Water meter company
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Won a tender for the construction and maintenance of a remote reading system for water meters, of the Rivi Rishon Lezion Water Corporation. This is a tender for a period of 6 years, with the company estimating that the financial scope, assuming that all stages are completed, including extending the contract period to another 6 years and replacing the water meters in Rishon Lezion, is NIS 84 million.
In the first phase, there will be a pilot in which Arad will install about 2,000 to 2,500 water meters. After the end of the pilot, Arad expects that she will install and maintain all water meters in the city of Rishon Lezion, about 90,000.
Last month, Arad’s Spanish subsidiary, Contresa (100%), won a tender from the cellular communications company Telefonica for the supply of water meters, totaling about 13 million euros.
In its results for the third quarter of 2021, Arad posted revenue of approximately $ 70.7 million, compared to approximately $ 64.7 million in the corresponding quarter last year, an increase of 9.3%. Operating profit for the quarter amounted to approximately $ 6.4 million (constituting approximately 9.1% of total revenues), compared with approximately $ 6.1 million (constituting approximately 9.4% of total revenues) in the corresponding quarter last year, an increase of approximately 5.7%. Net income for the quarter amounted to $ 5.7 million, compared to about $ 4.3 million in the corresponding quarter last year, an increase of 32.6%.
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