Israel’s Arad Group, a water meter manufacturer and advanced metering infrastructure (AMI) provider, saw sales increase by 15.4 per cent due to high demand for smart water meters in the US, Israel and Spain.
The group, which released its year-end figures for 2013 this week, saw net income rise by 20.9 per cent to US$15.3 million compared to the same period last year.
Revenues increased by 15.4 per cent to US$156.1 million, up from US$135.3 million in 2012.
The Arad Group credits the increases to rising water-meter sales by subsidiaries Master Meter in North America and Contazara in Spain, and Arad in Israel.
Gabi Yankovitz, chief executive officer of Arad Group, said: “2013 was an excellent year for the Arad Group as far as profitability and sales go, and it ended with a superb fourth quarter.
“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.”
The group specialises in designing, developing and manufacturing meters, AMR & AMI systems and advanced MDM systems and technologies.
UK smart metering solution provider courts Chinese interest
Smart water meters: Israel’s Arad Group sees growth in 2013
Expect to see more cellular solutions in the smart grid, says report