Delek profit jumps as energy prices soar

[ad_1]

The company reported a net profit of NIS 2.5 billion, a nine-fold increase over the corresponding quarter of last year.

The strong rise in energy prices in the wake of the war in Ukraine has boosted the profits of Delek Group Ltd. (TASE:DLEKG), controlled by Yitzhak Tshuva (48.6%). Delek has reported the second largest profit of any Israeli company after Zim Integrated Shipping Services Ltd. (NYSE: ZIM) in the first quarter of 2022.

Delek Group’s revenue in the first quarter of 2022 was NIS 3.1 billion, up 63% from the corresponding quarter of 2021. The company reported a net profit of NIS 2.5 billion, a nine-fold increase over the corresponding quarter of last year. Net profit from Delek’s Ithaca North Sea unit alone was $785 million compared with $43 million in the first quarter of 2021.

Delek Group’s share price rose 3.48% today to give a market cap of NIS 3.4 billion, up from $43 million in the corresponding quarter of last year.

Published by Globes, Israel business news – en.globes.co.il – on May 24, 2022.