Delek of Israel Reports Profit Growth

Israel’s Delek Group said its net income amounted to NIS 740 million in 2013, an increase of 59% compared with net income of NIS 464 million in 2012.

The company’s  revenues in 2013 totaled NIS 38.5 billion, a slight increase compared with NIS 37.9 billion in 2012.

Delek said its operating profit in 2013 totaled NIS 1.7 billion, a 57% increase compared with NIS 1.1 billion in 2012.

Asaf Bartfeld ,CEO of Delek Group, commented: “2013 was a year in which we realized some of the fruit of our abilities to successfully execute on our strategy. We realized NIS 2.1bn of value from our non-core assets during 2013 and we also successfully reduced our debt levels by NIS 1.6bn over the same period. We are also very proud of the first and very successful year of production of our world class natural gas asset – Tamar, which supplied 5.1 BCM to the Israeli market. In 2013, the Tamar partners continued to sign supply contracts locally, which has enabled a significant reduction in production costs amongst local industries and has had a positive impact on the overall Israeli economy. In addition, our recent discovery of Tamar SW increased Tamar 2P reserves to 307 BCM, and this is another example of the additional potential that we are continuing to realize within our licenses.”

1 Israeli shekel = 0.286279 U.S. dollars

Press Release, March 31, 2014; Image: Delek