Israeli chemicals and minerals manufacturer (TASE: SKBN) rose 4.15%, ICL (TASE: ICL: NYSE: ICL) reported very strong results for the third quarter of 2021 backed by the sharp rise in commodity prices and demand.
Revenue in the third quarter of 2021 was $1.8 billion, up 49% from the corresponding quarter of 2020. Net profit was $225 million in the third quarter of 2021 up 317% from $54 million in the corresponding quarter of 2020.
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ICL president and CEO Raviv Zoller said, “ICL delivered outstanding results, including the fourth consecutive quarter of bottom-line improvement. All four of our businesses contributed, with each of them reporting double-digit growth in sales, operating profit and EBITDA, driven by our strengthening specialties product portfolio and commodity tail winds. While our Innovative Ag Solutions division delivered double-digit organic growth, our recent Brazilian acquisitions helped balance the traditional seasonality of this business and drove a nearly 125% year-over-year improvement in total IAS sales and an increase in EBITDA of more than 300%.”
Published by Globes, Israel business news – en.globes.co.il – on November 4, 2021.
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