The predation of rising energy prices in the world and especially in Europe, in view of the war between Russia and Ukraine, led to a sharp jump in revenues Delek Group Under the control of Yitzhak Tshuva. The group’s revenues jumped in the first half of the year to 6 billion shekels and led to the recording of a net profit of 5.03 billion shekels, i.e. a net profit of 27.8 million shekels daily in the first six months of the year. This is a sharp jump of 766% compared to the profit in the first half of last year.
The CEO of Delek Group, Idan Wells, said that the group is witnessing “extraordinary global demand for energy in the markets in which we operate, following the crisis in the global energy market. The fact that the group owns high-quality gas and oil assets in the Middle East and the North Sea, and significant energy reserves, supports the growth of the group and its subsidiaries.”
Wells added that in the past quarter, as part of the preparations for the Ithaca IPO, “Ithaca completed three significant transactions in the North Sea, which doubled its oil and gas reserves and extended the production profile. We are progressing with the Ithaca IPO according to the planned schedule and wish to complete it in the very near term.”
The group’s revenues in the second quarter were NIS 2.9 billion, an increase of 67% within a year. The operating profit recorded by Delek Group jumped by 243% in the second quarter and amounted to NIS 3.6 billion. In the bottom line, the net profit attributable to the shareholders in the past quarter jumped by 500% to NIS 2.7 billion.
Ithaca’s net profit jumped 10-fold in the second quarter
Delek Group owns, among other things, the Leviathan reservoir in the Mediterranean Sea. But its other important holding is in the Ithaca company that operates in the North Sea. Ithaca, which the group plans to issue this year, ended the second quarter with revenues that amounted to approximately $618 million, compared to approximately $294 million in the corresponding quarter last year. Ithaca’s net profit was 681 million dollars, a sharp jump of more than 10 times compared to 66 million dollars in the corresponding quarter last year.
The jump in performance came as a result of an increase in output alongside the increase in gas and oil prices compared to the corresponding quarter last year. Output during the reporting period amounted to approximately 5.7 million barrels compared to approximately 4.3 million barrels in the corresponding period last year. The average daily output in the quarter was about 64 thousand barrels of oil equivalent per day (KBOE/d), compared to about 48 thousand barrels of oil equivalent per day (KBOE/d) in the corresponding period and about 56 thousand barrels per day on average in 2021.