Tel Aviv, Israel-based Israel Corporation, which has collected a portfolio of holdings in the land-based aquaculture sector, posted higher revenue and profit in 2022.
In 2019, Israel Corp., majority owned by Israeli billionaire Idan Ofer and traded publicly on the Tel Aviv Stock Exchange, announced a shift toward becoming an investment firm with a focus on high-value sectors, including food-tech and agriculture. By 2021, it had taken an 18 percent stake in Norwegian aquaculture services and equipment provider AKVA Group, as well as a stake in Norwegian land-based salmon farming venture AquaCon. In February 2023, the company invested NOK 89 million (USD 8.7 million, EUR 8.1 million) into Ribe, Denmark-based Nordic Aqua Partners, which is building a recirculating aquaculture system (RAS) Atlantic salmon farm in Ningbo, China. AKVA Group will be providing the build-out of the company’s farming system.
Israel Corp. is a holding company with several units, the largest of which is a 44 percent share of ICL Group, which operates in the fertilizer, specialty chemical, refining, and petrochemical sectors. ICL Group listed its sales at just over USD 10 billion (EUR 9.3 billion) in 2022, up from USD 7 billion (EUR 6.5 billion) in 2021, and its gross profit at USD 5 billion (EUR 4.7 billion), up from USD 2.6 billion (EUR 2.4 billion) in 2021. Israel Corp. listed total assets of USD 4.2 billion (EUR 3.9 billion) and debt of USD 179 million (EUR 167 million) for the full-year 2022. It said the market value of its ownership stake in AKVA Group had declined by USD 6.6 million (EUR 6.2 million) to USD 39 million (EUR 36.4 million). AKVA Group reported in February 2023 its full-year earnings before interest and taxes (EBIT) dropped significantly in 2022 compared to 2021.
The company’s net profit in Q4 2022 was USD 132 million (EUR 123 million), down from USD 160 million (EUR 149 million) in Q4 2021, and for the full-year 2022, its profit was USD 921 million (EUR 859 million), up significantly from the USD 88 million (EUR 82 million) in net profit to company shareholders it delivered in 2021.
Photo courtesy of Better Place Inc.
