Delek Group Ltd. (TASE: DLEKG) unit Delek US Holdings Inc. (NYSE:DK) sees more growth in 2013, after publishing record results in 2012.
Fourth quarter revenue rose 9% to $2.18 billion from $2 billion for the corresponding quarter. Net profit was $64.3 million ($1.06 per share) for the fourth quarter compared with a net loss of $6 million for the corresponding quarter. The fourth quarter 2012 net profit was reduced by $2.1 billion ($0.03 per share) due to costs of the Delek Logistics Partners LP (NYSE: DKL) IPO and higher taxes.
Delek US attributed its growth to higher refining margins, due to more stability in crude oil prices and more diversified sources of crude oil for its refineries.
Full-year revenue rose to $8.73 billion from $7.2 billion in 2011, and net profit rose to $272.8 million ($4.57 per share) from $158.3 million.
Cash reserves totaled $601.7 million at the end of 2012 and debt totaled $362.2 million, for net cash of $239.5 million, compared with a net debt of $206.7 million a year earlier. The improvement was due to cash flows from refining operations and $175.5 million proceeds from the Delek Logistics.
Delek US chairman, president and CEO Uzi Yemin said, “With increased access to cost advantaged crude and a strong financial position, we look forward to creating additional value for our shareholders during 2013."
Published by Globes [online], Israel business news - www.globes-online.com - on March 7, 2013
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