Ratio Energies report a record year in natural gas sales from Leviathan with the highest net profit in its history -77 million dollars

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The revenues and operating profit in this year reached 293 million dollars and 171 million dollars respectively, an increase of 50% in revenues and 60% in operating profit year-over-year.

Metadata
Provider: 
PR NewswirePR Newswire
Retrieved on: 
Thursday, March 31, 2022
Information
Tags: 
Multimedia, Leviathan, TASE, Natural gas, TEL, Partnership, Environment, CEO
Geotags: 
ISRAEL, NEW YORK, UNITED STATES OF AMERICA, EUROPE, JORDAN, EGYPT
Organisation: 
RATIO ENERGIES LIMITED PARTNERSHIP
Stock Symbol: 
TelAviv:RATI-L
Summary
Key Points: 
  • The revenues and operating profit in this year reached 293 million dollars and 171 million dollars respectively, an increase of 50% in revenues and 60% in operating profit year-over-year.
  • Ratio's net profit for 2021 amounted to some 77 million dollars, and adjusted net profit, excluding deferred taxes, amounted to some 102 million dollars.
  • In 2021, a record year in sales, 10.7 BCM of natural gas were sold.
  • From the beginning of the year until the report release date 2.7 BCM of natural gas were sold from the Leviathan reservoir.


Ratio Energies report a record year in natural gas sales from Leviathan with the highest net profit in its history -77 million dollars

TEL AVIV, Israel, March 31, 2022 /PRNewswire/ -- Ratio Energies partnership (TASE: RATI-L), which holds 15% of the Leviathan natural gas reservoir, reports record revenues in 2021. The revenues and operating profit in this year reached 293 million dollars and 171 million dollars respectively, an increase of 50% in revenues and 60% in operating profit year-over-year. Ratio's net profit for 2021 amounted to some 77 million dollars, and adjusted net profit, excluding deferred taxes, amounted to some 102 million dollars.

In 2021, a record year in sales, 10.7 BCM of natural gas were sold. 4.5 BCM of which to the Israeli market and 6.2 BCM to the export markets in Egypt and Jordan, an increase of 48% compared with 2020. From the beginning of the year until the report release date 2.7 BCM of natural gas were sold from the Leviathan reservoir. Last month an agreement was signed that enables the opening of another natural gas transmission route to Egypt via Jordan, maximizing the capacity for export to Egypt in accordance with the agreements signed. The Leviathan reservoir continues to be positioned as the strategic reservoir for the export markets.

In 2021, Ratio continued to maintain its high cash balances which amounted, as of the end of the year, to 201 million dollars. Ratio's stable cash flow in 2022 allows continued leverage reduction. In 2021, Ratio reduced its net debt by 95 million dollars compared with year-end 2020. The partnership intends to commence profit distribution to unit holders based on the financial results for the year 2022.

At the start of 2022, and to mark its 30th anniversary, the partnership announced a change of name to "Ratio Energies" to better reflect its activities and initiatives in the field of natural gas production, clean and renewable energies, and energy innovation.

Yigal Landau, CEO of Ratio Energies: "2021 was an excellent year for Ratio with record demand in the export markets and sales that exceeded forecasts. These impressive results will allow us to distribute profits to our investors based on the results of FY 2022. In the first quarter of 2022, we continue to see significant sales, and the Leviathan reservoir continues to prove itself as a strategic asset to Israel, facilitating highly available and reliable natural gas supply along with price stability for the domestic economy during a turbulent period in the global energy sector.  Furthermore, last month we started to successfully transmit gas to Egypt also via Jordan, in a move that enables maximization of sales from Leviathan and creates geopolitical advantages while strengthening the position of the State of Israel. We continue to work with the Leviathan partners on the selection of the best possible alternative for the development of Phase 1B, which will allow a considerable increase in production and sales from the reservoir. The constantly growing demand for natural gas from countries in the region and now in Europe too, create the optimal environment in which to take an investment decision for continued development of the reservoir."

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SOURCE Ratio Energies Limited Partnership

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