March 26 (Bloomberg) -- Arad Group, a developer of smart water-meters that reduce waste and energy, reported record results in 2013 as sales increased 15 percent to $156.1 million on higher revenue from the U.S., Israeli and Spanish markets.
Net income rose almost 21 percent to $15.3 million last year compared with the year-earlier period, the Israel-based company said today in a statement. Fourth-quarter profit climbed 46 percent, it 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,” Chief Executive Officer Gabi Yankovitz said. As growth took place in North America and all target markets, the group is planning to enter new markets, Yankovitz said.