Paz: Retail revenues jumped 72% to NIS 1.9 billion – before the merger

by time news

Meanwhile, the group reports a 62% increase in revenues in the third quarter of 2021 to NIS 3 billion, compared to NIS 1.9 billion in the corresponding quarter. The company explains that in the quarter there was a 12% increase in the volume of fuel sales at the stations, compared to the corresponding quarter last year.

EBITDA was NIS 282 million, an increase of 25% compared to NIS 226 million in the corresponding quarter. Excluding the refining segment, EBITDA amounted to NIS 242 million, compared with NIS 209 million in the corresponding quarter. The company says that the increase in EBITDA is due to an increase in the peak sales volume of fuels and a 10% increase in yellow sales along with an improvement in refining margins.

Operating profit for the third quarter amounted to NIS 128 million, compared with a loss of NIS 165 million in the corresponding quarter last year. Excluding the refining segment, this is an operating profit of NIS 146 million, compared with NIS 118 million in the corresponding quarter last year – an increase of 24%.

Adjusted profit in the third quarter was NIS 43 million, compared with an adjusted loss of NIS 8 million last year.

In the retail sector:
Revenues from the retail and trade sector in the third quarter amounted to NIS 1.9 billion, compared with NIS 1.1 billion in the corresponding quarter last year, an increase of 65%.

Retail food revenues in the third quarter, including Super Yoda, amounted to NIS 354 million, compared with NIS 271 million in the corresponding quarter, an increase of 31%. The monthly income per square meter in yellow and Super Yoda is NIS 7,000 in the third quarter, compared to NIS 6.6,000 in the corresponding quarter last year.

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In the refineries sector:
Distillation segment sales in the third quarter amounted to NIS 2.1 billion, compared with NIS 1.2 billion in the corresponding quarter last year, following the increase in barrel prices and sales volumes – but it was offset by the increase in barrel prices. EBITDA was NIS 40 million, compared to NIS 17 million last year.
The operating loss was NIS 18 million, compared with a loss of NIS 44 million in the corresponding quarter last year.

Paz Group CEO Nir Stern said following the reports: “We recorded record results in the retail and trade sector. The sharp growth comes, among other things, from double-digit growth in yellow, a sharp increase in fuel consumption and an improvement in refining margins.

“In the current quarter, there is an impressive recovery in the refining margins of all major distilleries, a trend that gives a significant boost to the refinery’s split and distribution as a dividend. We continue to work hard to promote the split alternative, after which Paz will continue to focus on retail and Paz.

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