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Ashdod Port First Quarter Financial Reports

Shaul Schneider, Ashdod Port Board Chairman: “Ashdod Port is proving its national responsibility and importance for the economy during these complex times. As a national port we must give consideration to national considerations alongside competitive business considerations. We are working at full force to ensure that the port remains open for the economy's sake but is simultaneously safe for our workers. This quarter shows a slowdown of economic activity as a result of the war, which in turn directly impacts our outcomes. We are working in a competitive environment and doing the best possible to cope with it appropriately despite the security situation."


D​udi Amsalem, Minister of Regional Cooperation: “Ashdod Port, its workers and managers, are dedicated and committed, especially during these complex times. The Iron Swords War forced onto us is influencing us all, and Ashdod Port is making every effort to cope with the war's impact by continuing to provide professional services and positive results. Ashdod Port is important to the Israeli economy, contributing significantly to it whenever needed. We wish to thank our port workers for their day in, day out support, ensuring that the company succeeds. Noteworthy credit is due to everyone doing their utmost."


Eli bar Yossef, Ashdod Port company CEO: “The port's first quarter monetary outcomes for 2024 reflect the war's influence. We see an improvement of NIS. 9 million in income compared to 2023's last quarter when the Iron Swords War broke out. The port is showing a positive flow, and we estimate that in the coming quarters we will make up the difference for the positive budget we anticipated prior to the war."


Q1 2024 revenue: NIS. 214 million compared to NIS. 274m for Q1 2023, a reduction of 22%.  In the fourth quarter of 2023, and at the peak of the war, revenue was NIS. 205 million.

Q1 2024 loss: NIS. 7 million compared to net profit of NIS. 40 million for Q1 2023.

Equity as at 31 March 2024: NIS. 2,577 million compared to NIS. 2,751 million as at 31 March 2023, influenced by the obligation to distribute a dividend to the government.

Q1 2024 operating loss: NIS. 24 million compared to operating profit of NIS. 44 million for Q1 2023. In the fourth quarter of 2023 the operating loss was NIS. 33 million.

EBITDA. For Q1 2024: NIS. 7 million compared to NIS. 77 million for Q1 2023.

Q1 2024 net financing revenues: NIS. 8 million, compared to net financing revenues of NIS. 4 million for Q1 2023.

Company scale: following Israel's lowered rank by the S&P updated to 14 May 2024, the expected company rank will be “negative". 'ilAA+' company scale


 Primary data for Q1 2024

During the first quarter of 2024 the war's influence caused a loss of NIS. 7 million which included one time expenditure of some NIS. 8 million, compared to the previous year's comparable period NIS. 40 million net profit. The operating loss before other expenses for Q1 2024 was influenced by the Iron Swords War and totaled NIS. 24 million, compared to an operating profit of NIS. 44 million before other expenses for the previous year's comparable period.


Other expenses for Q1 2024 totaled NIS. 8 million, compared to no other costs for the previous year's comparable period.

Net financing revenues for Q1 2024 totaled NIS. 8 million, compared to NIS. 4 million for the previous year's comparable period.

The port's financial outcomes relate to all port operations; container segments, vehicles, general cargo, distribution, and passenger ships.

The containers segment: The scope of containers loaded and offloaded at the port during the first three months of 2024 totaled 168,000 compared to 180,000 for the previous year's comparable period. The reduction is due to the Iron Swords War.


The vehicle segment: During the first three months of 2024, some 7,000 vehicles were offloaded at the port, compared to 43,000 for the previous year's comparable period. During this quarter, roll-on roll-off ships continued to be diverted to the north but in March 2024 they returned to Ashdod Port.  We anticipate an improvement in Q2 2024 for this segment.


Bulk goods segment: Some 2,111,000 tons were offloaded and onloaded compared to 2,188,000 for the previous year's comparable period. This segment saw an increase in imported grain products but by contrast, a drop in grain imports due to the situation in Gaza.  (These data do not include fuel transferred via marine pipelines).


The scope of general cargo totaled 181,000 tons compared to 298,000 for the previous year's comparable period, being a reduction of 39%. This drop primarily derives from the reduction in importation of metals and wood which constitute general cargo's primary component. The construction industry had not yet recovered during Q1 2024. It should be noted that the company's metals market segment rose relative to the previous year's comparable period.


Cruise ships segment: The Iron Swords War has halted all activity in this sector but the port is readying for its resumption, including with regard to the possibility of serving Israeli passengers during 2024.​