Amiad Water Systems achieves solid set of first half results
- September 10, 2020
- Category: Agriculture, Companies, Middle East
Leading global producer of water treatment and filtration solutions Amiad has today announced a solid set of interim results for the six months ended 30 June 2020 in the face of COVID-19 disruption.
Total sales were lower due to reduced market activity as a result of COVID-19, including the postponement of new projects – however the company said it has not received any order cancellations.
In addition, the efficiency measures implemented at the end of last year combined with cost controls in response to the pandemic resulted in an overall strong financial performance.
Amiad took actions in response to COVID-19 to ensure that production continued in each territory throughout the period, in accordance with local regulations and health and safety procedures.
The company’s Irrigation business unit was more resilient while the Industrial business unit experienced a greater impact. Amiad’s new Sigma product series, targeted at the Irrigation market, continued to perform well with sales increasing by 16.1%
While cautious over the timing of projects being rescheduled, Amiad entered the second half with a higher backlog, robust rate of new orders and well-capitalised following a $21.3m fund raise allowing the company to consider M&A opportunities to accelerate growth.
The company has secured a new five-year global distribution agreement with Netafim, the global leader in precision irrigation solutions, for Amiad’s disc filtration products for the irrigation market.