Israel's Oil Refineries (ORL) (ORL.TA) swung to a profit in the second quarter as it continued to recover from coronavirus fallout, and said it would undergo a gradual transformation into renewable energy.
By Reuters Staff
2 Min Read
JERUSALEM (Reuters) - Israel’s Oil Refineries (ORL) said on Sunday it swung to a profit in the first quarter citing the country’s gradual recovery from the coronavirus pandemic, which had hit refining margins.
ORL, Israel’s largest refining and petrochemicals group, reported a $55 million net profit in the January-March period compared with a $146 million loss a year earlier. Revenue dipped 10% to $1.28 billion.
Its adjusted refining margin was $4.3 a barrel in the first quarter, compared with $1.7 a year earlier and above Reuters’ quoted Mediterranean Ural Cracking Margin of negative $0.2.
CEO Moshe Kaplinsky also commented on the uncertainty regarding plans for developing Haifa, the port city in northern Israel where ORL is based. A government panel has recommended phasing out the petrochemical industry in Haifa’s bay within a decade in favor of other sectors and to improve air quality.
Israel s Oil Refineries reports Q4 loss, sees improving margins in 2021
3/2/2021
Israel’s Oil Refineries (ORL) swung to a loss in the fourth quarter, hit by the coronavirus pandemic, and said it had saw signs of recovery so far in 2021.
ORL, Israel’s largest refining and petrochemicals group, said it lost $68 million in the October-December period compared with zero profit a year earlier. Revenue dipped 39% to $952 million.
Its adjusted refining margin was $4.3 a barrel in the fourth quarter, compared with $5.2 a year earlier but above Reuters’ quoted Mediterranean Ural Cracking Margin of a negative $0.1.
ORL said that since the start of 2021, refining and polymer margins have risen sharply.