This is a structural review of reports published today. It is not investment advice, a recommendation to act, or investment marketing. All figures were taken from the structured filings submitted to MAYA (second quarter 2026), and the ratios were calculated directly from them.
Today in a single number
38 Israeli companies filed second-quarter reports on 24 August. This is a heavy reporting day, and the scale says so: NIS 12,515.9 million in quarterly revenue among the shekel filers alone, alongside five companies that reported in dollars.
23 of them closed with a net profit and 13 at a loss.
But the number that keeps repeating is a different one, and it is what ties the day together: at five companies the business produced an operating profit, and the lines beneath it wiped it out entirely.
The five that earned operationally and closed at a loss
This is the standout pattern of the day, and it recurs across five entirely different industries:
| Company | Operating profit | Pre-tax | What happened in between |
|---|---|---|---|
| Tralight | 8.6 | minus 6.5 | 15.1 million removed - 175.7% of operating |
| Tidhar | 24.3 | minus 1.8 | 26.0 million removed - more than all of operating |
| Bran | 6.0 | minus 3.2 | 9.2 million removed |
| Amiad | 1.0 | minus 0.3 | 1.3 million removed (dollars) |
| GT Real Estate | 3.8 | minus 1.6 | 5.4 million removed |
In all five the business itself was profitable. What turned the quarter into a loss sits below the operating line - largely financing.
This is not an unusual phenomenon in itself, but five companies in one day, across different sectors, describe an environment: when rates are high, an operating margin that looks reasonable is not necessarily enough. The larger the balance sheet relative to turnover, the larger the share of what the business produced that debt service takes.
And Tidhar is the only case that went one step further: it reached the tax line with a loss of 1.8 million, and the tax line added 13.9 million - so the quarter closed with a net profit of 12.1 million. That is an accounting recognition of a tax asset, not cash that came in.
Three companies whose operating loss exceeded their revenue
| Company | Revenue | Operating profit |
|---|---|---|
| Ravad | 3.9 | minus 33.2 |
| Nur Ink | 0.1 | minus 5.3 |
| Blitz | 0.8 | minus 2.5 |
At Ravad the operating loss is 8.5 times all quarterly revenue. At Nur Ink revenue is close to zero and the operating line is negative by 5.3 million.
Figures like these do not describe a business that hit a weak quarter - they describe a company that is not yet at the point where revenue covers operations.
The only company whose operating profit exceeded its revenue
Issta Properties. Revenue of NIS 41.2 million, operating profit of NIS 71.8 million - 174% of revenue.
A number like that cannot come from rent. It comes from revaluation of property, that is, from an increase in the value of an asset that was not sold. Its gross profit - what is left of rental income after operating costs - stands at 7.1 million only.
Edgar Investments shows a similar pattern in a more moderate form: revenue of 77.5 million and operating profit of 60.9 - 78.6% of revenue.
The three largest of the day
Fox Wizel - NIS 3,389.0 million in revenue, and a gross margin of 58.5% that becomes 2.6% at the bottom line.
Wesure Global Tech - NIS 2,415.1 million. This company is not analysed here, for the reason explained below.
Shapir Engineering - NIS 1,684.0 million, and an operating profit (246.0) larger than its gross profit (224.0) - a sign of income that arrived from outside the execution business itself.
And right behind them Amilia Development with NIS 1,036.6 million in revenue, operating profit of 92.0 and net profit of 53.8.
The five dollar filers - and the trap they carry
Five of today's filers denominated their reports in dollars rather than shekels: Navitas Petroleum, Amiad, Bolligo, Kishrei Teufa and BOF Technologies.
This is not a footnote. A dollar figure read as a shekel figure is inflated more than threefold. Navitas reported 279.2 million dollars - not shekels.
And the one that stands out structurally is BOF Technologies, though not because of its profit line: its equity stands at USD 49 thousand on a balance sheet of 4.8 million - 1.0% only.
What is not in this review, and why
Six financial entities filed today and are not analysed here: Wesure Global Tech, Libra, Ella, Gilad, Merav and Michal Deposits. Wesure alone is the second largest of the day.
The reason is technical and binding: the MAYA structured file is not reliable for the top line of a financial entity. The Israel Securities Authority requires a single generic schema from every issuer - the same fifteen or so tags for a retailer, an investment house and an insurer. There is no premiums tag, no investment income and no management fees.
That failure has been measured: at a large Israeli insurer the revenue field contained NIS 968 million against pre-tax profit of 927 - that is, expenses of 41 million at a company with a balance sheet in the hundreds of billions. Impossible.
A financial entity requires the report from the company's own website. Until that is read, it is better to publish no number than a wrong one.
And the limitation that applies to all 38
None of the structured reports filed today included the comparable quarter a year earlier.
