Brand with a large contract – NIS 43 million; The stock is soaring – the capital market

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Engaged in the production and processing of metal products, and the establishment of metal infrastructure through its subsidiary Grand Ofek. The company reported that it had won a tender for the construction of boilers at the Orot Rabin power plant, in the amount of NIS 42.7 million.

The works will start as early as October 2020, the company estimates that it will complete the works during the first quarter of 2023.

In the second quarter of 2020, Brand reported revenues of NIS 25.3 million, a decrease of 49% compared to NIS 49.7 million in the corresponding quarter. During the first six months of 2020, the company reported revenues of NIS 56.2 million, compared to NIS 105.2 million in the corresponding period last year. The decrease in revenue is attributed to the effect of the corona plague which caused a freeze on orders and a low backlog of orders.

Net profit during the second quarter amounted to NIS 6.2 million, an increase of 38% compared to NIS 4.5 million. The increase is attributed to a capital gain of NIS 12.3 million resulting from the sale of real estate and equipment.

As of the end of the second quarter, the company’s equity is estimated at NIS 78 million, with a backlog of NIS 116.4 million by the second quarter of 2021.

Following the announcement, the stock is soaring.

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