Delek net profit in Q1: NIS 279 million

Positive results from the subsidiaries remaining under the control of the Delek Group - Delek Drilling (55%) and Itka (100%) - enabled the company, controlled by Yitzhak Tshuva, to end the first quarter of 2021 with a net profit of NIS 279 million, compared to a loss of NIS 2.77 billion. In the corresponding quarter in 2020.
Oil and gas exploration and production activities in Israel and its surroundings, concentrated in Delek Drilling (+ 2.76% 525), contributed in the first quarter to the profit of the Delek Group (-1.59% 17350) managed by Idan Wells, NIS 166 million, compared to NIS 136 million in the corresponding quarter. Oil and gas exploration and production activities in the North Sea, concentrated in Ithaca, contributed NIS 141 million to Delek's profit, compared with NIS 37 million in the corresponding quarter.
Despite a series of realizations in the billions of shekels, which have significantly improved the liquidity and financial flexibility of the Delek Group, a "business deal" note still hangs over its reports, due to the heavy repayment burden expected for Delek in the next year and a half.