The company felt the drop in the price of gas by 11% this year which affected, in addition it started paying the Sheshinsky levies set in 2011 in the amount of $ 40 million this year, is the run in the stock justified ?!
Tamar Petroleum publishes its financial statements for the fourth quarter of 2021. As of the date of the report, Tamar Petroleum holds 16.75% of the rights held by Tamar.
Revenue net of royalties in 2021 amounted to approximately $ 201.3 million, compared with approximately $ 212.1 million in 2020. The change is mainly due to a decrease of about 10.9% in the average price of natural gas sold in the year of the report (which is mostly due to the price of natural gas sold to the IEC). This is offset by a 5% increase in the amount of natural gas sold in the year of the report compared to 2020, mainly due to an increase in the amount of natural gas sold to the IEC and the sale of gas under the export agreement to Egypt, which began in July 2020.
The supply of natural gas in 2021 from the Tamar reservoir was for the IEC about 34% of the company’s total revenues, for Dalia Energies about 10% of the company’s all revenues and for Blue Ocean Energy the gas exports to Egypt; About 10% of the company’s total revenue and for a variety of additional customers.
Profit from ordinary operations before the oil and gas profits levy in the period amounted to approximately $ 134.5 million, compared with approximately $ 148.6 million in 2020. The oil and gas profit levy in 2021 amounted to about $ 39.2 million. The company recognizes expenses in respect of the levy on oil and gas profits starting in the first quarter of 2021.
Net financing expenses for the period amounted to approximately $ 51.3 million, compared with approximately $ 49 million in 2020. The change was mainly due to an increase, net, in expenses compared to income from option transactions for the purchase of dollars in the amount of approximately $ 3 million.
Net income in 2021 amounted to about $ 39.7 million compared to about $ 88.3 million in 2020. The change is mainly due to the oil and gas profits levy that was first recognized in 2021 in the amount of approximately $ 39.7 million.
In December 2021, the company announced the appointment of Roni Bar-On as chairman of the company’s board of directors and the appointment of Tamir Abodi, the company’s director as interim CEO. In March 2022, the Company’s Board of Directors approved the appointment of Eran Vaknin as the Company’s CEO. The effective date of Mr. Eran Vaknin’s term of office will be determined by agreement between him and the Company.