The company’s revenues in the fourth quarter of 2020 amounted to NIS 100 million, an increase of 7.5% compared to revenues of NIS 93 million in the fourth quarter of 2019. Revenues in the whole of 2020 amounted to NIS 394 million, an increase of 15.9% compared to about 340 NIS 1 million in 2019.
The company explains that the year 2020 was characterized by high sales resulting, among other things, from the execution of very significant projects and large projects as a result of an increase in the backlog.
Operating profit in the fourth quarter of 2020 amounted to NIS 8.5 million, an increase of 21.4% compared to operating profit of NIS 7 million in the fourth quarter of 2019. Operating profit in 2020 as a whole amounted to NIS 25 million, a decrease of 7.4% Compared to about NIS 27 million in 2019.
The net profit in the fourth quarter of 2020 amounted to a peak of NIS 7.5 million, compared with a profit of NIS 5 million in the corresponding quarter in 2019. The profit in the past year amounted to NIS 18.5 million, a decrease of about 7.5% compared to a profit of NIS 20 million in 2019.
In the field of renewable energies, revenues jumped by 66% to NIS 55 million (Elmore’s share), compared with the results for 2019. Also, as of December 31, 20, the company’s backlog of orders in the field of renewable energies is approximately NIS 226 million (share of Elmore 50%).
The company works to leverage engineering capabilities to penetrate initiatives in the fields of energy, in renewable energy projects abroad, both solar energy and wind energy, in order to diversify the company’s revenue mix.
The company’s goals are to initiate co-generation facilities to the extent of 100 MW in Israel, as well as to initiate renewable energy projects overseas at approximately 200 MW.
In addition, the company works to locate investments in technology companies in the early stages of development, together with a contribution to synergy with the Elmore Group’s activities in the fields of energy, systems and the environment.
In the field of energy waste (through an investee company), the company recently completed the installation of the first commercial facility at a site in the north of the country, which produces 750 kilowatts of plastic waste. The company builds sales channels in various territories around the world.
Notable projects
Project for the establishment of logistics centers at IDF bases
In January 2020, the company learned from media publications that the Shafir Group had been selected as the winner of the Ministry of Defense’s tender for the “Unified Supply Center” project for the establishment of logistics centers at three IDF bases in the north, center and south.
In accordance with an agreement in principle between Elmore and the construction contractor related to Shafir, Elmore will perform various electrical work at the center’s base in the amount of approximately NIS 75 million. In addition, there is an understanding between the parties with respect to the two additional bases, in an additional amount estimated at approximately NIS 70 million, under conditions that will be discussed later.
Agreement for the execution of works in the amount of up to NIS 141.6 million (subject to the exercise of an option by the client) as part of a project to establish a server farm on Mount Hotzvim in Jerusalem with a company from the Red Bynet Group
In May 2020, the company entered into an agreement to carry out construction, sealing, sanitation and firefighting, air conditioning and electrical systems required for the construction of the project. Elmore expects to complete the project during the second quarter of 2021.
For the purpose of providing the services, Elmore entered into an agreement with a company operating in the field of initiation and contracting by virtue of which a joint venture was established by the parties in equal parts between them. The joint venture serves as the company’s subcontractor for the purpose of carrying out the works.