Paz in a difficult year, expects to recover in 2021 – the capital market

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Reports a 40% decline in sales in the fourth quarter, which amounted to 1.8 billion, compared to 3 billion in the corresponding quarter. YELLOW sales increased in the quarter, and amounted to NIS 250 million, compared with NIS 224 million in the corresponding quarter last year. Amounted to 1.8 billion, compared to 3 billion in the corresponding quarter. YELLOW sales increased in the quarter, and amounted to NIS 250 million, compared with NIS 224 million in the corresponding quarter last year. The decrease in the Group’s total sales is mainly due to the decrease in the prices of petroleum products between the reporting periods and a decrease in both sales volumes as a result of the corona crisis.

Referring to the 2020 results, Nir Stern, CEO of the Paz Group, noted: “The Corona year was particularly challenging for the Paz Group. With the return of the economy to full activity, we see signs of recovery in all sectors of activity, including the fuel industry at stations. Along with the ongoing corona crisis that affected all of the company’s operating segments and deeply affected the fuel economy, refining margins and almost complete cessation of aviation operations, we performed focus and streamlining processes to mitigate the impact on the Group’s operating segments. We have taken steps to strengthen, expand, develop and improve the retail arm and especially the yellow convenience store chain, as preferred stores for making a complementary purchase, which yielded a record annual turnover of close to NIS 1 billion while the double-digit growth trend in yellow in the fourth quarter continues into 2021. .

The Ebitda In the fourth quarter, it amounted to NIS 135 million, compared with NIS 217 million in the corresponding quarter. The decrease in Ebitda is due to a decrease in the refining margin and a decrease in sales volumes due to the corona crisis, which was partially offset by the increase in the manufacturing and sales sector.

Operating loss The company recorded an operating loss in the quarter of NIS 25 million, compared with an operating profit of NIS 79 million in the corresponding quarter.

Net loss The company recorded a net loss of NIS 9 million, compared to a net profit of NIS 40 million in the corresponding quarter. The decrease in the annual profit is due to an erosion in the refining margin and a decrease in the sales volumes of fuels.

Retail and trade
Sales In the fourth quarter, they amounted to 1.1 billion, compared with 1.7 billion in the corresponding quarter last year. Due to a decrease in the price and volume of sales of petroleum products at stations and in direct marketing, there was a 21% decrease in sales volumes due to the corona crisis.

Operating profit In the fourth quarter, it amounted to NIS 48 million, compared with NIS 54 million in the corresponding quarter last year.

EBITDA Adjusted in the fourth quarter amounted to NIS 111 million, compared with NIS 116 million in the corresponding quarter. The decrease in the annual level is due to a decrease in the sales volumes of fuels.

Sales In the quarter, they amounted to NIS 1.1 billion, compared with NIS 2 billion in the corresponding quarter last year. The decrease is mainly due to the decrease in the price of the barrel of oil between the average periods of about $ 64 per barrel in 2019 to about $ 42 per barrel in 2020, and a decrease in the volume of barrel sales of 23% compared to the previous year.

Operating loss In the fourth quarter, the loss amounted to NIS 110 million, compared with a loss of NIS 64 million in the corresponding quarter last year before depreciation due to impairment of goodwill and fixed assets. The decrease is mainly due to the erosion in the refining margin, which was 19% compared to the refining margin in the previous year, as well as a decrease in sales volumes of 23% compared to the previous year.

EBITDA Adjusted for the quarter amounted to a loss of NIS 53 million, the decrease is mainly due to the erosion in the refining margin which was 19% compared to the refining margin in the previous year as well as a decrease in sales volumes of 23% compared to the previous year.

Sales in the fourth quarter amounted to NIS 42 million, compared with NIS 48 million in the corresponding quarter last year. The drop in sales is due to a decrease in external rents due to a reduction in tenant activity due to the corona crisis and the commuter sector.

Operating Profit In the quarter, it amounted to NIS 22 million, compared with NIS 42 million in the corresponding quarter last year. Excluding the effect of the revaluation, the operating profit for 2020 amounted to NIS 105 million, compared with NIS 110 million last year.

EBITDA Adjusted for the quarter amounted to NIS 38 million, compared with NIS 37 million in the corresponding quarter. The decrease in the annual level is due to a decrease in rents of tenants in the refueling complexes and of the commuter sector, which was partially offset by a decrease in the sector’s expenses.

Industries
Sales In the fourth quarter, they amounted to NIS 331 million, compared with NIS 382 million in the corresponding quarter. The decrease is due to a decrease in sales of petroleum products in all companies in the sector, mainly in the activities of the companies Properties and Aviation Services.

Operating Profit In the fourth quarter, it amounted to NIS 49 million, compared with NIS 56 million in the corresponding quarter.

EBITDA Adjusted in the fourth quarter amounted to NIS 63 million, the increase in Paz Gas’ profit that showed a record year and amounts to NIS 138 compared to NIS 122 in the previous year. The annual. The decrease in the quarter is due to the continued decline in airline activity, which was partially offset by an increase in Pazker’s profit.

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