Rimon Infrastructure Firm Surges to 5 Billion Shekel Valuation Amid Global Expansion
Rimon, an Israeli infrastructure company controlled by Granot, an agricultural organization owned by 43 kibbutzim and moshavim, has rapidly grown from a little-known firm to a publicly traded company valued at nearly 5 billion shekels. Since its IPO in July 2021, Rimon's stock price has soared over 320%, with Granot's 40.2% stake now worth close to 2 billion shekels. Recently, Clal Insurance invested 399 million shekels to acquire an 8.2% stake, marking another milestone in Rimon's success.
The company’s revenue has quintupled from 292 million shekels in 2021 to a projected 1.47 billion shekels in 2025, while net profit more than doubled from 29 million to 66 million shekels. Rimon’s stock outperformed major Israeli indices, rising 321% since its IPO compared to 130% for the TA-125. This growth is driven by three main factors: rapid international expansion, entry into data center and semiconductor infrastructure, and preparations for Israel’s large-scale metro project.
Rimon operates in four sectors, with its core activities in civil engineering infrastructure and international "Global Solutions." It also manages water and energy services in Israel, including natural gas distribution and water supply. CEO Yossi Almellem highlighted that growth is primarily fueled by infrastructure and global operations, while water and energy provide stable income. The company’s specialized tunneling and drilling capabilities, including underwater projects, are key competitive advantages.
Internationally, Rimon’s Global Solutions segment grew from 53 million shekels in 2024 to 462 million in 2025, maintaining a gross margin of 28%. Projects span Africa, India, and the U.S., including a major 160 million euro water supply system for 111 communities in Ivory Coast. Domestically, Rimon acquired a 50% stake in Pah Taas, an Ashkelon-based firm specializing in industrial air treatment systems, enabling entry into the fast-growing data center and semiconductor cooling market. Contracts in India and the U.S. for these systems total hundreds of millions of shekels.
Rimon also acquired Spain’s Eurohinca in 2023 for 31 million euros, expanding its tunneling expertise in Europe and Latin America. This experience is expected to strengthen its position in upcoming bids for the Tel Aviv metro project, Israel’s largest infrastructure endeavor valued at about 183 billion shekels. Industry experts note Rimon’s size and specialized skills give it an edge in complex tenders where fewer competitors participate.
Despite strong growth, Rimon faces risks including political and financial instability in African markets, currency fluctuations affecting foreign revenues, and supply chain disruptions from Red Sea shipping attacks. Competition in long-term infrastructure contracts remains intense, with cost overruns potentially impacting profitability. Nonetheless, Rimon’s order backlog reached approximately 2.8 billion shekels at the end of 2025, with improving operating margins signaling continued momentum.
