Delek profit jumps as energy prices soar

The strong rise in energy prices in the wake of the war in Ukraine has boosted the profits of Delek Group Ltd. (TASE:DLEKG), controlled by Yitzhak Tshuva (48.6%). Delek has reported the second largest profit of any Israeli company after Zim Integrated Shipping Services Ltd. (NYSE: ZIM) in the first quarter of 2022.

Delek Group's revenue in the first quarter of 2022 was NIS 3.1 billion, up 63% from the corresponding quarter of 2021. The company reported a net profit of NIS 2.5 billion, a nine-fold increase over the corresponding quarter of last year. Net profit from Delek's Ithaca North Sea unit alone was $785 million compared with $43 million in the first quarter of 2021.

Delek Group's share price rose 3.48% today to give a market cap of NIS 3.4 billion, up from $43 million in the corresponding quarter of last year.

Published by Globes, Israel business news - en.globes.co.il - on May 24, 2022.