ICL Fertilizers and Minerals: 12% decrease in quarterly profit to $ 166 million

The ICL Fertilizers and Minerals Company, which is controlled by Idan Ofer Israel Corporation, summarizes the fourth quarter of 2018 with a 4% growth in sales compared with the fourth quarter of 2017, to $ 1.41 billion. This was against the background of higher prices in all of ICL's value chains, which offset the negative impact of the devaluation of the euro and the yuan against the dollar.
In the operating line, ICL recorded a 12% decrease in quarterly profit to approximately $ 166 million, but adjusted operating profit (net of capital gain from the sale of $ 48 million) posted growth of 40% to $ 214 million in the quarter.
In the last quarter, ICL posted a 47% decline in net profit in the fourth quarter, compared to the corresponding quarter in 2017, to a level of $ 82 million.
The company ended the year 2018 with a 3% growth in revenues compared to 2017, to a level of $ 5.55 billion. Excluding businesses sold, revenues rose 8.5% to $ 5.5 billion, due to higher prices, an appreciation of the euro against the dollar and higher quantitative sales of flame retardants, specialty fertilizers and milk proteins. On the other hand, the negative impact of the decline in the quantitative sales of potash, phosphate products and specialty phosphate products.
Operating profit last year jumped 140% from 2017 to $ 1.5 billion, against a background of $ 841 million in capital gains from the sale of fire safety and oil additives at the beginning of the year. Adjusted operating profit (net of businesses sold, impairment of assets and provisions for early retirement, legal claims and site closing costs) grew by 42% to $ 750 million in 2018.