Company
Israel Shipyards
+ 1.45%
Base:5,877
opening:5,877
High:6,000
low:5,877
change:135,684
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Indicates a decrease in revenues for the fourth quarter of 2020: Revenues amounted to NIS 209 million, compared with NIS 233 million in the corresponding quarter, a decrease of 10%. The decrease in revenues is mainly due to a decrease in revenues in the shipyard sector, due to the corona crisis. Operating profit in the quarter grew by about 53% to NIS 26 million (12.5% of revenues), compared with about NIS 17.1 million in the corresponding quarter in 2019 (about 7.3% of revenues).
EBITDA In the quarter, it increased by 27.6% to NIS 40 million, compared with NIS 32 million in the corresponding quarter.
The net profit In the quarter, it rose to NIS 19.8 million (approximately NIS 18 million attributed to shareholders), compared with a net profit of approximately NIS 9.2 million (approximately NIS 5.2 million attributed to shareholders) in the corresponding quarter.
Zvika Schechterman, CEO of Israel Shipbuilding Industries on the reports:
“The results we present today illustrate the Group’s operational flexibility, which supports our ability to operate efficiently and maximize our revenues and profits. In 2020, we show a sharp increase of about 46% in revenue in light of a significant increase of about 700,000 tons in the volume sold (which is an increase of 67%) while improving profitability. A fleet of ships accumulating in two more ships) Ownership of these advanced ships ensures independence, efficiency and low transport prices, regardless of the transport prices in the shipping industry. In the shipbuilding sector we announced last November the completion of significant $ 128 million negotiations for a production and sale agreement Of vessels to the country in Asia, which is expected to support the continued growth of the subsidiary, Israel Shipyards in the coming years. ”
Results 2020 – Total revenues in 2020 increased by 2%, to NIS 765 million.
In the cement sector Revenues grew by 45.7% to NIS 413.4 million, compared with NIS 283.8 million last year. The increase in revenue in the cement sector is attributed to an increase in the quantity sold, which was slightly offset by a decrease in the average price per tonne. EBITDA in the cement segment grew by approximately 55.6% to approximately NIS 61.8 million (profit margin of approximately 15%), compared with approximately NIS 39.8 million (profit ratio of approximately 14%). The increase in profitability was affected by a decrease in the average cost per tonne, a decrease in the cost of the raw material, a decrease in the hourly rate and a decrease in the cost of transportation, as well as as a result of the spread of fixed expenses over a larger quantity.
In the port sector Revenues increased by 18.9% to NIS 152.3 million, compared with NIS 128.1 million last year. The increase in revenues is mainly due to a 44% increase in cargo unloading, compared to the same period last year, mainly due to the use of another platform, which was provided by the company to a customer operating in the gas sector and temporarily returned to use from April 2020, offset by average revenue per tonne The products. EBITDA in the segment increased by approximately 78.2% to approximately NIS 43.6 million (profit rate of approximately 29%), compared with approximately NIS 24.5 million in the corresponding period last year (profit margin of approximately 19%). The increase in profitability is due to an increase in activity, product mix and streamlining of operating expenses.
In the shipyard sector Revenues amounted to NIS 154.3 million, compared with NIS 267.1 million in 2019. The decrease in revenues in the shipyard sector is mainly due to the completion of projects and a delay in the entry of new projects, which led to a decrease in the volume of work performed in the period compared to the previous year. EBITDA in the shipyard segment grew by 64.9% to NIS 38.4 million (profit rate of 25%), compared with NIS 23.3 million in the corresponding period last year (profit rate of 9%). the climb Profitability stems from a mix of projects in higher profitability during the period and the closing of balances in completed projects, as well as a decrease in other expenses.
Operating profit Of the company grew during the period by approximately 33% to approximately NIS 103.6 million (approximately 13.5% of revenues), compared with approximately NIS 77.8 million in the corresponding period in 2019 (approximately 10.5% of revenues). The increase in operating profit is due to the improvement in gross profit, as well as the fact that in 2019 other non-recurring expenses were recorded, in the amount of NIS 21.9 million, mainly a provision for contingent liabilities, while in 2020 the other expenses, net, amounted to NIS 6.9 million. Results 2020
In February this year, the subsidiary signed an agreement to purchase a cargo ship with a carrying capacity of approximately 37,500 tons in exchange for approximately $ 10.5 million. Completion of the transaction is expected to take place during the second quarter of 2021. Following the acquisition, the company’s fleet will number 12 ships, in addition, the company updates that the company’s board of directors has decided to distribute a dividend that does not meet the profit test,
“We are currently working on the development of a number of significant growth engines, including the construction of silos for nuclei and entry into the bitumen field,” says Zvika Schechterman, CEO of Israel Shipbuilding Industries. “In addition, we announced today that the company’s board of directors has decided to expand its activities in the field of gypsum products. The construction input market is expected to grow at an accelerated pace in the coming years and we intend to exploit the great business potential.” In addition, we participate in the process of privatizing the Port of Haifa together with our partners, DP WORLD from Dubai, one of the world’s leading companies in this field, from a strategic perspective whereby we can develop a port that will serve as a regional and global HUB and be based on three main legs High technology. “