Israel’s Delek Group Q1 net profit, revenue up

TEL AVIV, May 31 (BestGrowthStock) – Israeli energy, automotive and
real estate conglomerate Delek Group (DELKG.TA: ) said on Monday
its quarterly net profit rose on higher sales and lower
expenses.

Delek posted first-quarter net profit of 205 million shekels
($53.4 million), or 17.82 shekels per diluted share, up from 157
million shekels, or 12.86 shekels a share, a year earlier.

Revenue rose to 11.4 billion shekels from 9.1 billion,
largely due to revenue from its U.S. oil refinery which had been
closed for repairs in the year-earlier quarter following a fire.
A rise in sales at Delek’s petrol stations due to higher fuel
prices also contributed.

Delek Group, which also has holdings in the insurance
sector, is 62 percent-controlled by billionaire Yitzhak Tshuva.
It controls oil refiner Delek US Holdings (DK.N: ) and its
subsidiaries are partners in a group led by Noble Energy (NBL.N: )
that has found large amounts of natural gas off Israel’s
Mediterranean coast.

Delek said it would pay a dividend of 150 million shekels,
or 13.18 shekels per share, on June 30. This is up from 72
million shekels a year earlier.

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($1 = 3.84 shekels)
(Reporting by Tova Cohen; Editing by Hans Peters)

Israel’s Delek Group Q1 net profit, revenue up