The Mitronics money machine continues to surprise

by time news

Mitronics, a company that manufactures robots for cleaning pools, reports the results of operations for the third quarter of 2021, as well as the appointment of a new CEO – Sharon Goldberg.

The company shows a 23% increase in sales, which amounted to NIS 311 million, compared with NIS 252.9 million in the corresponding quarter last year.

The effect of currency changes in currencies on sales compared with the corresponding quarter last year amounts to a decrease of NIS 10.6 million in sales, mainly as a result of the weakening of the US dollar by an average of 3.5% against the shekel, the euro weakening by an average of 3.3% Against the shekel and the weakening of the Australian dollar at an average rate of about 3%. Revenue growth after neutralizing the currency effect reached 27.1%.

The company’s revenue from sales of robots for private pools amounted to NIS 254.6 million, an increase of 24.9% compared to the same quarter last year. The increase is due to increased demand for these robots in all major territories and an accelerated growth in online sales. The closure of homes has led many pool owners in all markets to increase the use of pools and the need for their maintenance has increased over time.

Company sales In the public swimming sector Amounted to NIS 16.5 million, an increase of 13.9%, which is mainly affected by the recovery in sales in the hotel industry.

Revenue From safety products and related products to pools Amounted to NIS 39.8 million, an increase of 15.7% compared to the corresponding quarter last year. The increase in the segment’s sales is mainly due to an increase in sales of automatic covers and an increase in sales of water treatment products.

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Sales in Europe grew by 18% (23% in local currency terms) and amounted to NIS 138.8 million, which constitutes 45% of sales.

Sales in North America grew by 34% (42% in local currency terms) and amounted to NIS 112.3 million, which constitutes 36% of sales.

Sales in Oceania grew by 21% (24% in local currency terms) and amounted to NIS 43.4 million, which constitutes 14% of sales.

Sales in the rest of the world grew by 8% and amounted to NIS 16.5 million, which constitutes 5% of sales.

Gross profit amounted to NIS 127.4 million, an increase of 23.6% compared to the corresponding quarter last year. The gross profit rate improved slightly and reached a level of 41% compared to 40.8% in the corresponding quarter last year. The increase in sales volume and an increase in public segment sales were offset by the effect of changes in exchange rates, an increase in product components that began to be more noticeable in the third quarter of the year and a decrease in gross profit in the safety and related products segment.

Selling and marketing expenses amounted to NIS 38.3 million, an increase of 33% compared to the corresponding quarter last year. Atmosphere.

General and administrative expenses amounted to approximately NIS 26.2 million, a total increase of approximately NIS 2.9 million. Generalities affected by the increase in activity

Total operating expenses in the period rose slightly in the quarter to a level of 24.4%, compared with 23.7% of sales last year.

Operating profit amounted to NIS 51.2 million, an increase of 18.5% compared to the corresponding quarter last year. The operating profit margin decreased to 16.5% compared to 17.1% of sales in the corresponding quarter last year. Excluding currency effects, operating profit increased by 29.5% and profitability Operating increased to 17.4% of sales.

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Financing income amounted to NIS 2.4 million, compared with financing expenses of NIS 6.9 million in the corresponding quarter last year. In the third quarter of this year, net financing income was recorded due to financing income in respect of foreign currency transactions in the amount of NIS 13.5 million. Other costs for interest, commissions and exchange rate differences. In the corresponding quarter last year, expenses were recorded mainly for foreign currency transactions.

Income taxes amounted to NIS 10.6 million, an increase of 52.6% compared to the corresponding quarter last year. The effective tax increased from 19.8% to 19.1%, mainly as a result of a change in the group’s profit mix.

Net income amounted to NIS 42.9 million, an increase of 45.8%.

Yonatan Basi, Chairman of the Board: Today we present excellent results that reflect continued growth despite the challenges of the period. The company is in the process of accelerating investment in infrastructure, as part of which production capacity will be expanded This is expected to increase the company’s ability to cope with the growing demand for its products in the medium term.

Also, as is well known, we conclude a period of 6 years with Eyal Trier as CEO of the company, during which time the company’s revenues have tripled, the net profit even more, and the value of the company tenfold. Sharon Goldenberg, I thank Eyal for his extraordinary contribution and wish Sharon much success.

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