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Delek Group   Lower revenues from Delek Israel

Delek Group Q3 group revenues slightly down

Delek GroupDelek Group announced its results for the three month period ending September 30, 2016.

Group revenues for the third quarter of 2016 were approximately NIS 1.6 billion, compared to NIS 1.7 billion in the same period last year.

READ MORE Delek Group Q1 net income drops from NIS 210m to NIS 85m

The decrease was primarily due to lower revenues from Delek Israel due to lower distillate prices, partially balanced by an increase in revenues from the E&P sector.

Operating profit in the third quarter of 2016 totaled NIS 354 million compared with NIS 341 million as reported in the same period last year, mainly due to an increase from the E&P sector which was slightly offset by a decrease in the other non-core segment.

Net Income for the third quarter of 2016 totaled NIS 85 million, compared with a loss of NIS 261 million in the third quarter of 2015.

The main contributing factor to the improvement in the net income was the increased contribution of the E&P segment, due to increased sales of natural gas and condensate from the Tamar field.

Cash balance at the Delek Group as of September 30, 2016, stood at NIS 2.6 billion (including unutilized credit lines), and as of November 28, 2016, at NIS 2.8 billion (including unutilized credit lines).

On July 28, 2016, Delek Group completed a successful convertible debenture offering which was oversubscribed. Two series of (series B32 and B33) added NIS 1.1 billion in cash to the balance sheet.

Following on from Delek board approval in December last year to continue with the share buyback plan of up to NIS 100 million until December 22, 2016, to date, the company has purchased Delek Group shares in the amount of NIS 85 million.

In total, as of November 28, 2016, Delek Group has purchased 637,045 of its shares which represent approximately 5% of the company’s free float.




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