ICL (TASE: ICL: NYSE: ICL) (formerly Israel Chemicals) reported strong second quarter results today. Revenue was $1.6 billion in the second quarter of 2021, up 34% from the corresponding quarter of 2020.

As a result of the jump in revenue gross profit in the second quarter rose 78% to $570 million, representing 35.3% of revenue. In the corresponding quarter of 2020, gross profit represented 26.6% of revenue. Net profit in the second quarter was $140 million in the second quarter of 2021 compared with a net loss of $168 million in the corresponding quarter of 2020.

ICL president and CEO Raviv Zoller said, “During the quarter, our Industrial Products, Phosphate Solutions and Innovative Ag Solutions businesses all delivered high double-digit growth in segment profit and EBITDA. We saw continued end-market recovery in Industrial Products, with record sales for bromine compounds and phosphorous and magnesia-based products. Phosphate Solutions delivered record results in both specialties and commodities, as did our YPH joint venture in China. For Innovative Ag Solutions, all product lines showed sales growth, with improvement across both existing and new markets. We also continued with our focused innovation approach for new product development and operational excellence across all divisions.”

Due to the strong results and improved market conditions, ICL has raised its expectations for full year adjusted EBITDA to a range of $1.315 billion to $1.375 billion.

ICL is distributing a dividend of $68 million to shareholders.

Published by Globes, Israel business news – en.globes.co.il – on July 28, 2021

© Copyright of Globes Publisher Itonut (1983) Ltd. 2021

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