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Elmor Electricity
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Engaged in building projects and maintaining electrical and energy facilities, won a tender to perform electrical work in the “Phoenix Complex 1000” project in Rishon Lezion. As part of the project, which includes the establishment of offices, an underground parking lot and a server farm, Elmor, under the main contractor, will perform electrical works, including high voltage, low voltage and very low voltage works, in exchange for approximately NIS 91 million. The works are expected to last about two years.
Last month, Elmor reported its financial results for the third quarter of 2022. Revenues in the third quarter grew by 76% to approximately NIS 117 million compared to the corresponding quarter last year; The operating profit increased by about 38% to about NIS 11 million. Gross profitability increased to about 20% compared to 17.2% in the corresponding quarter. Quarterly revenues in the renewable energy sector jumped by about 242% and amounted to about NIS 41 million.
On March 15, 2022, the date of publication of the periodic financial report for 2021, the company reported on the consolidated order backlog for a total amount of approximately NIS 880 million. Taking into account the Phoenix tender win, binding orders were added to Elmor’s electrical work backlog in an amount exceeding Half a billion shekels since the publication of the financial report for 2021 in March of this year.
Elmor operates in two sectors – the first, planning, construction and maintenance of electrical systems and the second, renewable energy projects. In the renewable energy sector, which includes the construction of photovoltaic (PV) solar energy facilities on the ground and on roofs, and maintenance agreements for O&M services (operation and maintenance) in the energy facilities, revenues in the quarter amounted to approximately NIS 41 million, an increase of 242% compared to revenues totaling NIS 12 million NIS in the corresponding quarter in 2021. The segmental profit increased in the third quarter of 2022 to approximately NIS 5.5 million, compared to NIS 1.5 million in the corresponding quarter in 2021, an increase of 267%.
Elmor shares fell by 7% since the beginning of the year to a price of NIS 10.6, representing a market value of NIS 381.8 million.
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Asher Ben Shimol, co-CEO of Almor: “We are happy to report this morning on the winning of the tender for electrical work in the Phoenix project in the 1000 complex. This is a significant tender, in which Elmor will be able to bring to light its advanced performance capabilities. The win will allow the company to continue to increase the backlog of orders in the field of electricity, to which were added binding orders in excess of Half a billion shekels since the publication of the annual financial report in March 2021.”
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