Delek Group profit soars 766%

Delek Group Ltd. (TASE:DLEKG) reported a sharp rise in revenue and profits in the second quarter of 2022, following skyrocketing energy prices in the wake of the Russia-Ukraine war.

Delek Group, controlled by Yitzhak Tshuva, reported NIS 6 billion revenue in the first half of 2022 and net profit of NIS 5.03 billion, up 766% frpom the first half of 2021. In other words Delek made daily profits of NIS 27.8 million in the first half of the year.

Delek Group CEO Idan Wallace said that the company had seen, “Exceptional global demand for energy in the markets in which it operates, following the crisis in the world energy market. The fact that the group owns quality gas and oil assets in the Middle East and North Sea, and the significant energy reserves, supports the growth of the group and its subsidiaries.”

Wallace added that over the past quarter, as part of its preparations for Ithaca’s IPO, “Ithaca completed three major acquisitions in the North Sea, which doubled its oil and gas reserves and extended its production profile. We are moving forward with the Ithaca IPO according to the planned timetable and are interested in completing it in the very near future.”

In the second quarter of 2022, Delek Group’s revenue was NIS 2.9 billion, up 67% from the corresponding quarter of 2021 and net profit was NIS 2.7 billion, up 500% from the corresponding quarter of last year.

Among other things, Delek owns the Leviathan Israeli offshore gas field through NewMed Energy (TASE: NWMD) (formerly Delek Drilling) and North Sea oil and gas assets through Ithaca Energy, which is planning an IPO on the London Stock Exchange. Ithaca’s second quarter revenue was $618 million, ten times higher than the $66 million in the second quarter of 2021.

Published by Globes, Israel business news – – on August 24, 2022.

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

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