Dor Energy today announced its results for the third quarter of 1999. Third quarter profit was NIS 9 million, a decrease of 10% compared to last year. During part of this period, the Dankner group still held the controlling interest in the company, recently bought by fuel company Alon, controlled by David Weissman.
Dor Energy’s third quarter revenues were NIS 568 million, an increase of 25% compared to last year. Net sales (minus excise) were NIS 353 million. Gross profit was NIS 70.6 million, an increase of 23% compared to last year. Operating profit was NIS 19.7 million, a 35% increase compared to last year.
Profit for the first nine months of 1999 was NIS 30.4 million, a 58% increase compared to last year. The increase in profit is mainly attributable to the establishment of additional filling stations, an improvement in the business customers sector, and a fall in financing costs. Gross profit for the first nine months of the year was NIS 192 million, an increase of 21% compared to last year.
Revenues for the first nine months of the year were NIS 1.45 billion, an increase of 10% compared to last year. Net sales were NIS 847 million. Operating profit was NIS 52.7 million, an increase of 30% compared to last year.
In the first nine months of 1999 the company invested NIS 25.5 million in the establishment of new filling stations, and an additional NIS 11 million in the purchase of land plots for this purpose.
According to Dor Energy, the adverse impact the establishment of the Palestinian Authority had on the company’s sales has decreased. The PA sector’s share of the company’s total gross profit fell to 31.6% in the first nine months of the year, from 40% last year.
Published by Israel's Business Arena November 22, 1999