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Delek Group (TASE: DLEKG) announced its Q2 2021 financial results on August 26, 2021. The company will hold an English-language conference call on the same day at 8:00 AM ET to discuss the results, with dial-in numbers provided for attendees in the USA, UK, and other regions. The presentation will be available in advance on their website. Delek Group is a key player in the energy sector, especially in natural gas, with significant operations in Israel's Leviathan and Tamar reservoirs and oil assets in the UK North Sea.
Delek Group reported a strong Q1 2021, achieving revenues of ILS 1.91 billion, a rise from ILS 1.88 billion in Q1 2020. Operating profit surged to ILS 871 million, compared to a loss of approximately ILS 2.7 billion last year. The company generated a net profit of ILS 279 million, a significant recovery from a nearly ILS 2.8 billion loss. Shareholders' equity rose to ILS 2.43 billion, up ILS 350 million from December 2020. The bondholders approved an amendment postponing the rating covenant review to March 2022, reflecting improved financial flexibility.
Delek Group reported solid Q4 2020 results with revenues rising to NIS 1.634 billion, a 16% increase compared to the previous year. The quarter saw an operating profit of NIS 1.5 billion and a net profit of NIS 1.1 billion, reversing a loss from Q4 2019. Key growth was driven by the valuation increase of Ithaca’s North Sea assets, valued at $1.878 billion, up $678 million since June 2020. The company also reduced its net debt by NIS 1.6 billion to NIS 4.343 billion. Management highlighted strategic actions to enhance liquidity amidst global market recovery.
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