Delek Group’s year of recovery ends on NIS 1.43b profit

Delek Group (TASE: DLEKG), controlled by Yitzhak Tshuva, has released results for 2021 showing recovery after the severe crisis that it went through in 2020. The company posted a net profit of NIS 1.43 billion last year, which compares with a net loss or NIS 1.82 billion in 2020.

Continued good performance of the group’s core oil and gas production assets led to a 19.5% rise in revenue to NIS 8 billion in 2021. The results were also favorably impacted by a 15.7% fall in finance expenses to NIS 1.93 billion.

Delek Group has a market cap of NIS 8.2 billion, after a 184% rise in its share price on the past year in response to the improvement in the company’s business and the jump in oil prices. Shareholders’ equity at the end of 2021 was NIS 2.6 billion, up from NIS 2.1 billion at the end of 2020.

In the fourth quarter of 2021, revenue totaled NIS 2.26 billion, which compares with NIS 1.63 billion in the corresponding quarter of 2020. Net profit in the fourth quarter was NIS 628 million. This compares with a net profit of NIS 1.1 billion in the fourth quarter of 2020. That quarter’s results were affected by a one-time gain of NIS 900 million resulting from the reversal of a write-down of the oil and gas assets of subsidiary Ithaca Energy.

Delek Group’s share price is up 3.45% on the Tel Aviv Stock Exchange this morning.

Published by Globes, Israel business news – – on March 30, 2022.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.

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