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  • עברית

Ashdod Port Company Presents in 2008 a Net Profit of NIS 63 Million

The gross profit of the Ashdod Port Company total about NIS 190 million and its revenues were about NIS 1.17 Billion.

For the first time since the establishment of the Company, its board of directors approved the transfer to the state of a dividend of NIS 67.6 million.

Major General (Ret.) Jacob Raz, chairperson of the Ashdod Port Company: “The financial results indicate our continued activity to increase efficiency and correctly allocate resources side by side with a development boom. It is our intention to exit the recession period strengthened, and already today prepare for renewal of growth in the world trade and Israeli export”.

The CEO of the Ashdod Port Company, Shuki Sagis: “It is mandatory to prefer internal investments in the Port rather than in the construction of new ports, in order to maximize the latent potential of the existing ports. In the coming decade, there is no visible reason for making the planned investments of billions in new ports”.

The Ashdod Port Company published today its financial reports for the year 2008. The company’s revenues during 2008 (including rent income) totaled about NIS 1.17 Billion compared to the Port’s revenues during 2007, which were about NIS 1.12 Billion, and a growth of about 4%.

The Company posts a net profit of NIS 63 million during 2008, compared to a net profit of about NIS 74Million during 2007, a drop of 15%. The decline in net profit is mainly the result of the increase in usage fees and obligations paid to the Israel Ports Company. The Company’s gross profit amounts during 2008 NIS 190 million compared with NIS 168 million during 2007.

According to the chairperson of the Ashdod Port Company, Major general (Ret.), Jacob Raz, “the good financial results of the Ashdod Port Company during 2008 are an indication of the continued vigorous activity by the Company to increase efficiency and make correct resources allocation next to a development effort. These results are part of the many achievements by the Port since it became a business corporation some 4 years ago. The Company implements a development policy for the middle and long range and exhibits an advanced service oriented outlook”.

Raz added that “last night, for the first time since the establishment of the Company, its board of directors approved the transfer of a NIS 67.6 million dividend to the state, a derivative of the Company’s profitability during the years 2005 – 2007. We continue to work with the Companies’ Authority in order to facilitate the retirement from the Company of about 200 senior employees, in cooperation with the Unions in the Port and representatives of the Histadrut, and in this to bring savings of sum NIS 60 million. At the same time we are acting to strengthen and stabilize the Port Company, and invest about NIS 700 million in infrastructures and equipment under a multi year investment plan. It is our duty to prepare today for the exit from the world recession and renewal of wide export from Israel”.

Shuki Sagis, CEO of the Ashdod Port Company, “We post impressive financial results during 2008, especialy under the shadow of the economic crisis in the entire world as well as in Israel, side by side with the changes and fluctuation in the exchange rates of currencies. The Company’s revenues have grown during 2008, and for all that, we see an increase of activity in the last quarter of the year, especially in the field of containers. This trend continues in the first quarter of 2009. Just because of the recession, internal investments in the ports should be preferred over investment in the construction of new ports, in order to maximize the latent potential in the existing ports. During the near decade, there is no foreseeable reason for the planned investments of Billions in new ports. It is necessary to improve the equipment and the alignment in the existing ports by an investment that would be one tenth of the suggested development plan for the new ports”.

Additionally states Sagis that “the Port enjoys industrial peace and commendable cooperation between all factors in the Port. This has a very wide meaning for the credibility and quality of service that we provide to our customers”.