The decrease in the value of the Ashdod refinery mimics Paz’s profits

Nir Stern, CEO of the Paz Group: “The corona year was especially 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 profoundly fueled the fuel economy, refining margins and almost complete cessation of aviation operations, we performed targeting and streamlining processes to mitigate the group’s operating segments. Retail and especially the yellow convenience store chain, as preferred stores for making a complementary purchase, which generated a record annual turnover of close to NIS 1 billion, while the double-digit growth trend in yellow’s revenue turnover in the fourth quarter continues into 2021.

“Despite the difficulties posed by the Corona Year, I am encouraged by the progress in implementing the strategic plan we have presented to strengthen the retail arm. We have signed the acquisition of the popular and growing chain ‘Super Yoda’, one of the leading neighborhood supermarket chains in Israel and intend to double the number of branches within three years.”