Up 250%, Ashot Ashkelon wins one other Protection Ministry order
Israeli protection firm Ashot Ashkelon Industries Ltd. (TASE:ASHO), which is managed by the FIMI Alternative Funds, noticed its share value rise 5.36% as we speak after asserting orders price NIS 100 million from Israel’s Ministry of Protection. The orders are for rehabilitating, repairing and supplying programs (transmissions, suspensions and drives) for Merkava tanks and the Namer armored personnel carriers (APCs).
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The most recent enhance within the inventory comes after Ashot Ashkelon’s share value has doubled prior to now 12 months, giving a market cap of NIS 1.2 billion. Previously three years, the share value has risen over 250%.
Ashot Ashkelon, managed by CEO Eli Damari and chairman Ishay Davidi (FIMI founder and CEO), manufactures drive programs, transmissions and assemblies for armored autos and army and civil aviation. Based in 1967, the corporate has 500 staff in its workplaces and essential manufacturing unit in Ashkelon in addition to within the US.
Ashot Ashkelon ended 2024 with a market cap of NIS 1.1 billion, greater than double its market cap in 2022, when FIMI accomplished acquisition of a controlling stake from Elbit Methods. FIMI’s stake within the firm is at the moment price nearly NIS 970 million – an nearly 3.5 instances return on its funding in simply three years. Elbit Methods inherited management of Ashot when it bought Israel Navy Industries from the state in 2018. Its sale to FIMI has turned out to be a really profitable transfer for the funding fund.
Income rose 20% in 2024
Ashot Ashkelon has continued to develop throughout a interval of conflict in Israel and an arms race in Europe. In December, it obtained a earlier order from the Ministry of Protection price NIS 146 million, additionally for the availability of transmissions for IDF armored autos.
Nevertheless, a part of its exercise can also be business. Final March, Ashot reported a framework settlement with an current US buyer within the aviation sector to produce programs for Airbus 350A plane.
Ashot ended final 12 months with a 20% development in income to NIS 394 million, primarily resulting from an increase in gross sales within the army sector because of the conflict in Israel, though there was additionally a rise in income within the aviation sector. Ashot’s web revenue jumped by 50% in 2024 to NIS 48.7 million.
Revealed by Globes, Israel enterprise information – en.globes.co.il – on April 9, 2025.
© Copyright of Globes Writer Itonut (1983) Ltd., 2025.
