Delek Group has announced robust financial results for Q3: NIS 423 million

Delek Group, under the leadership of Yitzhak Tshuva and managed by Idan Wells, has announced robust financial results for the third quarter of 2023. The company recorded a profit of NIS 423 million, a stark contrast to the loss of NIS 404 million in the same quarter last year. This achievement positions Delek Group to distribute a substantial dividend of NIS 250 million, resulting in an impressive dividend yield of no less than 14%.

For the first nine months of the year, Delek Group reported revenues of approximately NIS 9.2 billion, a slight increase from NIS 9 billion in the corresponding period of the previous year. The net profit for the nine-month period reached approximately NIS 1.4 billion. However, excluding one-off profits and adjustments for deferred taxes recorded in 2022, the net profit in the same period last year was approximately NIS 4.8 billion.

Noteworthy is the company's total EBITDAX, which rose to approximately NIS 7.1 billion for the reporting period, compared to NIS 6.8 billion in the same period last year. Delek Group's net financial debt decreased to approximately NIS 3.15 billion, compared to NIS 3.77 billion in the corresponding quarter last year. The group's equity also increased to approximately NIS 10.1 billion at the end of the third quarter.

In a strategic move, Delek Group acquired a 44.48% controlling stake in "Mehadrin" from the DSKSH group for about NIS 250 million, completing the deal on August 17, 2023.

Midrog, part of the Moody's group, raised the rating of Delek Group's bonds during the third quarter to A3.il with a stable horizon (equivalent to A-), citing the company's clearly positive financial situation.

The board of directors decided to distribute a dividend of NIS 250 million to shareholders, reflecting a dividend yield of approximately 14%. Idan Wells, CEO of Delek Group, expressed satisfaction with the results, highlighting the company's strong core assets, debt reduction, and consistent dividend distribution.

Wells stated, "The raising of the group's rating during the third quarter...expresses an expression of confidence in the group's activities, the quality of its assets and its financial stability." He also noted that the group received significant dividends from subsidiaries during the reporting period, with expectations of additional dividends for 2023.

Beyond financial success, Delek Group has actively engaged in ventures and projects supporting IDF soldiers and families affected by recent events in the south. Wells concluded by expressing solidarity, saying, "together with all of Beit Israel, we pray for the speedy recovery of the wounded and call for the return of all the abductees to their families."