ICL profit quadruples

Raviv Zoller / Photo: Natali Cohen Kadosh

The company's revenue and profit have been boosted by sharply rising commodity prices and demand.

Israeli chemicals and minerals manufacturer (TASE: SKBN) rose 4.15%, ICL (TASE: ICL: NYSE: ICL) reported very strong results for the third quarter of 2021 backed by the sharp rise in commodity prices and demand.

Revenue in the third quarter of 2021 was $1.8 billion, up 49% from the corresponding quarter of 2020. Net profit was $225 million in the third quarter of 2021 up 317% from $54 million in the corresponding quarter of 2020.

ICL president and CEO Raviv Zoller said, "ICL delivered outstanding results, including the fourth consecutive quarter of bottom-line improvement. All four of our businesses contributed, with each of them reporting double-digit growth in sales, operating profit and EBITDA, driven by our strengthening specialties product portfolio and commodity tail winds. While our Innovative Ag Solutions division delivered double-digit organic growth, our recent Brazilian acquisitions helped balance the traditional seasonality of this business and drove a nearly 125% year-over-year improvement in total IAS sales and an increase in EBITDA of more than 300%."

Published by Globes, Israel business news - en.globes.co.il - on November 4, 2021.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2021.

Raviv Zoller / Photo: Natali Cohen Kadosh
Raviv Zoller / Photo: Natali Cohen Kadosh
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