The Friedenson company, which partnered with the Tel Aviv Municipality four years ago to develop the Tal-Ofen bike rental program, reported Monday that its earnings in the second quarter shot up by 21.3 percent – in part because of the growing popularity of the bike rental program.
Tal-Ofen is Tel Aviv’s popular bike sharing program, with stations set up throughout the city where users can rent a bike for an hour, or for a day. Users pick up a bike at any station, and return it anywhere they like as well. Rental stations are strategically placed at popular sites around town, as well as near parking areas at the edge of town, allowing drivers to drop off their vehicles at one of the free parking lots operated by the city and commute in-town on a bicycle.
Income for the program in the second quarter of 2016 was 65.7 percent higher than for the same period in 2015, numbers revealed by the partner company. 2015 in general was not a growth year for the program, as the number of renters fell, although income and profits dipped only slightly. Performance in 2016 overall has been significantly better, and shares in Friedenson have jumped 35 percent over the past year.