Electra Group wan a tender to carry out infrastructure work at the French Hill junction in Jerusalem

Electra Group reports winning a tender to carry out infrastructure work at the French Hill junction in Jerusalem, amounting to NIS 470 million. The implementation period of the project will be spread over about 36 months. According to the report, the subsidiary, Electra Infrastructure, won a tender from the Moriah company to carry out the project, which includes infrastructure, paving and tunneling work. The purpose of the project is to constitute a central axis and a main transportation route out of the city from west to east on Road No. 1 and to produce a transportation continuum in the direction of the Jordan Valley and the Dead Sea.
About two months ago, the company reported winning a strategic agreement from Rafael, which includes a Facility Management contract (maintenance management and inclusive service) of all Rafael facilities in Israel for a period of two years with options for an extension of up to another 6 years, totaling NIS 650 million.
As part of the results of the first quarter of 2020, the company reported that its revenues increased by 13.8% to NIS 1.88 billion, and the quarterly net profit amounted to NIS 32.1 million, a decrease of 20% compared to a profit of NIS 39.7 million in the corresponding quarter. As of the end of the quarter, Electra's backlog amounted to NIS 14.5 billion, compared with NIS 14.3 billion at the end of 2019.