Bazan, the largest refinery and petrochemicals company in Israel, announced its financial results for the fourth quarter and entire year of 2022, recording $776 million in adjusted earnings before interest, taxes, depreciation and amortization and $441 million in annual net profit for the year.
The company listed a decrease of $224 million in net debt in 2022, and announced the distribution of a $220 million dividend. Ma’alot S&P upgraded the company’s credit rating to A+, with a stable outlook.
Moshe Kaplinsky, Chairman of the Bazan Group: “Bazan is an island of stability in a complex global reality in the energy domain and will continue to serve as an important pillar in Israel’s energy security.”
He added that the company will distribute $220 million in dividends to the shareholders, of which $20 million will be by way of a share buyback, while continuing to significantly reduce the Company's debt.
Asaf Almagor, CEO of the Bazan Group: “For the Group, 2022 comes to an end with continued improvement in its business performance and almost maximum utilization of all refining facilities. Despite the challenges in the markets, Bazan's superb capabilities enabled it to take advantage of profitable channels in the refining sector and we expect this trend to continue into the first quarter of 2023.”
The company reduced its net debt from $841 million at the end of 2021 to $617 million at the end of this year and a financial debt ratio of 0.8.