Amiad Water Systems Which operates in the field of filtration and water treatment for industry and irrigation, published the financial results for 2021. The company, controlled by the Pimi Fund, began trading on the Tel Aviv Stock Exchange in August 2021, after its shares were delisted from the AIM London Stock Exchange.
The company’s revenue in 2021 increased by about 10.2% to about $ 115.3 million, compared to $ 104.6 million in 2020. The increase in revenue is mainly due to growth in the irrigation sector and return to pre-Corona epidemic activity.
The company’s operating profit in 2021 amounted to about $ 8.5 million, an increase of about 56% compared to $ 5.4 million in 2020. The company also continued in 2021 to improve operating profitability, which rose to about 7.3% of revenues, compared to about 5.2% in 2020 and about 2.7% in 2019. As part of the significant streamlining moves implemented in the company.
Net income attributable to shareholders amounted to approximately $ 6 million in 2021, an increase of 133% compared to net income of approximately $ 2.6 million in 2020. The improvement in net profit was due to the increase in sales, as well as the improvement in gross and operating profitability.
Dori Yavzuri, CEO of Amiad Water Systems, said: “Amiad is in the midst of a managerial, operational and technological revolution with the encouragement of the controlling owner, the Pimi Fund. In line with the strategy outlined by the board, the company now focuses on establishing and improving its position in the field of irrigation, increasing its presence in the US market, improving and streamlining internal work processes, and using the company’s cash to enter other areas of activity and find acquisitions. The company entered 2022 with a significant increase in the backlog of orders, both in the field of irrigation and in the field of industry, so the new orders are expected to support the company’s sales in the current year. “
Yariv Avishar, Chairman of the Company’s Board of Directors, stated that “Amiad operates in accordance with a rolling multi-year strategy, which is reviewed each year and adapted to changes in the company and markets. The company continues to meet the set growth and profitability targets, and we expect the trend to continue in the foreseeable future. “