Building materials and income producing real estate company Ackerstein Group (TASE: ACKR) suffered in the second quarter from a decline in activity of its customers alongside a jump in haulage costs, leading to an 86% slump in net profit. Together with the release of its second quarter financials, the company announced that its CEO Amit Lang was stepping down less than a year after he was appointed.
The revenue of the company, which is 68% controlled by the Ackerstein family, was NIS 190 million in the second quarter, down 15% in comparison with the second quarter of last year. In the first half of 2026, revenue was NIS 399 million, down 12% in comparison with the second half of 2025. The fall was mainly because of a decline in projects carried out for customers, partly because of Operation Roaring Lion against Iran.
Second quarter net profit fell 86% to NIS 2.3 million, and first half profit was down 48%, due to the decline in revenue and the rise in haulage costs together with higher management costs.
Amit Lang, who as mentioned is stepping down as CEO of Ackerstein Group after less than a year in the post, previously served as CEO of the Mekorot national water company and as director general of the Ministry of Economy under Naftali Bennett. The previous CEO, Ehud Danoch, stepped down after eighteen months in the post and altogether four years at the company.
Lang will be replaced by Zvi Ackerstein, son of the company’s chairperson Giora Ackerstein. CFO Eyal Weinberg will become deputy CEO in addition to his current role. The company says that it will look to appoint a chairperson who is not part of the controlling interest.
Ackerstein Group’s share price fell 7.52% in today’s session, and is down about 16% for the year to date, giving the company a market cap of NIS 2.1 billion.
Published by Globes, Israel business news - en.globes.co.il - on August 27, 2026.
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