Afri Properties sold only 4 apartments at Landmark in the quarter, but net profit rose 15%

Afri Properties reported a net profit of NIS 512 million in the third quarter, a 15% increase, despite selling only 4 apartments in the Landmark project. The company attributes the growth to improvement in existing properties and new projects in Europe, partially offset by property sales and the euro's decline.

Afri Properties, controlled by Big (79.1%), reported a net profit of NIS 512 million in the third quarter of 2026, an increase of about 15% compared to NIS 444 million in the same period last year. Net rental income (NOI) rose 8% to NIS 293.1 million. The company explains that the growth stemmed from improved results of existing properties and new projects in Europe, partially offset by property sales and the euro's depreciation against the shekel. Meanwhile, the pace of apartment sales in the Landmark project in Tel Aviv remained moderate: since the start of the year, only 15 apartments have been sold, of which 4 were in the third quarter. Tower B, currently under construction (58% complete), includes 116 residential units, with occupancy expected in the third quarter of 2027. The company recorded a fair value increase of about NIS 88 million for its share in the project.