2024-01-11 11:15:00
Tadiran Group Signs Agreement with Mashek Energy for Energy Storage Systems
In a recent development, Tadiran Group has announced the signing of an agreement with Mashek Energy for the supply of energy storage systems (BESS). The agreement covers three different energy sector projects for the establishment of electrical energy storage facilities in Israel, with a total financial scope of approximately 60 million NIS.
According to the terms of the agreement, Tadiran will be responsible for the utilization, availability, and storage capacity in accordance with the values and conditions stipulated. Additionally, Tadiran Energy has committed to providing warranty and preventive maintenance services for a period of five years from the date of installation and final delivery of each system at no additional charge.
“The year 2024 will be a good year for Tadiran,” said Moshe Mamrod, the controlling owner of the Tadiran Group. Mamrod acknowledged that the company had a difficult year in 2023, with a 40% decline in stock value to NIS 1.93 billion and deteriorating business results. However, the reports in the third quarter showed some improvement, albeit not significant.
The group presented an 8% increase in quarterly net profit, amounting to approximately NIS 40 million compared to the third quarter of 2022. The revenues in the quarter also saw a 7% increase compared to the corresponding quarter in 2022. However, the operating profit in the third quarter showed a decrease of 3% to NIS 39 million.
Tadiran’s strategic plan aims to achieve a profit rate of about 10-11% by 2025, which would amount to approximately NIS 495-450 million.
The agreement with Mashek Energy is expected to further enhance Tadiran’s position in the energy sector and contribute to the company’s growth in the coming years.
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