According to Reuters’ article published on November 13, 2022, Bazan (ORL.TA), Israel's largest refinery and petrochemicals group, reported a sharp rise in net third-quarter profit on Sunday, boosted by a near doubling of refining revenue amid higher crude oil prices.
Bazan, formerly called Oil Refineries Ltd., earned net profit of $277 million in the July-September period, up from $40 million a year earlier. Revenue grew 70% to $3.04 billion, with refining revenue up 88% to $2.8 billion.
Its adjusted refining margin was $15.3 a barrel in the third quarter, compared with $7.8 a year earlier but below Reuters' quoted Mediterranean Ural Cracking Margin of $29.7.
It declared a dividend of 60 million shekels, or 50% of 2021 net profit.
($1 = 3.4093 shekels)
