Yavne-based unmanned aerial vehicle (UAV) manufacturer Aeronautics Ltd. (TASE:ARCS) has signed a deal to sell Aerostar UAVs to an African country.
The company today reported to the TASE that it would supply the customer with UAVs for $13 million, with delivery spread over an 18-month period and payment taking place accordingly. As part of the agreement, Aeronautics will provide training on the company's system before the products are delivered.
Aeronautics develops and manufactures UAVs, observation balloons, bomb fuses, and advanced navigational systems. The company is controlled by the KCPS, Viola, and Bereshit funds. Aeronautics' CEO is Amos Mathan, and its chairperson is Major General (res.) Eytan Ben Eliyahu.
Since Aeronautics' IPO in last June this year, the company's share price has plummeted by 30%, following disappointing results for the first half of the year and other events involving the company, pushing its market cap down to NIS 640 million.
Two weeks ago, Aeronautics reported encouraging results for the third quarter. The company's revenue totaled $31.5 million, 7% more than in the third quarter last year. Operating profit was up 11.6% to $5.9 million, and net profit grew 8% to $5.5 million.
The reports were published after several postponements, following the shocks experienced by the company and its investors in the past three months, after the Israel Police national fraud squad Lahav 433 began an investigation of the company. The court has imposed a gag order on the investigation.
Published by Globes [online], Israel Business News - www.globes-online.com - on December 12, 2017
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