Israel Shipyards bomb with strong reports; Expands cement activity

by time news

Shlomi Fogel Assi Schmelzer and Sami Katsav (Photo by Daniel Tsersky)

The congestion at Israeli ports has led to an impressive increase in the activity of Israeli shipyards. Revenues in the third quarter increased by 13.8% to NIS 234.6 million, compared with NIS 206.1 million in the corresponding quarter last year. In the shipyard sector, revenues increased by 10.5% to NIS 52.3 million, compared with NIS 47.3 million in the corresponding period last year.

The increase in revenues from the shipyard segment is due to an increase in the volume of projects under construction compared to the corresponding period last year. EBITDA in the segment amounted to NIS 8.2 million (approximately 15.6% of revenues), compared with approximately NIS 12.4 million (approximately 26% of revenues) in the corresponding quarter last year.

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In the port sector, revenues increased by 13.5% to NIS 45.2 million, compared with NIS 39.8 million in the corresponding quarter last year. The increase in revenues is due to a change in the product mix and an increase in cargo unloading compared to the corresponding period last year. EBITDA in the segment increased to NIS 13.1 million (approximately 29.1% of revenues), compared with approximately NIS 11.1 million (approximately 27.8% of revenues) in the corresponding quarter last year.

In the cement sector, revenues rose to NIS 114.8 million in the quarter, compared with NIS 112.3 million in the corresponding quarter last year. The increase in turnover in the cement sector is due to an increase in the quantity sold compared to the corresponding quarter last year. EBITDA in the cement segment amounted to NIS 14.8 million (approximately 13% of revenues), compared with NIS 15.3 million in the corresponding quarter last year (approximately 13.6% of revenues). The decrease in profitability is due to an increase in the cost of the average raw material per ton as well as an increase in the cost of transportation, while the average selling price remains almost unchanged.

The company’s operating profit grew by 34.7% to NIS 33.2 million, compared with NIS 24.7 million in the corresponding quarter last year.

EBITDA in the quarter increased by 20.4% to NIS 46.5 million, compared with NIS 38.6 million in the corresponding quarter last year. The company ended the third quarter of 2021 with an increase of 41.3% in net profit to NIS 26.2 million (NIS 23.8 million attributable to shareholders), compared to a net profit of NIS 18.5 million (NIS 16.4 million attributable to shareholders In the corresponding quarter last year.

The company’s shareholders’ equity, as of September 30, 2121, increased to NIS 801.1 million (of which NIS 768.8 million is attributed to shareholders).

The backlog of orders in the shipyard sector as of the end of the third quarter of the year increased to NIS 824.4 million, compared with a backlog of NIS 262 million at the end of 2020. As of the publication of the report, the backlog increased to NIS 867 million.

Simultaneously with the publication of the company’s financial statements, Israel Shipyards announced that it was expanding the scope of its activity in the field of cement. Israel Shipyards increased its holdings by an additional 25% of ISCO and Cement shares for NIS 70 million, thus increasing its holdings in the cement sector to 95.3%.

The two companies constitute the Group’s cement segment, with the last two transactions acquiring 25% of the shares of the Swiss company ISCO Trading SA, which coordinates the activity in the field of trading in cement products abroad. Cement, a company that imports cement materials from abroad, transports cement in dedicated ships that it owns and manufactures cement products and products for the construction industry. After the two transactions, the holdings of industries from Israeli shipyards in the two companies will increase from about 70.3% to about 95.3%.

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