Israel Chemicals Ltd. (TASE: ICL) today published its financial report for the fourth quarter of 2007 and for the year as a whole. The company posted a record fourth quarter, mainly thanks to rising prices for potash and phosphates. Net profit rose 82% to $164.7 million for the fourth quarter from $90.2 million for the corresponding quarter of 2006. Revenue rose 44% to $1.21 billion from $839.6 million.
For the year as a whole, Israel Chemicals posted $4.1 billion revenue, up 24% on the $3.26 billion revenue in 2006. Net profit totaled $535.6 million ($0.41 per share), up 43.2% on the $373.9 million ($0.29 per share) in 2006. The company will distribute a dividend of $115 million.
A breakdown of sales by region, showed increases all across the line: sales in Europe rose to $1.53 billion in 2007 from $1.2 billion in 2006 (37% of total sales in 2007); Asia - $869 million from $678 million (21% of total sales in 2007); North America - $802 million from $717 million (19% of total sales in 2007); South America - $514 million from $331 million (12% of total sales in 2007); and Israel - $244.5 million from $207 million). Sales growth was greatest in South America - up 56%, followed by 28% sales growth in Asia and 27% growth in Europe.
A breakdown of sales by sector were as follows: fertilizers - $2.15 billion (52% of total sales) in 2007, up from $1.48 billion in 2006; performance products - $1.1 billion (27% of sales), up from $1.08 billion in 2006; and industrial products - $925 million (23% of sales), up from $837 billion in 2006.
Published by Globes [online], Israel business news - www.globes-online.com - on March 30, 2008
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