Yaki Neumann, CEO of the company: “The increase in the volume of the company’s activity continues and is also reflected in the growth in revenues from electricity generation and profit compared to the corresponding period last year. The company is progressing in accordance with its strategic goals and beyond. The company is constantly engaged in building additional growth engines for the company’s operations, including innovative technological solutions for streamlining the land resource with agro-volt projects and “energy independence” projects that combine storage facilities and power grid management in large electricity consumer areas. The company also established the innovation arm, Doral-Tech, with the aim of locating, investing and professionally accompanying synergistic technological projects for its activities.
“Doral continues to establish global operations in Europe and the United States and is examining penetration into additional markets thanks to the experience and professionalism that Doral brings with it, which has proven over the past year to be a significant and leading player in the field, in Israel and around the world.”
Doral Energy reported this morning (Wednesday) on its financial results for 2020. The company’s revenues in 2020 amounted to NIS 58.7 million, compared with NIS 8.2 million in 2019. The increase is due to an increase in revenues from the sale of electricity and the provision of services. In 2020, there was a 12.5% increase in the corporations’ revenues from the sale of electricity, which amounted to approximately NIS 59.8 million, compared with approximately NIS 53.2 million in 2019. Revenues based on IFRS Non-GAAP in 2020 amounted to approximately NIS 39.1 million. H, an increase of approximately 39.6% compared to approximately NIS 28 million in 2019.
The consolidated gross profit on the basis of IFRS Non-GAAP in 2020 amounted to approximately NIS 24.4 million (and net of depreciation and amortization of NIS 36.4 million), an increase of approximately 51.2% compared to approximately NIS 16.1 million in 2019.
The EBITDA of the project corporations in 2020 amounted to approximately NIS 55.2 million, an increase of approximately 12.6% compared to approximately NIS 49 million in 2019.
Adjusted cash flow profit – FFO of the project corporations in 2020 grew by about 14% and amounted to about NIS 45.5 million, compared to about NIS 39.9 million in 2019.
Net income in 2020 amounted to approximately NIS 13.9 million, compared with a loss of approximately NIS 2.6 million in 2019. Net income on the basis of IFRS Non-GAAP in 2020 amounted to approximately NIS 10.4 million (and after deducting depreciation and amortization, approximately NIS 22.5 million NIS 1 million), compared to a loss of approximately NIS 1 million in 2019.
The total profit for 2020 amounted to approximately NIS 21.1 million, compared with approximately NIS 22.5 million in 2019.
The equity attributed to the parent company’s owners as of December 31, 2020, amounted to approximately NIS 405.5 million, compared with approximately NIS 52.9 million on December 31, 2019. The increase is mainly due to the issuance of the Company’s shares to the public in June 2020, conversion to shares of loans granted to the Company by some of its shareholders, completion of the construction of new facilities presented at fair value and an increase in surpluses. In October 2020, the company completed a capital raising of approximately NIS 191 million and strengthened the capital base in preparation for the realization of silent projects by virtue of winning the various competitive procedures.
Updates on activity during and after the report period:
As of this date, owned by the Group companies, together with partners, projects under construction, in preparation for construction and / or winning competitive procedures, with a total capacity of approximately 1,042 megawatts, additional projects in advanced development stages with a total capacity of approximately 741 megawatts and other projects In the initiation stages with a total capacity of about 4,285 megawatts.
Company activities in the USA – The estimated aggregate capacity of Doral Global’s projects, which are held at a rate of 50.1% by the company, which are in various stages of development and advanced development in the US, is approximately 3,064 megawatts. The company continues to expand its operations in the US.
Company activities in Europe: The company recently announced its entry into the renewable energy market in Poland and Romania, along with increasing the scope of the company’s operations in Italy. The scope of the projects that the company is currently promoting in Europe stands at a total of about 1.25 gigawatts.
Storage – Doral was announced as the grand winner in two competitive procedures for the construction of power generation facilities with photovoltaic technology combined with storage capacity, for facilities that will connect to the distribution network, with a cumulative winning volume equivalent to about 750 megawatts (DC), and with combined storage capacity – a cumulative volume of about 1,200 mega- Watts at least an hour.
Energy independence in the areas of large electricity consumers – The company is establishing “energy independence” projects that include electricity generation, energy storage and solutions for managing electricity networks in large areas of electricity consumers (such as kibbutzim, factories, etc.).
Agro-Voltage Activity “Doral Orchards” – the company promotes innovative projects, which combine advanced solar systems over agricultural crops (orchards and vineyards) with methods of advanced and precise agriculture.
Establishment of Doral-Tech – The company recently launched Doral-Tech, the company’s innovation arm that will provide professional guidance and invest in synergistic technological ventures for the company’s operations.
Hadari Shan Project – The company received the approval of the “housing cabinet” for the project, with an estimated capacity of about 200 megawatts (DC), as well as the electricity route that will connect it to the national electricity grid, with a total area of about 1,900 dunams.