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As if there is no corona: drilling fuel profits have soared by about 60% | Israel today

2021-03-17T21:50:33.287Z

| economy CEO of the company, which owns some of the gas reservoirs: "Production from Whale was our vaccine in 2020" • Tiv Ta'am profits jumped 240% in the past year Tamar drilling rig, in 2018 Photo:  albatross Delek Drilling's net profit has soared more than 60% in the past year, thanks to the Levitan and Tamar gas rigs. This emerges from the company's financial reports for 2020 and the results of th



CEO of the company, which owns some of the gas reservoirs: "Production from Whale was our vaccine in 2020" • Tiv Ta'am profits jumped 240% in the past year

  • Tamar drilling rig, in 2018

    Photo: 

    albatross

Delek Drilling's net profit has soared more than 60% in the past year, thanks to the Levitan and Tamar gas rigs.

This emerges from the company's financial reports for 2020 and the results of the last quarter of last year published today (Wednesday).

Last December, the Tamar reservoir began to pay the Sheshinsky levy.

In the three months since then, about NIS 160 million has been paid to the state, in addition to the payment of royalties of more than NIS 1 billion paid in 2020.

Delek Drilling is an energy partnership owned by Delek Energy of the Delek Group, owned by businessman Yitzhak Tshuva.

It holds about one-fifth of the Tamar reservoir and about 45% of the Leviathan reservoir. 

In the past year, Delek Drilling has enjoyed revenue of $ 919 million and a net profit of $ 365 million - despite the corona.

In the fourth quarter alone, its profits jumped about 80% to $ 142 million.

Revenue jumped 116% to $ 244 million. 

The report also includes sales and exports data from the Tamar and Leviathan reservoirs. In 2020, exports to Jordan reached 2.1 billion cubic meters (BCM) of natural gas from both reservoirs, and exports to Egypt reached 2.2 billion BCM of natural gas.

11.2 billion cubic meters of natural gas were sold to the local market in Israel, compared to about 10.5 billion in 2019. "Production from Whale was our vaccine in the corona year," smiles Yossi Abu, CEO of Delek Drilling.

"Thanks to it, we have overcome the challenges of the past year, launched exports, increased sales and recorded a record year for drilling fuel. Our stable and long-term cash flow, along with the variety of growth opportunities in the company's operations. This will be reflected in the level of value at which we trade. "

Shares of Delek Drilling rose more than 4% on the Tel Aviv Stock Exchange yesterday - in contrast to the general trend of price declines in the leading indices by about half a percent.

The international stock recorded a slight decline of 0.1% after the publication of good reports with a return on equity of close to 10% during the last quarter of 2020. 

The year of good taste

Another company that Corona has pampered financially is the Tiv Ta'am food chain.

Its share went up by about 10% yesterday after it reported a 240% jump in net profit last year - to about NIS 61 million.

This is compared to only 18 million in 2019.

Tiv Ta'am announced the distribution of a quarterly dividend of NIS 7.4 million.

Shares of the stock exchange rose by 12.5% ​​after reporting a 250% increase in adjusted profit in the last quarter to NIS 11.5 million. 

"2020 was a significant year for the stock exchange with an increase in all parameters," said the stock exchange's CEO, Itai Ben Zeev. "The corona crisis, which led to great interest in the markets, met a renewed, advanced and more up-to-date stock exchange.

This is after three years of implementing a plan that included reflecting the Israeli economy, increasing tradability and liquidity and expanding services. "

Source: israelhayom

All news articles on 2021-03-17

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