Ofer Nimrodi is the general manager of Israel Land Development Corporation, parent company of a group with a wide range of interests from real estate to communications. He also chairs the Board of Directors of Ma'ariv, a gigantic media group publishing Israel's second largest newspaper.
Israel Land Development was founded several decades ago by the Zionist Federation as a national-business tool for acquiring and developing lands in Mandatory Palestine. The company was sold in the eighties to the Nimrodi family, headed by Yaakov Nimrodi, a former senior IDF officer, Military Attache in Teheran and arms dealer. The company has since burgeoned to several times its original size, and entered a wide diversity of business interests.
The Israel Land Development group has 25 companies. In 1998, the parent company had a turnover of NIS 316.8 million, and it ended the year on a profit of NIS 72.7 million. The group's principal shareholders are Yaakov Nimrodi (34.8%), Ofer Nimrodi (13.3%), Bank Hapoalim's provident funds (9.5%) and the US Sanford mutual fund (8.5%). The market value of Israel Land Development (the parent company) stands at $159.3 million on the Tel Aviv Stock Exchange and $160 million in New York. The group's principal subsidiaries are:
Israel Land Development Communications - publisher of "Ma'ariv" daily newspaper, shareholder in cellular telephony company Partner, shareholder in cable concessionaire Matav, shareholder in Channel Two concessionaire Tel-Ad, shareholder in Hed Artzi publishing and music company, owner of the "Tzomet Sfarim" bookstore chain and the Tower Records music stores, shareholder in the Levin Epstein printing press and in Rapid outdoor billboard company.
Communications business revenues last year amounted to 51% of the group's total revenues. The market value of "Ma'ariv" publisher Ma'ariv Holdings is NIS 191.3 million.
Israel Land Development Insurance - engages in all types of insurance and in foreign trade risk insurance. Last year this revenue accounted for 34.7% of the group's total revenue. The company's market value is $24.1 million.
Israel Land Development Hotels - founder and manager of hotels in various Israeli towns. This field last year contributed 5% of the group's revenues. The company's market value is $31.5 million.
Israel Land Development Malls - engages mainly in the set-up of the Herzliya mall. Also owns income-producing properties and builds apartments for sale. Income from real estate last year contributed 4.4% of total group revenue. The company's market value is $10.3 million.
Natalie - heart patients emergency services company. Its 1998 revenues accounted for 2.4% of the group's income.
Published by Israel's Business Arena October 28, 1999