Israel Corp. Reports Results for Second Quarter of 2024

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Aug 15, 2024, 08:38 ET

TEL AVIV, Israel, Aug. 15, 2024 /PRNewswire/ -- Israel Corporation Ltd. (TASE: ILCO) ("ILCO") announced today its second quarter results for the period ending June 30, 2024.

Selected Financial Figures for the Second Quarter 2024:

$m	Q2/24	Q2/23
ILCO share in ICL profit¹	49	72
Financing, G&A and other expenses at ILCO headquarter level	(1)	(2)
Tax income of ILCO Headquarters	-	-
Net profit to company's shareholders	48	70

Liquidity at the ILCO Headquarters Level²As of June 30, 2024, total financial liabilities were $754 million, and investments in liquid assets amounted to $858 million of which $16³ million are pledged deposits.

Net cash¹ as of June 30, 2024, totaled $64 million. The net cash includes the fair value of derivatives transactions, which increases the economic value of the financial liabilities by $40 million. As of March 31, 2024, the net cash was $78 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	30/06/2024
Assets
ICL (~567m shares, market value⁴)	2,432
AKVA Group (~6.6m shares, market value²)	40
Other⁵	19
Total Assets	2,490
ILCO's Net Cash	64
Total Assets, net	2,554

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 Contacts
Idan Hizki
Vice President, Business Development & Investor Relations
Tel: +972 3 684 4500
[email protected]

Amortization of excess cost
Israel Corp and its wholly owned and controlled headquarter companies.
Following the end of the quarter, additional $16m were deposited as pledged
As of June 30, 2024, for ICL and June 28, 2024, for AKVA Group and Nordic Aqua Partners
Includes 1.508m shares in Nordic Aqua Partners (OB:NOAP)

SOURCE Israel Corporation Ltd.