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Robot pool-cleaning co Maytronics reports rapid growth

Robot pool-cleaning co Maytronics reports rapid growth

Maytronics Ltd. (TASE:MTRN), which manufactures and markets electronic robots for cleaning swimming pools is having a good crisis, as reflected in their second quarter results, which were published today.

Maytronics said, "As a result of the coronavirus crisis, many pool owners in all markets are staying at home and devoting more of their resources and time to the domestic space. The amount that the pools are used and the need to maintain them have risen in the second quarter."

Robot pool-cleaning co Maytronics reports rapid growth

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Maytronics share price has risen 170% since March and earlier the month, the company's share was included in the Tel Aviv 35 Index - the 35 most valuable companies traded on the Tel Aviv Stock Exchange. The company's share price is up 8% today, giving Maytronics a market cap of NIS 4.9 billion.

The company, controlled by Kibbutz Yizre'el, will pay a dividend totaling NIS 55 million.

Revenue in the second quarter was NIS 378 million, up 22.6% from the corresponding quarter of 2019 and revenue in the first half of 2020 was NIS 692 million, up 17.5% from the first half of 2019. Net profit in the second quarter was NIS 72.6 million, up 27.6% from the corresponding quarter of 2019.

Published by Globes, Israel business news - en.globes.co.il - on August 20, 2020 © Copyright of Globes Publisher Itonut (1983) Ltd. 2020

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