ALD: Preliminary agreement with a government company in Russia – the capital market

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Reports that it has signed a preliminary agreement with a government company in Russia to examine cooperation in a project to convert transport aircraft to passenger aircraft. No amounts were reported in the contract, but according to ALD the terms will be agreed later in the year and the contract may have a material effect on the results later this year.

The agreement was signed through the subsidiary Euro-Titan, which also serves as an approved supplier to the customer. After the signing of the agreement, the parties will work to formulate the required work framework and financial scope in the project, which is expected to include the company’s engineering services and software products.

ALD provides services, consulting and software in the field of systems reliability and its annual turnover is about NIS 125 million. The company’s customers are government entities and other large entities, some of which have been working with the company for 20 years. About a month ago, the company extended an existing contract with a government company in Israel for an estimated amount of NIS 4 million in 2021. The contract with the employment service was also extended by an estimated NIS 7 million this year.