Net income rose by 20.9 percent to $15.3 million from $12.7 million in 2012. The group’s revenues increased 15.4% to $156.1 million from $135.3 million in the corresponding period in 2012. The increase is mainly credited to a rise of $8.1 million in sales of Master Meter in North America, $5.5 million in Israel and $3.2 million of Contazara in Spain.
The company’s equity capital amounted to $84.4 million on December 31, 2012 compared to $72.8 million last year. The change was attributed to a dividend distribution of $7 million and changes in foreign rates.
“2013 was an excellent year for the Arad Group as far as profitability and sales go, and it ended with a superb fourth quarter,” said Gabi Yankovitz, CEO of Arad Group. “The year was characterized by growth in all of our target markets, and especially in the North American market, which represented half of the sales increase, and the Israeli and Spanish markets.
“We continue to develop new products, which will gain us a competitive advantage, and we will enter new markets in line with Arad’s strategy,” Yankovitz added. “Arad is in an excellent position to enter new territories where local companies are moving to using advanced AMR (automated meter readings) solutions.”
During the fourth quarter of 2013, Arad’s income totaled $43.4 million, an increase of 18.3% from $36.7 million in the last quarter of 2012. Net income surged 46.2% to $4.4 million from $3 million in the corresponding period.