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Record results for fuel: net profit of NIS 581 million in median
Delek Group published record results for the first half of 2021 - with a net profit of NIS 581 million and an increase in the key financial parameters.
The Group's net profit in the second quarter jumped by 192% and amounted to NIS 302 million, compared with a loss of NIS 326 million in the corresponding quarter last year
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Walla!
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Thursday, 26 August 2021, 11:10 Updated: 13:13
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Delek Group published its financial statements for the second quarter of 2021, which show that the net profit in the first half of 2021 jumped to about NIS 581 million, compared with a loss of about NIS 3 billion in the corresponding half of 2020.
In the second quarter of 2021, A sharp increase in net profit of NIS 302 million, compared with a loss of NIS 326 million in the corresponding quarter. The group's revenues in the first half of 2021 amounted to NIS 3.7 billion, compared with revenues of NIS 3.3 billion in the corresponding half. In the second quarter, revenues amounted to NIS 1.744 billion, compared with NIS 1.452 billion in the corresponding quarter.
Delek also stated that during the quarter the group continued to reduce its net financial debt, so that on June 30, 2121, the company's and headquarters' net financial debt stood at NIS 4.1 billion, compared with NIS 4.3 billion as of December 31, 2020, a decrease of NIS 217 million.
The Group's shareholders' equity amounted to NIS 2.31 billion on 30 June 2020, compared with NIS 2.09 billion as of December 31, 2020, an increase of NIS 226 million, mainly in light of the Group's profitability and capital issues made during the reporting period.
In the second quarter of 2021, the company recorded a profit of NIS 177 million from continuing operations, compared with a profit of NIS 113 million in the corresponding quarter last year.
In the first half of 2021, a profit of NIS 484 million was recorded from continuing operations, compared with a profit of NIS 286 million in the corresponding period.
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Whale Reservoir, Sharp Increase in Export Revenue (Photo: Official Website, Albatross)
Energy activity in Israel - a sharp increase in whale exports
Drilling fuel activity (held at 54.7%) continued to yield strong results in the current quarter as well. Revenues from the sale of gas in Israel, less royalties, increased by approximately 58% and during the quarter amounted to approximately NIS 786 million, compared with revenues of approximately NIS 498 million in the corresponding quarter last year.
The increase was mainly due to a sharp increase in whale gas production, with an annual rate of 10.8 BCM, compared to a production forecast of 10.2 BCM in 2021. During the reporting period, exports to Egypt increased from 0.4 BCM to 1.6 BCM and sales to the Israeli economy increased from 1.9 BCM to 2.6 BCM.
In total, exports to Jordan and Egypt accounted for 53% of Whale's total sales in the first half of 2021. In light of the volume of production in the Whale Reservoir and the demand for it, the operator recommended to partners to carry out further production drilling before 2022.
The contribution to profit in the second quarter was NIS 174 million, compared with a loss of NIS 211 million in the corresponding period, mainly due to a sharp increase in sales from Whale (from 1.5 BCM to 2.8 BCM). In the first half of 2021, the contribution amounted to NIS 340 million. compared with a loss of NIS 53 dictionary, mainly due to the contribution of the whale, as (from 3.1 to 5.5 BCM BCM).
as reported in April 2021, and a Memorandum of understanding signed then, Delek Drilling promotes the signing of a binding sale agreement to sell its stake (22%) Tamar reservoir to Mubadala petroleum in exchange for $ 1.1 billion.
also reported fuel the surge in profits Ithaca, is wholly owned, as a result of sales of oil and gas from the north sea. Ithaca listed for trading in its shares on the stock exchange in London.
other activities generating income group both fuel and 57 million additional profit From the realization of Delek Israel, and recognition of a profit of about NIS 90 million from the Phoenix seller's loan.
Idan Wells, CEO of Delek Group (Photo: Sivan Farage)
"Promote a series of further actions"
Idan Wells, CEO of the Delek Group: “The strong results of the second quarter continue the positive trend since the beginning of the year, and they indicate the quality of the Group's core activity in the gas and oil field.
We have proven once again that we have the ability to execute successful moves in short periods of time, in line with our business plans, such as completing refinancing in Ithaca from last July, which allowed the group, among other things, to enjoy about $ 15 billion in cash flow, capital raising and bond issuance. "
We are continuing with determination as we have done in the past year, and are promoting a series of other important actions in the company, including the completion of a capital move in Ithaca, which will create additional cash flows and flood value for the group's assets."
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