TEL
AVIV, Israel, Nov. 21,
2024 /PRNewswire/ -- Israel Corporation Ltd. (TASE:
ILCO) ("ILCO") announced today its third quarter results for the
period ending September 30, 2024.
|
Selected
Financial Figures for the Third Quarter 2024:
|
|
$m
|
Q3/24
|
Q3/23
|
|
ILCO share in ICL
profit1
|
49
|
59
|
|
Financing income,
G&A and other expenses at ILCO headquarter level
|
-
|
(1)
|
|
Tax income of ILCO
Headquarters
|
-
|
-
|
|
Net profit to
company's shareholders
|
49
|
58
|
|
|
|
Liquidity at the ILCO Headquarters Level2
As of September 30, 2024, total
financial liabilities were $722
million, and investments in liquid assets amounted to
$843 million of which $313 million are pledged deposits.
Net cash1 as of September 30,
2024, totaled $84 million. The
net cash includes the fair value of derivatives transactions, which
increases the economic value of the financial liabilities by
$37 million. As of June 30, 2024, the net cash was $64 million.
Additional updates
On March 27, 2024, ILCO Board of
Directors decided on distribution of dividend at the sum of
$37m, this in accordance with the
company's dividend policy announced in January 2023. The payment date was April 17, 2024.
On July 17, 2024, S&P Maalot,
reaffirmed ILCO's credit rating of ilA+/stable.
ILCO financial results of ILCO are mainly affected by the
results of its investees. For more details see detailed financial
report.
|
ILCO Total Assets,
Net
|
|
$m
|
30/09/2024
|
|
Assets
|
|
|
ICL (~567m shares,
market value4)
|
2,427
|
|
AKVA Group (~6.6m
shares, market value4)
|
35
|
|
Other5
|
11
|
|
Total
Assets
|
2,473
|
|
ILCO's Net
Cash
|
84
|
|
Total Assets,
net
|
2,557
|
About Israel Corporation
Israel Corporation Ltd. (TASE: ILCO) ("ILCO") is a reputable
public investment company, which owns and invests in high quality
companies with established managements and go-to markets.
In November 2019, ILCO announced
its updated strategy, ILCO plans to expand its portfolio through
new investments over the next few years. ILCO plans to focus mainly
on the food (inc. tech), agriculture (inc. tech), healthcare and
industry 4.0 sectors. For more details please see the following
link to ILCO updated Strategy Presentation
ILCO strives to generate return on its investment through active
board participations and its operational and managerial
expertise.
ILCO current core holdings include c.44% stake in ICL Group
(NYSE:ICL, TASE:ICL) and c.18% stake in AKVA Group (OB:AKVA). ILCO
is publicly traded on the Tel Aviv Stock Exchange under the ticker
ILCO and is included in the TA-35 Index.
For further information on ILCO, see ILCO's publicly available
filings, which can be found on the Tel Aviv Stock Exchange website
at http://maya.tase.co.il.
Please also see ILCO company website
http://www.israelcorp.com for additional information.
Convenience Translation
The financial information found in this press release is an
English summary based on the original Hebrew financial statements
and is solely for the convenience of the reader. The binding
version is the original in Hebrew.
Forward Looking Statements
This press release may contain forward-looking statements,
which may not materialize and are subject to risks and
uncertainties that are not under the control of ILCO, which may
cause actual results to differ materially from those contained in
the disclosures.
Investor Relations Contact
Idan Hizki
Vice President, Business Development & Investor Relations
Tel: +972 3 684 4500
idanh@israelcorp.com
1. Amortization of excess cost
2. Israel Corp and its wholly owned and controlled headquarter
companies.
3. Following the end of the quarter, $6m were np longer pledged
4. As of September 30, 2024
5. Includes 1.508m shares in Nordic
Aqua Partners (OB:NOAP), after the end of the quarter NOAP
successfully completed a financing round of ~NOK 366m, in which ILCO participated slightly
above its pro-rata share ending with total shares of 1.98m.
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