Swimming in money: 43% jump in Mitronics profits, revenues up 23%

by time news

Company Mitronics Continued to present strong financial results also in the third quarter of 2021. The company’s reports indicate that in the third quarter Mitronics recorded revenues of NIS 311 million, reflecting a growth of 23% compared to the corresponding quarter last year.

According to the company, it would have recorded a higher growth of 27.2% in the third quarter if the exchange rate of the shekel against the main operating currencies had remained similar to their levels at the end of September 2020. It further emphasizes that changes in the euro The third has a decrease of NIS 10.6 million in sales and a decrease of NIS 4.7 million in operating profit.

On the other hand, the company recorded financing income from foreign exchange hedging transactions in the amount of NIS 13.5 million in the third quarter, mainly as a result of the decline in the exchange rate of the euro. The corresponding last year.

The company’s CEO for the past five years, Eyal Treiber, announced last May that he wanted to retire. Today, the company announced to the stock exchange that Sharon Goldenberg has taken up the position in his place.

98% of revenues – sales and services abroad

Mitronics specializes in the development, production and marketing of robots for cleaning private and public swimming pools. In addition, the company is also engaged in the development, production and marketing of automatic covers for pools, of means for protecting bathers from drowning in the pool, as well as in the marketing of additional related products for swimming pools.

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The company’s business is based on exports and 98% of the company’s revenue comes from sales and services abroad. According to Mitronics management, the third quarter was characterized by continued demand for robots for private pools in all territories and some increase in public market demand.

In local currency terms, the company’s sales in the third quarter grew by 42% in the US, as well as by 23% in Europe and 24% in Oceania. “The company continues to see significant growth potential in the US market in the coming years and is very pleased with And in the sales of the solar strip, all while maximizing the ties and relationship with its key partners in the US, “Mitronics writes in its financial statements.

Mitronics also notes that “following the trend from previous quarters, many pool owners in all markets continued to invest their resources and time in the home space. The volume of pool use and the need for maintenance has increased significantly, and the market is experiencing significant demand for new pools and upgrading existing pools.”

The pool market is hot

These things indicate the positive trend experienced by the private pool market as a result of the outbreak of the corona plague in the world, and the strong demand the company enjoys as a result of the closure and restrictions policy adopted in many countries around the world since early 2020. In addition, the company

The company also reveals that the backlog of orders at the end of September 2021 amounted to NIS 167 million, compared to only NIS 34 million at the end of September 2020. “The sharp increase was recorded mainly in the robots sector for private pools The corona and the confinement in homes, “emphasizes Mitronics.

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Mitronics products / Photo: Sagi Moran

Sales of robots for cleaning private pools grew by 25% in the third quarter to NIS 255 million and accounted for 82% of total revenues. In the first nine months of 2021, sales of robots for private pools grew by 30% to NIS 1.05 billion and accounted for 85.7% of total revenues.

The company’s total revenue in the first nine months of 2021 was about NIS 1.23 billion and reflected a growth of 30% compared to the corresponding period last year. Net profit grew in the first nine months of 2021 by 43% to NIS 244 million.

Mitronics is traded on the stock exchange at a value of NIS 8.85 billion, after yielding investors a coordinated return of dividends of 71% from the beginning of 2021 and 297% in the last three years.

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