The Limited Times

Now you can see non-English news...

The effect of efficiency: a drop in the profits of government companies Israel today

2021-10-13T18:33:21.621Z


According to the companies' report, the consolidated net profit decreased by about 30% in 2020 compared to 2019 • The companies earned about NIS 3 billion last year compared to about NIS 4 billion the previous year


The consolidated net profit of government companies decreased by about 30% in 2020 compared to 2019, according to the government companies report published today (Wednesday).

According to the report, the state-owned companies earned about NIS 3 billion last year, compared to about NIS 4 billion the year before. "Efficiency and savings in companies, in preparation for the implementation of government decisions regarding the privatization of these companies," the report said.

These agreements led to a one-time registration of expenses in the amount of NIS 1 billion as early as 2020.

The Government Companies Authority is responsible for 70 government companies (excluding government subsidiaries, mixed companies and associations), including some of the largest and most complex companies in the economy.

The government companies employ about 55,000 workers, and they believe in exports worth about NIS 15.5 billion, investments in infrastructure of about NIS 23.3 billion and operating profit of about NIS 6.3 billion, and their revenues amount to about NIS 75.1 billion.



Port of Haifa.

Israel Ports Company has the second largest net profit // Photo: Michel Dot Com,

Of the government companies, the Israel Electric Company has the highest net profit in the reported period of 2020 - about NIS 1.7 billion, a slight decrease compared to a profit of NIS 1.8 billion in 2019.

The company with the second largest net profit is the Israel Ports Company, with a net profit of about NIS 560 million, followed by IAI, with a profit of about NIS 460 million.

The Israel Natural Gas Routes Company has the most noticeable improvement in net profit (at a rate of 380%) - from a net profit of NIS 50 million to NIS 240 million in 2020. The increase is mainly due to a 50% increase in the company's activity due to gas exports to Egypt and Jordan. .

Government companies recorded a significant improvement in their working capital (an increase of 15%) and in the current ratio, which improved their financial strength (their ability to repay their liabilities).

The total issuance of bonds by government companies in 2020 was about NIS 4 billion and constituted about 6% of the total issuance in the corporate market of that year.

This goal was achieved despite the difficulties that characterized 2020 following the corona crisis.

Source: israelhayom

All news articles on 2021-10-13

You may like

Trends 24h

News/Politics 2024-03-28T06:04:53.137Z

Latest

© Communities 2019 - Privacy

The information on this site is from external sources that are not under our control.
The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.