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TEL AVIV, Israel , May 30, 2024 /PRNewswire/ -- Israel Corporation Ltd. (TASE: ILCO) ("ILCO") announced today its first quarter results for the period ending March 31, 2024.
| Selected Financial Figures for the First Quarter 2024: | ||
| $m | Q1/24 | Q1/23 |
| ILCO share in ICL profit[1] | 48 | 123 |
| Amortization of excess cost | (1) | (1) |
| Financing, G&A and other expenses at ILCO headquarter level | (1) | (5) |
| Tax income of ILCO Headquarters | 16 | - |
| Net profit to company's shareholders | 62 | 117 |
Liquidity at the ILCO Headquarters Level[2]
As of March 31, 2024, total financial liabilities were $869 million, and investments in liquid assets amounted to $978 million of which $10[3] million are pledged deposits.
Net cash[1] as of March 31, 2024, totaled $78 million. The net cash* includes the fair value of derivatives transactions, which increases the economic value of the financial liabilities by $31 million. As of December 31, 2023, the net cash* was $70 million.
Additional updates
On November 16, 2023, ILCO announced the initiation of a buyback program of $33m, which was active until March 31, 2024. As of March 31, 2024, ILCO completed the buyback program.
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.
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 | 31/03/2024 |
| Assets | |
| ICL (~567m shares, market value[4]) | 3,005 |
| AKVA Group (~6.6m shares, market value[2]) | 42 |
| Other[5] | 18 |
| Total Assets | 3,065 |
| Net Cash | 78 |
| Total Assets, net | 3,143 |
[1] Amortization of excess cost
[2] Israel Corp and its wholly owned and controlled headquarter companies.
[3] Following the end of the quarter, additional $4m were deposited as pledged
[4] As of March 31, 2024, for ICL and March 28, 2024, for AKVA Group and Nordic Aqua Partners
[5] Includes 1.508m shares in Nordic Aqua Partners (OB:NOAP)
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