In its Q3 earnings report released on Monday, the Chairwoman of Azrieli Group, Danna Azrieli, announced the launch of "an extensive support plan" aimed at supporting businesses operating within its malls. The details of the plan have been distributed to tenants.
“The State of Israel is in the midst of a war, and the Azrieli Group is entirely committed to the effort and to civil aid on all fronts. This includes formulating an aid program for the mall tenants and launching an extensive support plan which combines strengthening the economic front throughout Israel, which is intended to strengthen the economy and set the wheels of commerce in motion, with direct aid for evacuated families and for businesses from the South and the North of Israel,” the chairwoman said in a statement.
Azrieli makes moves to help after October 7 massacre
Azrieli Group has already made extensive efforts to provide relief over the past two months, following the deadly shock attack carried out by Hamas terrorists on October 7.
These include a rent and management fee reduction for the months of October and November, the allocation of spaces in its malls for displaced businesses, the establishment of temporary schools in Azrieli-owned properties for displaced families from the northern and southern regions, and the distribution of thousands of 500 shekel gift cards to families who have been displaced from the north and south and are now located in Eilat.
As well, in October the organization committed an emergency donation of 40 million shekels by the Azrieli Foundation and the Azrieli Foundation Canada to contribute to security forces, displaced families, and others in need.
In Monday’s statement, Azrieli went on to highlight the group's commitment to the development and growth of Israel. “We will continue acting on this commitment while maintaining financial strength and responsible conduct in these challenging times, which create both a complex business environment and opportunities,” she said.
The company's third-quarter earnings report revealed positive trends — though the war will undoubtedly have an effect on its Q4 performance.
Azrieli Group reported robust financials for Q3 2023, with Net Operating Income at NIS 535 million, a 4% increase from last year. Net profit for shareholders reached NIS 352 million. Occupancy rates remained high, averaging 99% in malls. Store revenues increased by 5.8% from January-September 2023.