The practical meaning: everything written here is a single-quarter cross-section. From these figures alone it is impossible to say whether a margin eroded or improved, whether financing became more expensive, or whether sales grew. A sample of one is not a trend, and any attempt to derive a run rate from it is a guess.
Those answers sit in the full report and its notes alone.
The ten companies that received a piece of their own
Out of 38, ten carried a ratio in their report that does not behave as the line above it would suggest, and therefore received separate coverage:
Fox Wizel · Shapir Engineering · Tidhar · Issta Properties · Sonol Real Estate · Navitas Petroleum · Alrov Properties · Fix Solutions · Tralight · BOF Technologies
The full list - all 38 filers
| Company | Currency | Revenue | Operating | Pre-tax | Net |
|---|---|---|---|---|---|
| Fox Wizel | NIS | 3,389.0 | 255.7 | 115.1 | 89.3 |
| Wesure Global Tech | NIS | 2,415.1 | - | 286.1 | 189.4 |
| Shapir Engineering | NIS | 1,684.0 | 246.0 | 176.0 | 136.0 |
| Amilia Development | NIS | 1,036.6 | 92.0 | 68.4 | 53.8 |
| Tidhar | NIS | 753.5 | 24.3 | minus 1.8 | 12.1 |
| Alrov Properties | NIS | 508.6 | 278.7 | 203.9 | 172.2 |
| Fix Solutions | NIS | 366.6 | 11.8 | 1.8 | 1.2 |
| Baladi | NIS | 357.0 | 65.2 | 49.4 | 38.1 |
| Lahav | NIS | 306.8 | - | 161.8 | 154.6 |
| Navitas Petroleum | USD | 279.2 | 181.3 | 109.3 | 77.2 |
| Rotshtein | NIS | 228.3 | 32.4 | 17.3 | 14.0 |
| Bran | NIS | 212.6 | 6.0 | minus 3.2 | minus 3.7 |
| Libra | NIS | 171.4 | - | 42.1 | 28.0 |
| Terminal X | NIS | 161.1 | 18.6 | 17.6 | 13.7 |
| Anshei Ha'ir | NIS | 155.1 | 41.3 | 31.0 | 23.9 |
| TSG | NIS | 127.6 | 12.0 | 8.3 | 7.5 |
| Shagrir Vehicle | NIS | 109.4 | 2.2 | 0.1 | minus 0.2 |
| Ella Deposits | NIS | 94.4 | - | 3.5 | 2.3 |
| Gilad Deposits | NIS | 80.8 | - | 1.6 | 1.2 |
| Edgar Investments | NIS | 77.5 | 60.9 | 42.2 | 35.0 |
| Michpal | NIS | 63.6 | 10.5 | 11.4 | 7.4 |
| Michal Deposits | NIS | 41.5 | - | 0.0 | 0.0 |
| Issta Properties | NIS | 41.2 | 71.8 | 63.8 | 46.4 |
| TGI | NIS | 38.4 | 3.2 | 2.0 | 2.2 |
| Kishrei Teufa | USD | 36.9 | minus 1.9 | minus 0.9 | minus 0.5 |
| Merav Deposits | NIS | 36.4 | - | 0.0 | 0.0 |
| Amiad | USD | 32.2 | 1.0 | minus 0.3 | minus 0.8 |
| Tralight | NIS | 22.4 | 8.6 | minus 6.5 | minus 4.2 |
| Sonol Real Estate | NIS | 14.1 | 12.6 | 9.9 | 7.7 |
| Bolligo | USD | 11.5 | - | minus 1.0 | minus 1.0 |
| Bio View | NIS | 10.0 | minus 2.0 | minus 2.3 | minus 2.3 |
| GT Real Estate | NIS | 7.0 | 3.8 | minus 1.6 | minus 0.1 |
| Ravad | NIS | 3.9 | minus 33.2 | minus 42.5 | minus 41.5 |
| BOF Technologies | USD | 2.7 | minus 2.4 | minus 2.6 | minus 2.6 |
| Ram On | NIS | 1.0 | minus 0.0 | 0.6 | 0.4 |
| Blitz | NIS | 0.8 | minus 2.5 | minus 2.9 | minus 2.9 |
| Nur Ink | NIS | 0.1 | minus 5.3 | minus 6.0 | minus 6.0 |
| Tadea | NIS | 0.1 | - | minus 1.5 | minus 1.5 |
All amounts in millions, in the currency in which the report was filed. A dash indicates that the line does not exist in that company's structured file.
BATM also filed today and is not in the table: it is registered as a dual-listed company, and its report was not accompanied by a structured file for MAYA.
Errors or inaccuracies are possible. Spotted something that looks wrong? Write to me and I will correct it.
