The share price of Maytronics, a manufacturer of robots that clean swimming pools, was up by more than 3% today, and has now risen 50% in the past year and 450% in the past five years. The market cap of Maytronics, which published another report with strong results today, has reached NIS 3.5 billion. Maytronics is located on Kibbutz Yizre'el, whose 60% stake in the company now has a market value of NIS 2 billion.
Maytronics, led by CEO Eyal Tryber, reported NIS 165 million revenue in the third quarter, 14% more than in the third quarter of 2018. The company's revenue from the sale of robots for private swimming pools grew 17% to NIS 127 million, while revenue from the sale of robots for public swimming pools rose 5% to NIS 17 million and revenue from safety products and swimming pool accessories rose 6% to NIS 21 million.
Maytronics's operating profit reached NIS 17.5 million, up 15% compared with the corresponding quarter last year, while the company posted a NIS 13 million net profit, 14% more than in the corresponding quarter in 2018. Cash flow from current activity totaled NIS 111 million in the third quarter, up 59% from the corresponding quarter last year.
Tryber said today, "The season in the northern hemisphere stretched into the third quarter, which featured strong demand in the US and a strong beginning of the season in Australia. Growth in the US results from successful digital marketing activity by the subsidiary, which contributed to greater awareness of robot cleaning technology, strengthening of the brand, and continued successful penetration of important markets in the Sun Belt. Together with successful marketing, we took the very difficult step in recent months of adapting expenses to the challenging marketing conditions this year, while continuing strategic processes aimed at the continuation of our growth in the long term."
Simultaneously with publishing its reports, Maytronics announced that its board of directors had decided to expand the company's production site in Dalton Industrial Park in the Upper Galilee. Investment in the expansion is estimated at NIS 22 million in the coming years. The company stated, "Expansion of the site is designed to accommodate the accelerated growth in the company's activity in recent years and the projected growth in the foreseeable future. The company believes that it will begin benefiting from this expansion two years from now."
Published by Globes, Israel business news - en.globes.co.il - on November 21, 2019
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