Israel Railways Awards Afcon Holdings Additional Contracts Worth $27 Million

Afcon Holdings, a leading Israeli company in complex systems and technology projects, announced Wednesday that Israel Railways has approved additional work for its fully owned subsidiary in the project to establish railway traction substations. The value of these new contracts is approximately NIS 100 million (about $27 million USD).

With the addition of these contracts, the total scope of work for the project now stands at approximately NIS 560 million (about $150 million USD). Afcon stated that there are no changes to the project's established timelines as of the reporting date.

Afcon Holdings CEO Dudi Harari expressed pride in the company's capabilities, calling the approval "further proof of Afcon's ability to be the leading and dominant player in Israel in the end-to-end execution of traction substations." He highlighted the company's extensive experience, professional knowledge, and advanced engineering capabilities in complex, systems-intensive projects.

Harari added that Afcon is actively working to expand its operations and strengthen its position in significant infrastructure and energy projects within the Israeli economy. Currently, Afcon is planning and executing ten traction substations across Israel, with a total value exceeding NIS 1 billion (about $270 million USD).