Ashdod Port Company Ltd. posted a net profit of NIS 192 million in 2012, tens times its profit of NIS 19 million in 2011. The increase was due to heavy one-time expenses in 2011, including NIS 62 million distributed to employees on profits in 2008-10, and a NIS 65 million tax expense for the cancellation of the reduction in the companies tax in the wake of the Trajtenberg Committee recommendations.
Ashdod Port's revenue edged up to NIS 1.12 billion in 2012 from NIS 1.11 billion in 2011. The port handled the import of 154,000 vehicles in 2012, up 4% from the year before, and handled 1.17 million TEU of containers, up 0.2%.
Ashdod Port will distribute tens of millions of shekels in dividends to the government on the profits for 2012, after distributing a NIS 330 million dividend last year on its profits for 2008-10, half its aggregate net profit for this period. Under Government Companies Authority regulations, the dividend means that the port's 1,200 employees will receive 10% of its profits as a bonus.
Ashdod Port plans to invest NIS 646 million over the next three years to expand and upgrade its services and equipment. Key projects include the grain conveyor belt and converting Pier 21 to handle containers.
This year, Minister of Finance Yair Lapid and Minister of Transport Yisrael Katz will decide whether a new port will built at Ashdod Port or at Haifa Port Company Ltd. Ashdod Port is currently in the lead in the containers sector, but lags in general cargo. The winner of the new NIS 4 billion port project will break the equilibrium between the two ports and cities.
Published by Globes [online], Israel business news - www.globes-online.com - on April 4, 2013
© Copyright of Globes Publisher Itonut (1983) Ltd. 2013