Delek Group controlled by Yitzhak Tshuva, presented a net profit of just over NIS 2.5 billion

 Delek Group, controlled by Yitzhak Tshuva, presented its results for the first quarter of 2022 and recorded a net profit of just over NIS 2.5 billion. This is the highest quarterly profit in its history - 9 times the net profit it recorded in the corresponding period last year.
 A financial figure is responsible for the record result. Last February, Ithaca completed the deal in which it acquired the Japanese company Marubeni, which operates in the field of energy in the North Sea region, for $ 140 million, with the total consideration likely to reach $ 255 million in the future. Most have a deferred tax asset of NIS 2.1 billion ($ 658 million). Together with the increase in oil and gas prices between the date of signing the transaction and its completion, this enabled the Delek Group to recognize a huge profit of NIS 1.9 billion in the first quarter reports of 2022. Excluding this profit, the net profit attributed to shareholders amounted to NIS 639 million - a jump of 129 % Compared to the corresponding quarter.
Delek Group's core business also showed significant growth. The company's revenues in the first quarter of 2022 amounted to NIS 3 billion, an increase of 60% compared to revenues of NIS 1.9 billion in the corresponding period. Ethics, whose revenues have more than doubled to almost NIS 2.4 billion, was responsible for most of the revenues. On the other hand, revenues from operations in Israel, ie from New Med Energy, decreased by 12% and amounted to NIS 684 million. The increase in Ithaca's revenues is the result of both a quantitative increase (6.3 million barrels compared to 5.9 million barrels in the corresponding period - an increase of 6.8%) and a price increase.
Delek Group's core business also showed significant growth. The company's revenues in the first quarter of 2022 amounted to NIS 3 billion, an increase of 60% compared to revenues of NIS 1.9 billion in the corresponding period. Ethics, whose revenues have more than doubled to almost NIS 2.4 billion, was responsible for most of the revenues. On the other hand, revenues from operations in Israel, ie from New Med Energy, decreased by 12% and amounted to NIS 684 million. The increase in Ithaca's revenues is the result of both a quantitative increase (6.3 million barrels compared to 5.9 million barrels in the corresponding period - an increase of 6.8%) and a price increase.