Bazan Group, the largest refining and petrochemical complex in Israel, announced on Sunday the publication of its financial results for the first quarter of 2023.
Moshe Kaplinsky, Chairman of the Bazan Group: "The record results of the Bazan Group in the first quarter of the year amounted to a neutralized EBITDA of $287 million in the first quarter of 2023, a significant jump compared to the corresponding period, and a high net profit of $206 million. Bazan's average refining margin was $19.9 per barrel. The Bazan Group continues to advance its targeted strategic plan through calculated investments. Two weeks ago, we marked a milestone in this plan and inaugurated the first hydrogen fueling station in Israel. Together with officials in the energy industry and the Energy Ministry, we believe that hydrogen will be part of future green energy solutions."
Assaf Almagor, CEO of Bazan Group: "Bazan concluded the quarter with record results in the refining sector, as a direct continuation since 2022. The group's impressive results were achieved thanks to our ability to maximize the potential of refining margins worldwide and taking advantage of the synergy of the group. Since the date of the report, we have witnessed a decrease in the refining margins. However, the margins remain high compared to the multi-year average.
An improvement was also recorded on the expenses side, with a decrease in financing expenses despite an environment of rising interest rates. After the reporting period, the group successfully raised a debt of approximately $97 million, of which approximately $40 million came from banks and approximately $57 million in the capital market as part of a new bond issue. This is an expression of confidence by the institutional bodies in Bazan's financial strength over time."