TEL AVIV, Israel , May 30, 2024 /PRNewswire/ -- Israel Corporation Ltd. (TASE: ILCO) ("ILCO") announced today its first quarter results for the period ending March 31, 2024.

Selected Financial Figures for the First Quarter 2024:
$m	Q1/24	Q1/23
ILCO share in ICL profit[1]	48	123
Amortization of excess cost	(1)	(1)
Financing, G&A and other expenses at ILCO headquarter level	(1)	(5)
Tax income of ILCO Headquarters	16	-
Net profit to company's shareholders	62	117

Liquidity at the ILCO Headquarters Level[2]

As of March 31, 2024, total financial liabilities were $869 million, and investments in liquid assets amounted to $978 million of which $10[3] million are pledged deposits.

Net cash[1] as of March 31, 2024, totaled $78 million. The net cash* includes the fair value of derivatives transactions, which increases the economic value of the financial liabilities by $31 million. As of December 31, 2023, the net cash* was $70 million.

Additional updates

On November 16, 2023, ILCO announced the initiation of a buyback program of $33m, which was active until March 31, 2024. As of March 31, 2024, ILCO completed the buyback program.

On March 27, 2024, ILCO Board of Directors decided on distribution of dividend at the sum of $37m, this in accordance with the company's dividend policy announced in January 2023. The payment date was April 17, 2024.

ILCO financial results of ILCO are mainly affected by the results of its investees. For more details see detailed financial report.

ILCO Total Assets, Net
$m	31/03/2024
Assets
ICL (~567m shares, market value[4])	3,005
AKVA Group (~6.6m shares, market value[2])	42
Other[5]	18
Total Assets	3,065
Net Cash	78
Total Assets, net	3,143

[1] Amortization of excess cost

[2] Israel Corp and its wholly owned and controlled headquarter companies.

[3] Following the end of the quarter, additional $4m were deposited as pledged

[4] As of March 31, 2024, for ICL and March 28, 2024, for AKVA Group and Nordic Aqua Partners

[5] Includes 1.508m shares in Nordic Aqua Partners (OB:NOAP)

About Israel Corporation

Israel Corporation Ltd. (TASE: ILCO) ("ILCO") is a reputable public investment company, which owns and invests in high quality companies with established managements and go-to markets.

In November 2019, ILCO announced its updated strategy, ILCO plans to expand its portfolio through new investments over the next few years. ILCO plans to focus mainly on the food (inc. tech), agriculture (inc. tech), healthcare and industry 4.0 sectors. For more details please see the following link to ILCO updated Strategy Presentation

ILCO strives to generate return on its investment through active board participations and its operational and managerial expertise.

ILCO current core holdings include c.44% stake in ICL Group (NYSE:ICL, TASE:ICL))) and c.18% stake in AKVA Group (OB:AKVA). ILCO is publicly traded on the Tel Aviv Stock Exchange under the ticker ILCO and is included in the TA-35 Index.

For further information on ILCO, see ILCO's publicly available filings, which can be found on the Tel Aviv Stock Exchange website at http://maya.tase.co.il.

Please also see ILCO company website http://www.israelcorp.com for additional information.

Convenience Translation

The financial information found in this press release is an English summary based on the original Hebrew financial statements and is solely for the convenience of the reader. The binding version is the original in Hebrew.

Forward Looking Statements

This press release may contain forward-looking statements, which may not materialize and are subject to risks and uncertainties that are not under the control of ILCO, which may cause actual results to differ materially from those contained in the disclosures.

Investor Relations Contacts

Idan Hizki

Vice President, Business Development & Investor Relations

Tel: +972 3 684 4500

idanh@israelcorp.com

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SOURCE Israel Corporation Ltd.

Israel Corp. Reports Results for First Quarter of 2024