Paz Oil Company Ltd. (TASE:PZOL) today announced its first quarter results, reporting a rise in net profit from NIS 167 million in the first quarter of 2015 to NIS 222 million in the first quarter of 2016, a 33% increase.
Paz attributes the increase to significant improvement in the retail, industrial, and services sectors' results, and to a capital gain on the sale of the company's holdings in Pi Gliliot shares, which contributed NIS 58 million to the company's pre-tax profit. These were partially offset by one-time expenses for lawsuits.
Paz's operating profit was up 7% to NIS 308 million, and its earnings before interest, taxes, depreciation, and amortization rose to NIS 407 million.
With the publication of his company's results, Paz CEO Yona Fogel said, "The first quarter of the year was a good one for the Paz group, thanks to the diversity in its business and revenue from capital gains. The group's two main business sectors, industry and retail, continue to grow, with a significant rise in fuel sales and cost-cutting, constituting an anchor for the group's business and profits.
"We are focusing on retail development, and are continuing to establish ourselves as a leading player industry player. The sales turnover at Yellow grew 8%, and the number of deals also rose. We recently launched an online sales website, together with a further increase in commercial space and development and construction of new sites."
Published by Globes [online], Israel business news - www.globes-online.com - on May 25, 2016
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