Industries Group
Israel Shipyards
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Among other things, it deals with the design and construction of vessels and announces today the deal of the Israel Shipyards subsidiary with a government customer from Africa to supply two vessels (of the lander type) and various services that will be provided over the next 22 months. The consideration for the transaction is NIS 38.5 million (approximately 10.7 million euros).
As part of the transaction, an advance of approximately 15% of the consideration will be paid to the company and the balance will be paid according to agreed milestones. In addition, the customer was given an option to purchase a tool that was cut within 6 months from the date of signing in exchange for an additional NIS 19.2 million (5.35 million euros), so that the total transaction amount may reach NIS 58 million (approximately 16 million euros). According to the company, this is a type of vessel that is first sold by the shipyard.
Israel Shipyards has additional segments such as the provision of port services as well as in the field of cement. This deal is the first of its kind in the field of military activity. Recently, defense stocks have enjoyed positive momentum due to increased defense budgets of many countries around the world following the conflict in Ukraine.
In addition, about two weeks ago, the Israel Shipyards Company announced the purchase of the glue and construction powder from Prima Rainbow for NIS 90 million.
The Israel Shipyards Company is traded at a value of NIS 2.2 billion, after rising by about 10% since the beginning of the year and by about 55% in the last 12 months. In the latest reports published by the company for the third quarter of 2021, the company reported a 14% increase in revenues to NIS 235 million and net profit jumped by 41% to NIS 26 million.
Eitan Zucker, CEO of Israel Shipyards: “The current transaction is of strategic and significant importance for Israel Shipyards. As part of this transaction, we will provide the customer with a lander-type vessel. We identify an evolving market segment for vessels from this family that enables operational activity and logistical support to combat forces. The deal expands the basket of products and services we can now offer our existing customers, and opens up opportunities for us with new customers and markets. The choice of Israel Shipyards in this transaction illustrates the company’s position as a professional and quality market leader, and as an international player in the field of vessel production and development, thanks to the vast experience and knowledge accumulated in the company over the years. “
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