Israeli energy company, Delek Group, increased its income to 85 million shekels ($22.1 million) in the third quarter of 2016 from 22 million shekels ($5.72 million) in the third quarter of 2015, the company announced on Tuesday.
Delek's lower financial expenses and higher income from exploration and production activities positively affected the result.
The company's profits from exploration and production increased from 87 million shekels in the third quarter of 2015 to 111 million shekels in 2016's third quarter.
The company noted that it produced 2.6 billion cubic meters of natural gas at the Tamar gas field during this period -- a record high for the third quarter which superseded the record set during the same period in 2015 when the company produced 2.5 billion cubic meters.
'Delek Group concludes a successful third quarter from a financial and strategic standpoint. The third quarter results demonstrate financial strength of the group, which enables us to build upon the group's existing activities in the energy sector, while growing the group in the international energy sector,' Asaf Bartfeld, president and CEO of the Delek Group said.
'Following the signing of our agreements with the Jordanian Electric Company as well as a number of other players in the domestic market, combined with the signing of the financing for the development of Leviathan, we see ourselves closer to the final investment decision to develop the Leviathan reservoir, based on our strategic plan,' he added.
Israel's Delek and Avner partnership have signed a $10 billion agreement with Jordan's Natural Electric Power two months ago and reported that they are in talks with major banks after clearing antitrust issues with the Israeli government earlier this year.
By Murat Temizer
Anadolu Agency
murat.temizer@aa.com.tr