March 22, 2023

Israel Corporation, which has portfolio in land-based aquaculture, sees higher 2022 profit

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, the corporation had taken an 18% 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 kr89 million (US$8.7 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. listed total assets of US$4.2 billion and debt of US$179 million for the full-year 2022. It said the market value of its ownership stake in AKVA Group had declined by US$6.6 million to US$39 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 US$132 million, down from US$160 million in Q4 2021, and for the full-year 2022, its profit was US$921 million, up significantly from the US$88 million in net profit to company shareholders it delivered in 2021.

- SeafoodSource