March 24, 2022
The manufacturer of robots for cleaning pools recorded a 30% increase in revenues in 2021, which amounted to NIS 1.4 billion. The closure of homes during the plague period led to increased use of the pool and the construction of new pools. “Preparing for continued accelerated growth
[בתמונה למעלה: מפעל מיטרוניקס בדלתון. צילום: Maytronics]
At the end of 2018, Maytronics set investors a goal: sales of NIS 1 billion in 2021. Yesterday (Wednesday), the robot maker for cleaning pools from the Jezreel Valley reported that its revenues in 2021 were NIS 1.4 billion, an increase of 30% compared to revenues in 2020, in which Mitronics also crossed the target with revenues of NIS 1.07 billion. The company’s net profit amounted to NIS 240 million, compared to a net profit of NIS 168 million in 2020. Mitronics is traded on the Tel Aviv Stock Exchange at a value of about NIS 7 billion.
One of the main causes of the company’s business momentum in the last two years is actually the corona plague. Mitronics is in fact the largest company in the world in the field of automatic robots for cleaning private pools, and it estimates that it dominates about 48% of the world market. It is also its main target market, which accounts for about 85% of its revenues.
The company explains that the closure of the residents in their homes and their focus on home activities, has led to an increase in activity in the backyards of the houses, including increased operation of the private pools and the construction of new pools. As a result, there was a significant increase in demand for robots to clean private pools during this period. On the other hand, in the secondary market of robots for cleaning public pools, which accounts for only about 5% of the company’s revenues, the corona hit significantly, against the background of the ban on crowds, declining tourist volumes and temporary closure of public pools, especially in 2020.
Alongside the robots, the company also markets safety accessories for pools, such as drowning warning alarms, as well as automatic covers to keep them clean. This segment constitutes about one tenth of the company’s revenue. About 98% of its revenue comes from sales to international markets, the main ones being the United States, Europe and Australia, where it is active through subsidiaries.
The company estimates that only 19% of the pools are cleaned by robots, and the rest by detergents or pumps, so the robot market has further significant growth potential, mainly against the background of consumer trends of saving electricity and water and preserving the environment. “The company continues to enjoy the prosperity of the private pool industry in all major territories and the increase in its sales volume, and it is preparing for continued accelerated growth in all areas of its activity as a global company.”
A private dolphin in the backyard
The company’s flagship product is the Dolphin robot line. Similar to the home vacuum cleaner robots market, Mitronics robots provide a more automated and efficient alternative to existing cleaning methods, which are based on external pumps. The pumps gradually draw the water out of the pool and pass it through external filters. The process of purifying water using pumps takes many hours and requires a lot of electricity. The filters themselves are coarse and do not always manage to remove the tiny dirt particles from the water.
The dolphin robot features a gyroscope-guided navigation capability and a compass. It cruises independently in the pool and dives to the bottom to provide full coverage of the pool contents. Using an advanced filtration system, the robot also removes millimeter waste particles from the pool, and using a brush system, it cleans the grease layer that forms on the bottom and sides of the pool. The process itself lasts about three hours or so, thus increasing the time people use the pool.
Posted in categories: Profit Reports, News, Robotics
