Mitronics: ended the first three months of 2021 with sales of NIS 419 million, a growth of 33.6%

A day after the announcement of the CEO's expected retirement, Mitronics provides investors with the results of the first quarter: The manufacturer of robots for cleaning pools from Kibbutz Jezreel reported a sharp increase in sales which translated into an improvement in profit figures.
Yesterday, the company announced that CEO Eyal Treiber has decided to end his position in the coming months, after a term of over 6 years - the stock responded with a decrease of 5.9% and continued to fall today by 2.1%.
Mitronics ended the first three months of 2021 with sales of NIS 419 million, a growth of 33.6% compared to the corresponding quarter. In the line of operating profit, there was an increase of 49.2% - net profit increased by 43% to NIS 91.3 million.
Revenues in the private pool cleaning sector increased by 36.3% to NIS 369.8 million, 88.3% of Mitronics' total revenues during the period.
Despite the aforementioned decline in the stock, it still stands at plus 31.3% from the beginning of 2021, following a jump of 70.4% in 2020. The company's market value today stood at NIS 6.87 billion.
Treiber is expected to end his tenure in the coming months, after the company's silence locating committee finds a replacement for him. In the announcement of his departure, Treiber wrote, among other things, that "this is not a simple process and a difficult decision to end a period of 13 years at Mitronics, of which six years as CEO. This is a company I love and am connected to with all my heart. "Looking at my company's journey and personal journey during this period, I feel immense pride in the company's development and the achievements we have made in building, developing the capabilities and positioning of Mitronics in the market."