ICL Q 3 profit increased 53% to $ 129 million

The first full quarter of ICL's CEO, Raviv Zoller, ended with a 53% increase in net profit compared to the third quarter of last year, to $ 129 million, and the fertilizer and mineral fertilizers company, controlled by Idan Ofer Israel Corporation, To $ 1.37 billion, due to a delay in the signing of potash supply contracts with customers in China and India, the operating line indicated an improvement of about 9% compared with the operating profit in the corresponding quarter, to $ 196 million.
In the past quarter, ICL enjoyed higher fertilizer prices: a $ 51 increase in the price of potash ton compared to the corresponding quarter of $ 286, and an increase of 12% -31% in the prices of phosphate rock and fertilizers and phosphate-based acids. These price increases offset the negative impact of lower quantities of sales and higher costs of raw materials, energy and transportation due to the increase in oil and fuel prices.
In the first nine months of the year, ICL recorded an improvement of approximately 2% in revenues compared with the corresponding period last year, to approximately $ 4.15 billion. At the beginning of the year, ICL sold its fire safety and oil additives business, resulting in a one-time profit of $ 869 million, and increased its operating profit in January-September 3-fold to $ 1.35 billion. The company posted a net profit of $ 1.16 billion in the first three quarters of the year, 5.5 times the same period last year. At the same time, ICL announced that it would distribute a dividend of $ 66 million next month.