The initial prospectus published by energy company Supergas ahead of its TASE IPO reveals a highly profitable company. Revenue in the first quarter of 2020 was NIS 188 million, up 5.7% from the corresponding quarter of 2019. Higher sales by Supergas, which is the energy arm of Elco Holdings Ltd. (TASE: ELCO) was boosted by higher liquid petroleum gas (LPG) sales because of the cold winter. RELATED ARTICLES Elco, Leumi Partners in talks to buy Delek Israel Azrieli again reports strong profits Net profit in the first quarter of 2020 was NIS 72.7 million, up 10.9% from the first quarter of 2019. Only six months after completing the acquisition of Supergas from Azrieli Group Ltd. (TASE: AZRG) for NIS 817 million, Elco is hoping to add value to Supergas by floating it at a company valuation of NIS 1 billion before money. Elco hopes to raise NIS 250 million and hundreds of millions more in bonds. Published by Globes, Israel business news - en.globes.co.il - on June 3, 2020 © Copyright of Globes Publisher Itonut (1983) Ltd. 2020