Delek Group Ltd. (TASE: DLEKG), managed by CEO Asi Bartfeld, today published its third quarter results. The company reported an NIS 85 million net profit for the quarter, compared with a NIS 285 million loss in the corresponding quarter last year. The group's net profit in January-September 2016 was NIS 250 million, compared with a NIS 29 million profit in the corresponding period in 2015.
The company reported a rise in profit in all its fields of business, plus lower financing costs (compared with the third quarter of 2015). Delek's assets totaled NIS 129 billion at the end of the third quarter. Its operating profit was up slightly from NIS 341 million in the third quarter last year to NIS 354 million in the third quarter of 2016.
Energy and oil and gas exploration continued to have a positive impact on the group's results in the third quarter, contributing NIS 120 million to its net profit, 38% more than in the corresponding quarter last year.. Its cumulative profit since the beginning of the year was NIS 307 million. The steep rise in gas profits was due mostly to increased sales of natural gas and condensates from the Tamar project.
When approving the group's financial reports, its board of directors approved the distribution of a NIS 200 million dividend to its shareholders.
Bartfeld said, "Delek Group's third quarter was both a financial and strategic success. The third quarter report and the group's results for the year demonstrate Delek's considerable financial strength. This enables Delek to consolidate its existing energy business, while building and expanding its portfolio of international holdings. The signing of export agreements with Jordan and a number of player in the local market and the completion of the financing agreement needed by the partners to develop the Leviathan gas reservoir are advancing the date for the final decision on development of Leviathan."
Published by Globes [online], Israel business news - www.globes-online.com - on November 29, 2016
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