November 29, 2017 / 1:27 PM / a year ago

Israel's Delek Group posts record Q3 profit on sale of Tamar stake

JERUSALEM, Nov 29 (Reuters) - Israeli energy conglomerate Delek Group reported a record profit in the third quarter boosted by the sale of a stake in the Tamar natural gas field.

Delek said on Wednesday it earned 1.02 billion shekels ($291 million) for the quarter, up from 85 million a year earlier. Delek sold a 9.25 percent stake in the Tamar project, which alone resulted in a profit of 873 million shekels.

Delek, through its subsidiary Delek Drilling, still has a 22 percent share of the Tamar field, which it said it has committed to sell off by the end of 2021.

Revenue for the quarter rose to 1.78 billion shekels from 1.55 billion.

Delek said completion of the staged sale of insurer Phoenix Holdings to the international insurance company Sirius is expected to contribute over 2.3 billion shekels in cash.

On Sunday the company said Sirius had decided to exercise its option to buy Delek’s remaining 47 percent stake in Phoenix.

Delek declared a dividend of 120 million shekels, down from 260 million shekels in the second quarter.

The company said it was continuing to negotiate with groups in Egypt “with the aim of signing significant long-term export agreements.” ($1 = 3.5010 shekels) (Reporting by Ari Rabinovitch, Editing by Tova Cohen)

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