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Rising oil prices, improved North Sea oil production and a further increase in natural gas demand in Israel drove Delek Group Ltd. to increase its sales. (TASE: DLEKG) in the third quarter. The group's third-quarter revenue of 2018 amounted to 2.3 billion NIS, compared with 1.8 billion NIS in the third quarter of 2017, an increase of 27%. The group operates a chain of convenience stores and gas stations in Israel, as well as its oil and gas exploration and production activities in the country (Tamar and Leviathan Reservoirs) and the oil and gas industry. foreigner (Ithaca in the North Sea). In addition, the group controls Phoenix.
The Delek Group reported net income of 323 million NIS in the third quarter of 2018. Compared to a profit of 1,024 million NIS in the third quarter of 2017, but this profit comes almost entirely from the sale of a part of the rights of the group in the group. The Tamar gas tank through the issuance by Tamar Petroleum, a special vehicle company to which Delek has surrendered 9.25% of the rights to Tamar. Capital gains on the sale of the shares of insurance company The Phoenix Holdings Ltd. (TASE: PHOE1; PHOE5) boosted earnings in the third quarter of 2018.
The profit on gas production in Israel jumped by 161% compared to the corresponding quarter, to stand at 123 million NIS. The net profit of the Ithaca subsidiary also increased strongly, doubling compared to the corresponding quarter of 88 million NIS. Production in the quarter was 16,500 barrels of oil equivalent (boed) per day, well above the 14,400 boed recorded in the third quarter of 2017. Delek says this increase represents better operational performance as well as the new connection of the flotation system Stella Production Platform (FPF). In the fourth quarter, however, Ithaca's profit is expected to fall sharply due to lower oil prices.
Profit from fuel sales in Israel remained stable at NIS 34 million, while profit from discontinued operations was NIS 430 million, 10% higher than in the corresponding quarter. This is mainly explained by the Phoenix stock sales, mainly in the context of swap operations. Delek remains with a 30% stake in Phoenix, which she intends to sell. The company says that "the group is continuing its efforts to find a strategic investor to acquire this badet".
Bart Asf Bartfeld, Chairman of the Delek Group, said: "We continued the Delek Group's strategy during this quarter. We removed the list from our subsidiary Delek Energy, stabilized the production at Ithaca and progressed in the development of the Leviathan field, which is expected to reach its first gas by the end of 2019. "
The board of directors of the company declared a dividend of NIS 150 million to be paid in December 2018. Taking into account this announcement, the Delek Group paid NIS 490 million of dividends during the year. calendar year 2018.
Posted by Globes, Economic News in Israel – www.globes.co.il – November 29, 2018
© Copyright Globes Publisher Itonut (1983) Ltd. 2018
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