Ithaca, a company controlled by the Delek Group, reported today (Thursday) on the distribution of a dividend in the amount of approximately 470 million shekels (133 million dollars).
The first dividend distribution for 2023 is made only three months after the completion of the initial public offering (IPO) on the London Stock Exchange.
The Delek Group, which owns about 89.2% of Ithaka’s shares, is expected to receive about NIS 420 million as part of the distribution, which will be added to the cash balances in the bank and the credit line in its possession.
The distribution of the dividend is done in accordance with the profit distribution policy that Ithaca adopted prior to the IPO, within which it expects to distribute dividends in 2023 in the amount of approximately NIS 1.4 billion (approximately $400 million), including the current distribution. The deadline for the dividend distribution is February 24, 2023, and the actual distribution will be made on March 9, 2023.
Ithaka also confirmed that it meets the targets published by the company’s management in the latest prospectus and financial statements, including: during the fourth quarter of 2022 the company’s production rate was 80.8 thousand barrels per day (kboe/d), compared to the management’s target of 77-80 kboe/d. In 2022 as a whole, Ithaca increased average production to a daily rate of 71.4 kboe/d compared to 56 kboe/d in 2021, thanks to the Morvani, Summit and Seeker Point deals.
In addition, during the fourth quarter of 2022, Ithaca’s net operating expenses (OPEX) totaled approximately $137 million, close to the lower limit of the management’s target, set at $130-150 million; Ithaca’s average production cost per barrel of oil (or oil equivalent) in 2022 amounted to approximately $19; In the fourth quarter of 2022, the net investments (CAPEX) amounted to about 119 million dollars, within the management’s target of 100-120 million dollars.