ICL(US:ICL) Prnewswireยท2024-05-30 17:32Financial Performance - Israel Corporation Ltd. (ILCO) reported a net profit of $62 million for Q1 2024, a decrease from $117 million in Q1 2023, reflecting a year-over-year decline of approximately 47% [2] - ILCO's share in ICL profit for Q1 2024 was $48 million, down from $123 million in Q1 2023, indicating a significant reduction of about 61% [2] - Total assets as of March 31, 2024, amounted to $3.065 billion, with net cash totaling $78 million, an increase from $70 million as of December 31, 2023 [3] Liquidity and Financial Position - As of March 31, 2024, ILCO had total financial liabilities of $869 million and investments in liquid assets of $978 million, of which $10 million were pledged deposits [3] - The net cash position includes the fair value of derivatives transactions, which increased the economic value of financial liabilities by $31 million [3] Corporate Actions - ILCO completed a buyback program of $33 million that was initiated on November 16, 2023, and active until March 31, 2024 [4] - The Board of Directors declared a dividend distribution of $37 million on March 27, 2024, with a payment date set for April 17, 2024 [4] Strategic Focus - ILCO aims to expand its portfolio through new investments, focusing on sectors such as food technology, agriculture technology, healthcare, and Industry 4.0 [7] - The company holds approximately 44% stake in ICL Group and about 18% stake in AKVA Group, indicating a concentrated investment strategy [8]