Israel's Ratio Energies swung to a fourth-quarter profit, finishing a record year due to high demand for natural gas from the offshore Leviathan project, Trend reports with reference to Reuters.
Ratio holds a 15% stake in the Leviathan gas field, which supplies gas to Israel, Jordan and Egypt.
The company reported on Thursday a fourth-quarter profit of $16.5 million, versus a $20.8 million loss a year ago, when it had large financial expenses. Sales for the quarter rose to $67 million from $50 million.
Revenue for all of 2021 rose 50% to $293 million. Of the 10.7 billion cubic meters (BCM) of gas that was sold, 4.5 BCM went to Israel and 6.2 BCM was exported to Egypt and Jordan.
CEO Yigal Landau said the positive results will allow the company to distribute profits to its investors based on full-year performance in 2022.