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 financial statements 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.
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About Israel Corp
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.
• 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.
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About Israel Corp - Recent News
In January 2023, ILCO announced that the Board of Directors approved the adoption of a dividend policy. ILCO will distribute dividend for each calendar year starting at 2023, amounting to 45% out of the amount received from: the total net dividend cash flow received from its held companies for that calendar year, less an annual amount of $75m (from the amount of said cash flow). The actual dividend distribution will be subject to ILCO Board approval.
On February 9, ILCO announced that subject to the completion of the sale of the underlying shares of the said
options related to the sale of Bazan shares* and the actual receipt of the consideration thereof by ILCO, the Board of Directors of ILCO intends to consider adopting a buyback plan for shares of the company during 2023 in a scope of approximately half of the amount of the consideration.
As detailed in ILCO 2022 annual report, regarding a transaction for the sale of approximately 9% of the shares of Bazan on November 2021 in which ILCO granted a call option to each of the purchasers, on February 9, 2023, agreement was reached with the purchasers regarding the exercise of the entirety of the
said options, which was implemented on February 13, 2023, for approximately NIS 227m (equivalent to approximately US $64m)
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Selected Financial Figures for Q2 2023
ILCO announced today its second quarter results for the period ending June 30, 2023.
ILCO financial results are mainly affected by the results of its investees. For more details see detailed financial report.
$m
Q2/23
Q2/22
IC share in ICL profit
73
248
Amortization of excess cost
(1)
(1)
Financing, G&A and other expenses at IC headquarter level
(2)
(15)
Tax expense of IC headquarters
-
(4)
Net profit from continuing activities
70
228
Net profit (loss) from discontinued operations*
-
(16)
Net Profit (loss) to company's shareholders
70
212
For more details on the sale of 16.687% of Bazan shares please refer to ILCO Q3/2022 financial statements and immediate report dated September 15, 2022
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ICL – Israel Corporation Limited published this content on 15 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 August 2023 16:50:01 UTC.
Israel Corporation Ltd is an Israel-based holding company, which provides focused exposure to well positioned mature assets in the natural resources industry. The Company operates through three main investee companies: Israel Chemicals Ltd (ICL), Oil Refineries Ltd (ORL) also known as Bazan Group and Akva Group. ICL is a multinational group that operates as manufacturer of fertilizers and specialty chemicals products based on minerals fulfills human needs in agriculture, food and engineered materials. ORL and its subsidiaries are mainly engaged in the crude oil refining, production of fuel products, raw materials used in industrial operation, transportation, private consumption, agriculture and infrastructures. Akva Group is active in aquaculture industry and offers sea and land based aquaculture operation with technical solutions and service.
ISRAEL CORPORATION LTD 
