Israel Chemicals Ltd. (TASE: ICL) today published its financial report for the second quarter of 2008. Net profit rose 5.4 fold to $709.1 million ($0.55 per share) from the $125.8 million for the corresponding quarter of 2007. For the first time, the fertilizer and chemicals producer reported a larger quarterly profit than Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) - $536 million, and is now the Israeli company with the highest quarterly profit.
Israel Chemicals' revenue more than doubled to $2.08 billion for the second quarter from $963.1 million for the corresponding quarter. Net cash flow was $473.5 million. Operating profit rose 383% to $862.8 million from $178.8 million. The company had $97.4 million in cash and cash equivalents at the end of June, up from $51.4 million a year earlier.
Israel Chemicals handily beat analysts' forecasts. Yesterday, Merrill Lynch predicted a net profit of nearly $570 million, and Leader Capital Markets had predicted $550 million.
Israel Chemicals also announced the distribution of a $300 million dividend - the largest in the company's history.
Second quarter potash sales alone totaled $579.7 million and phosphates sales totaled $375.5 million. Sales of industrial products (bromine products, including flame retardants, clear brines for the oil and gas exploration industries, and water treatment biocides) totaled $412.8 million and sales of performance products (phosphoric acid products, including phosphate salts, food additives, hygiene products, phosphorus derivatives, and wildfire safety products) totaled $527.4 million.
Published by Globes [online], Israel business news - www.globes-online.com - on August 20, 2008
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