Ratio is the small partner in the Whale Reservoir, it actually holds 15% of the reservoir, which is playing a major role in Israel’s energetic life. Before we get into the numbers it is worth looking at the uses of the partnership in its lucrative cash register. Its main use is early repayment of debts and so in fact the company repaid in my third quarter from the debt to the bondholders $ 177 million.
Since the beginning of the year, the company has reduced its net financial debt by $ 80 million, which is significant for it and for the bondholders.
In total, the partnership recorded quarterly revenues that reached a peak of about $ 81 million. From the beginning of the year until the end of the third quarter, approximately 8.3 BCM of natural gas was sold from the Levitan reservoir, generating revenues of approximately $ 226 million and EBITDA of approximately $ 158 million. From the beginning of the year until the date of publication of the report, approximately 9.7 BCM of natural gas was sold from the Whale Reservoir.
As mentioned, Ratio, holds 15% of the natural whale gas reservoir. The partnership’s quarterly operating profit was about $ 50 million, an increase of about 43% compared to the operating profit in the corresponding quarter last year. Net income in the third quarter, excluding the accounting provision for deferred taxes, was $ 32 million, compared with $ 25 million in the corresponding quarter last year, an increase of about 30%. Given the provision for deferred taxes, Ratio ended the quarter with a net profit of about $ 8 million. Revenue from the beginning of 2021 to the end of the quarter was approximately $ 226 million, compared with approximately $ 145 million in the corresponding period last year, an increase of approximately 56%.
The natural gas from the Levitan reservoir was sold to customers in Israel, Jordan and Egypt, while in the third quarter about 2.8 BCM were sold, of which about 1.1 BCM to customers in the Israeli economy and about 1.7 BCM to export markets, an increase of about 25% compared to the corresponding quarter last year. From the beginning of the year until the date of publication of the report, approximately 9.7 BCM of natural gas was sold from the Whale Reservoir.
The partnership intends to begin distributing profits to unit holders based on its financial results for 2022.
Yigal Landau, CEO of Ratio: “Apart from a quarter of record revenue for Ratio, the Whale Reservoir proves to be a strategic asset for the country during a turbulent global period in the energy sector and enables stability in the price of natural gas while providing reliable and continuous natural gas to our customers.”
“In addition, we continue to identify strong demand coming from our customers in Jordan and Egypt, and are working together with Whale partners to select an appropriate alternative to promote Phase 1B that will allow for a significant increase in production from the reservoir.
“Beyond that, increased exports also support the existence of geopolitical benefits and strengthen the status of the State of Israel. The contribution of natural gas to Israel is also recorded in the climate and environment, because it significantly reduces the use of coal in electricity generation and significantly reduces pollutants and greenhouse gases emitted into the air. “.
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