Israel’s Paz Oil swings to Q1 profit on COVID-19 recovery
Israel’s Paz Oil (PZOL.TA) swung to a first-quarter profit, saying on Tuesday there was higher demand for fuel as the country emerged from a coronavirus lockdown.
Paz, Israel’s largest distributor of refined oil products, said it earned an adjusted 30 million shekels ($9.3 million)in the quarter, versus a loss of 97 million a year prior. Revenue fell to 2.2 billion shekels from 2.8 billion due in part to lower prices of oil products during the coronavirus crisis.
The pandemic recovery is also showing signs of helping the refining sector, the company said, with some margins improving.
Paz also said it would enter the energy and charging sector.
($1 = 3.2368 shekels)
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