The robot company for cleaning pools
Mitronics
-1.01%
Base:5,455
opening:5,489
High:5,549
low:5,400
change:8,025,369
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, of Kibbutz Jezreel (56%), can mark another successful year for itself. Wait a minute, how’s a year? Now only quarter 2 reports have been published. True, but Mitronics has a very different seasonality compared to most companies – 63-70% of its revenues come in the first and second quarters of the year, another 20-23% in the third quarter and the fourth quarter is seasonally weak. The reason is that most suppliers purchase the products in the first and second quarters of the year, in order to deliver them to customers in preparation for the summer months in their country.
In any case, Mitronics continued to grow in the current quarter as well. The company recorded revenues of NIS 56 million in the current quarter, an increase of 13.6% compared to NIS 498.5 million in the corresponding quarter last year. The gross profit rate continues to stand at 40% (a decrease compared to 44% in the corresponding quarter), and the operating profit rate increased to 23% (a decrease compared to 27.6% in the corresponding quarter).
However, the revenues did not roll over to the operating profit line. Mitronics recorded a 5.7% decrease in operating profit to NIS 129.7 million, compared to NIS 137.6 million in the corresponding period. The net profit decreased by 1% and stood at NIS 109.5 million compared to NIS 110.2 in the corresponding quarter. Metronix explains the decrease in the weakening of the shekel against the dollar, and on the other hand, the weakening of the euro against the shekel. In the end, the currency changes hurt the company by NIS 12.3 million (a drop of NIS 35 million in six months), while the company was also hit by the increase in shipping prices to customers, which accounted for 66% of the increase in sales and marketing expenses in the second quarter of the year.
In the second quarter of 2022, revenue from Europe accounted for 45% of revenue, and revenue from North America accounted for 49% of revenue. Revenues from Oceania (Australia, New Zealand and islands in the region) contributed another 4% of revenues.
It should be noted that Mitronix now has cash in the amount of NIS 296 million, and that its working capital has increased to NIS 492.4, a jump of 23% compared to last year. But on the other hand – the current ratio dropped to 1.52 compared to 1.76 last year, and the quick ratio also dropped to 0.89, compared to 1.24 last year.
Mitronics will distribute a dividend of NIS 65 million, or NIS 0.594 per share. Payment will be made on September 29.
Last month, after a 40% fall in the value of the stock, Mitronics purchased 70% of the American site ECCXI of the company Backyard in a deal worth 16.16 million dollars. The company Backyard employs about 25 permanent employees and its sales turnover in 2021 was over 100 million dollars, with about 58% of it from the sale of Miturnix’s own robots. ECCXI’s EBITDA in 2021 was $5.05 million. Mitronics recorded revenues of NIS 1.4 billion in 2021. Therefore, with the purchase of ECCXI, the company’s revenues are expected to increase by 25%.
Mitronics shares are currently trading at a price of NIS 54, and a market value of NIS 5.9 billion. Since the beginning of the year the stock has fallen by 29%, after last year the stock jumped by 62%.
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