Mekorot announces third-quarter net profit of NIS 57 million

On Wednesday, Mekorot, Israel’s national water company, published its financial statements for the third quarter of 2023, indicating that the company recorded a net profit of NIS 57 million, compared with a net profit of NIS 283 million in the same period last year. The decline in net profit derived from the sale of the company’s desalination plant in the third quarter of last year, so that excluding the one-time event, the company recorded a net profit of NIS 57 million, compared with only NIS 7 million in the corresponding period of 2022. The three-quarter net profit amounted to NIS 146 million, compared with a net profit of NIS 423 million in the corresponding period last year, when the sale of the Ashdod desalination plant was recorded. 

Total revenue for the third quarter of 2023 amounted to NIS 1.8 billion, an increase of 21% compared to total revenues in the third quarter of the previous year. 

CEO Amit Lang said, “Mekorot has shown strong results for the third quarter and in general. Operating profit increased by NIS 200 million, while EBITDA for the nine months ended September 30 increased by 5% to NIS 851 million. Since the outbreak of the war, Mekorot has been working around the clock to supply water for all the needs of the economy, including the security forces, and the company’s teams have been sent to the south and north to repair water infrastructure damaged in the fighting.” 

Yitzhak Aharonovitch, Chairman of the Company’s Board of Directors, added, “In the coming years, Mekorot will face unique and extensive operational, engineering, and project challenges in the Israeli infrastructure economy. At the same time, the company will continue to supply high-quality water regularly to all residents of the State of Israel for homes, agriculture, and industry.”