Working from home pushed sales of air conditioners

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Tadiran Holdings concludes the second quarter with an increase in profit and revenue – she says, among other things, thanks to the move to work from home, which increased sales of air conditioners.

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The company’s revenues in the quarter amounted to NIS 283.3 million, compared to NIS 249.3 million in the second quarter of 2019 – an increase of 13.6%. The company notes that these are record results for the quarter and the entire half resulting from record sales for the amount of air conditioners.

Operating profit jumped 46% to NIS 41.8 million, compared with NIS 28.5 million in the corresponding quarter. God-EBITDA Stood at NIS 46.6 million, compared with NIS 33.2 million in the corresponding quarter, an increase of 39.7%.

In the line of net profit, Tadiran Holdings presented NIS 30.1 million, an increase of 46.8% compared to the corresponding quarter, when net profit was NIS 20.5 million.

Moshe Mamrod, controlling shareholder and CEO of Tadiran Holdings Photo: Amit Shaal

Moshe Mamrod, CEO of Tadiran Holdings and controlling shareholder (66.92%) said: “We are presenting a record quarter in sales of air conditioners with double-digit growth in all parameters, in parallel with the progress in implementing the business strategy we announced in May this year.

The increase in sales that occurred in the quarter comes along with a sharp increase in demand in the hot season and in light of the prolonged stay in homes. “With the outbreak of the crisis and the application of the closures, we estimated that the essential home systems would work beyond normal and were prepared accordingly, so that the improvement in results also comes in light of efficient and correct operational assessments in the period.”

The company also stated that on September 1 this year, it will distribute a NIS 23.5 million dividend. Tadiran Holdings presented a cash and cash equivalents statement of NIS 264.4 million as of the end of the first half of the year, compared to NIS 55.1 million at the end of the first half of 2019.

The company is traded on the Tel Aviv Stock Exchange worth NIS 1.67 billion and is held by the institutions Harel (7.21%) and Phoenix-Excellence (5.16%) – Tadiran Hold’s share has risen 35.81% since the beginning of the year.

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