Delek Group Sees Increase in 1Q Revenue
Delek Group announced its results for the three month period ending March 31, 2010.
First Quarter 2010 Highlights
- Improvement in profitability across majority of subsidiaries; first quarter net income of NIS 205 million grew significantly by 31% over first quarter of 2009
- Delek Group distributes a dividend of NIS 150 million in the quarter;
- Natural gas reserves discovered in the Tamar field remain on track for commercialization in 2012 and additional exploration ongoing;
Group revenues for the first quarter of 2010 were NIS 11.4 billion, a 25% increase compared with NIS 9.1 billion in the first quarter of 2009. The increase in revenues was primarily due to revenues from the US refinery which while was operational in the quarter, was not operating in the first quarter of last year. Additional revenue growth was due to an increase in the price of oil compared with that of last year. In addition, the company saw improved revenues in Automotive, Insurance and Finance operations.
Net income for the first quarter of 2010 totaled NIS 205 million, a 31% increase compared with a net income of NIS 157 million in the first quarter of 2009. Net income increased due to an improvement across the majority of sectors, in particular the automotive, financial and insurance sector.
Group total assets as of March 31, 2010, amounted to NIS 86.2 billion, compared with NIS 84.4 billion as of December 31, 2009.
Mr. Asaf Bartfeld, CEO of Delek Group commented, "The strong results that we reported today represent another solid quarter of improvements in our core group activities. They are as a direct consequence of the correct strategic actions that were taken by the management of Delek Group and its subsidiaries throughout the past year, a strategy which has proven itself. We intend to reinvest the substantial fruits of our efforts over the past years back into the Company and expand our core activities."
Continued Mr. Bartfeld, "The majority of our subsidiaries all had solid quarters, but in particular we are very pleased with the performance of the Phoenix Insurance company and our Automotive subsidiary. We have continued to enhance our net asset value and strengthen our balance sheet across the Group and all its subsidiaries, and this remains a constant core element of our strategy. We have seen improvements in a number of key metrics including a strong growth in revenues and net profit. Delek Group will continue its focus on energy and infrastructure, as well as its automotive and finance activities, and we remain vigilant in identifying business opportunities that can generate synergies among the activities of our subsidiaries."