Delek Group Ltd. (TASE: DLEKG), controlled by Yitzhak Tshuva and managed by president and CEO Asaf Bartfeld, today reported its second quarter financial results. The company's profit leaped from NIS 80 million in the second quarter of 2016 to NIS 180 million in the second quarter of this year, 2.25 times as much.
Most of Delek Group's net profit in the second quarter came from oil and gas exploration and production operations, both in Israel and overseas. Profit from this activity almost doubled in the quarter, reaching NIS 130 million. Excluding royalties, revenue from sales of oil and gas in Israel and Cyprus totaled NIS 935 million, compared with NIS 865 million in the corresponding quarter in 2016.
The company will distribute a NIS 260 million dividend to its shareholders.
Delek Group reports that completion of the sale of 6% of the Tamar reservoir to the Tamar Petroleum partnership is expected to contribute NIS 800 million to the group's profit in the third quarter.
Bartfeld said, "The company has enough offers for the sale of its holdings in The Phoenix Holdings Ltd. (TASE: PHOE1;PHOE5), and we believe that a contract for the sale of the controlling interest in the company can be signed in the near future."
Published by Globes [online], Israel Business News - www.globes-online.com - on August 30, 2017
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