margin - is what I will check first in every report from here on.
(It is important to stress: this is my personal opinion only, and nothing herein constitutes a recommendation to take any action.)
