Bad reports for Unitronics: 9% decrease in quarterly profit – capital market

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Unitronics
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Engaged in the development, production and marketing of programmatic logic controllers and controlled by the Pimi Fund (49.99%), reports lukewarm results for the fourth quarter. Net income for the quarter amounted to NIS 3.1 million, compared with NIS 3.4 million in the previous quarter, a decrease of 9.3%. However, in annual terms, net profit for 2020 jumped by 84% to NIS 14.9 million, compared with NIS 8.1 million in 2019 (excluding a loss from discontinued operations in the field of automated solutions).

Operating profit for the fourth quarter of 2020 increased by 4.2% to NIS 4.7 million in the fourth quarter of 2020, compared with NIS 4.5 million in the third quarter. The annual operating profit increased by 27% and amounted to NIS 16.5 million, compared with NIS 13 million in 2019.

The company’s revenues fell by 8% in 2020 and amounted to NIS 126.2 million, Compared with revenues of NIS 137.5 million in 2019, however in the last quarter revenues increased by NIS 870,000 compared to the previous quarter. The company explains the decrease in revenue following the corona virus that led to a decline in demand and sales of the company’s products in the second quarter of 2020, but in the second half of the year there was some moderation in this effect.

The company’s cash balance at the end of the year was NIS 9 million, compared with a debt of NIS 17 million at the end of 2019.

Amit Harari, CEO of Unitronics: “We are pleased to report a consistent recovery in demand throughout the second half of 2020. This trend, along with streamlining measures and continued tight control over working capital, is reflected in a sharp improvement in the company’s profitability and an almost 2-fold increase in operating profit in the second half of 2020. last year”.

“In January, we launched a new cloud services platform, UniCloud, designed to enable customers to connect Unitronics controllers to a cloud computing infrastructure-based environment, transfer data securely and create business dashboards (BI).”