OPC: 7% increase in revenues – NIS 90 million

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(58.8%) of Idan Ofer, which deals with the construction and operation of power plants and power generation facilities in Israel, reports the results of the third quarter of the year. In them, it presented a 7% increase in revenue alongside a loss of NIS 90 million, due to a one-time accounting expense.

The company’s revenues in the third quarter of 2021 amounted to NIS 430 million, an increase of 7.2% compared to NIS 401 million in the corresponding quarter last year. The increase is mainly due to the consolidation of the results of the CPV Group, which is Haifa for a decrease in revenues in Israel.

In the bottom line, the company recorded a net loss of about NIS 90 million, compared to a net profit of about NIS 10 million in the corresponding period last year. Most of the loss is due to the one-time financing expenses, due to an early repayment fee in the amount of NIS 244 million.

The adjusted net profit for the quarter, which includes the fair value of derivative financial instruments, Rotem’s early repayment fee and tax benefit, amounted to NIS 39 million, compared with NIS 10 million in the corresponding quarter last year.

Gross profit for the quarter climbed by 57% to NIS 124 million, compared with NIS 79 million in the corresponding quarter last year. The increase in gross profit is mainly attributed to the consolidation of CPV results, and an increase in gross profit attributed to Israel in light of the completion of the works on the gas turbines in Hadera.

EBITDA in the third quarter, excluding non-recurring expenses, doubled to NIS 222 million, compared with NIS 102 million in the corresponding quarter last year. The change is due to the acquisition of the CPV Group, which contributed NIS 108 million in the quarter, as well as an increase in EBITDA from Israel and the company’s headquarters to NIS 114 million, compared with NIS 102 million in the corresponding quarter last year.

Giora Almogi, CEO of OPC Energy: “OPC is at the forefront of the energy revolution in Israel and the United States, which creates significant growth opportunities for the company. We continue to lead the electricity economy thanks to our state-of-the-art power plants in Israel and the United States, while accelerating the expansion of our renewable energy portfolio. One-time payment for an early repayment fee that we paid for the balance of the credit in Rotem. ”

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