Delek Group Ltd. (TASE: DLEKG), controlled by Yitzhak Tshuva, has reported a sharp rise in revenue in 2012, to NIS 71.6 billion, from NIS 59.2 billion in 2011. Net profit was down however from NIS 2.61 billion in 2011 to NIS 446 million in 2012. In 2011, the group posted a one-time profit from the purchase of shares in Cohen Development and consequent revaluation of its investment in Avner Oil and Gas LP (TASE: AVNR.L) NIS 3.3 billion. Excluding capital gains and other exceptional items, the group's profit in 2012 was NIS 1 billion, compared with NIS 546 million in 2011.
The group said that the factors that mainly contributed to its profit were the refining and fuels segment in the US, through Delek US, which made a profit of NIS 669 million, and its insurance and finance activity, which contributed a profit of NIS 191 million in 2012, compared with a loss of NIS 48 million in 2011.
Delek Group will distribute a further dividend of NIS 220 million.
Delek Group CEO Asaf Bartfeld earned NIS 7.59 million last year, or which NIS 1.73 million was salary, NIS 900,000 was a bonus, and NIS 4.96 million was in stock-based compensation. Delek US CEO Uzi Yemin earned NIS 11.8 million.
Published by Globes [online], Israel business news - www.globes-online.com - on March 24, 2013
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