Delek Group net profit in the first half of 2021 jumped to about NIS 581 million

Delek Group published its financial statements for the second quarter of 2021, which show that the net profit in the first half of 2021 jumped to about NIS 581 million, compared with a loss of about NIS 3 billion in the corresponding half of 2020.In the second quarter of 2021, there was a sharp increase in net profit of NIS 302 million, compared with a loss of NIS 326 million in the corresponding quarter.

The group's revenues in the first half of 2021 amounted to NIS 3.7 billion, compared with revenues of NIS 3.3 billion in the corresponding half. In the second quarter, revenues amounted to NIS 1.744 billion, compared with NIS 1.452 billion in the corresponding quarter.Delek also stated that during the quarter the group continued to reduce its net financial debt, so that on June 30, 2121, the company's and headquarters' net financial debt stood at NIS 4.1 billion, compared with NIS 4.3 billion as of December 31, 2020, a decrease of NIS 217 million.The Group's shareholders' equity amounted to NIS 2.31 billion on 30 June 2020, compared with NIS 2.09 billion as of December 31, 2020, an increase of NIS 226 million, mainly in light of the Group's profitability and capital issues made during the reporting period.In the second quarter of 2021, the company recorded a profit of NIS 177 million from continuing operations, compared with a profit of NIS 113 million in the corresponding quarter last year. In the first half of 2021, a profit of NIS 484 million was recorded from continuing operations, compared with a profit of NIS 286 million in the corresponding period.Drilling fuel activity (held at 54.7%) continued to yield strong results in the current quarter as well. Revenues from the sale of gas in Israel, less royalties, increased by approximately 58% and during the quarter amounted to approximately NIS 786 million, compared with revenues of approximately NIS 498 million in the corresponding quarter last year. The increase was mainly due to a sharp increase in whale gas production, with an annual rate of 10.8 BCM, compared to a production forecast of 10.2 BCM in 2021. During the reporting period, exports to Egypt increased from 0.4 BCM to 1.6 BCM and sales to the Israeli economy increased from 1.9 BCM to 2.6 BCM.In total, exports to Jordan and Egypt accounted for 53% of Whale's total sales in the first half of 2021. In light of the volume of production in the Whale Reservoir and the demand for it, the operator recommended to partners to carry out further production drilling before 2022.