Bazan Group (TASE: BZN), Israel’s largest refining and petrochemical conglomerate, has announced its financial results for Q3 2024. The company’s adjusted consolidated EBITDA reached $70 million, and refining margin for the quarter was $8.9 per barrel. Bazan’s adjusted consolidated EBITDA since the beginning of the year totals $290 million, while net profit since the start of the year is approximately $95 million, despite a net loss of $15 million in Q3
Moshe Kaplinsky, Chairman of Bazan Group, said, “Israel continues to face one of its most significant challenges. Social and economic challenges are surfacing alongside the ongoing war, which we all hope will soon end. We cannot afford to wait for the war to end; the country must plan its long-term energy strategy and acknowledge that the reliance on an import-based fuel market has completely collapsed. Security and energy decision-makers and professional stakeholders must reassess their assumptions regarding the refinery. Bazan will continue to be a significant component of the country’s security and its ability to maintain a continuous energy” supply.”
Asaf Almagor, CEO of Bazan Group, added, “The refining sector continues to provide a stable foundation for the group’s results. Adjusted consolidated EBITDA for the quarter was approximately $70 million, bringing the total for the first three quarters to $290 million. However, the drop in Brent prices, coupled with the impact of extensive maintenance conducted during the quarter, resulted in a net loss of $15 million, leaving us with a cumulative net profit of $95 million since the start of the year.”