Israel: Delek Revenues Rise

March 30, 2012

Delek Group said that it revenues in 2011 were NIS 59.2 billion, a 38% increase compared with NIS 42.8 billion in 2010.

Net income in 2011 totaled NIS 2.6 billion, a 53% increase compared with net income of NIS 1.7 billion in 2010.

Operating profit in 2011 totaled NIS 1.6 billion, a 32% increase compared with NIS 1.2 billion in 2010.

Mr. Bartfeld, CEO of Delek Group, commented “2011 was another good year for the Group. Our energy activities which is our core focus, and includes the sale of natural gas, the refining segment and gas stations around the world, contributed NIS 598 million to our net profit. In addition, we maintain a strong balance sheet with NIS 1.2 billion currently available in cash.” Continued Mr. Bartfeld, “We saw a number of positive developments with regards to our work in the natural gas sector. We made significant progress with the Tamar reservoir and signed a number of key supply contracts including with the Israel Electric Company. The development of the 9.7 TCF Tamar reservoir remains on track for production in the first half of 2013 and we are currently assessing development options for the significant 16.7 TCF Leviathan discovery. Furthermore, we recently made a new discovery at the Aphrodite drill site in Block 12 Cyprus, as well as at Dolphin and Tanin, which are off the coast of Israel. Overall, we are very excited with regard to the potential from our natural gas discoveries, and we look forward to realizing this potential over the coming years.”