Bazan Group, Israel’s largest refining and petrochemical company, has released its financial results for the fourth quarter and full year of 2024. The company reported an adjusted annual EBITDA of $396 million and a net profit of $113 million.
In the fourth quarter alone, Bazan recorded an adjusted EBITDA of $106 million and a net profit of $18 million. In accordance with its updated dividend policy, the board of directors approved a $50 million dividend distribution, bringing total dividends for the year to $85 million—75% of the company’s net profit.
Moshe Kaplinsky, Chairman of Bazan Group, emphasized the company’s resilience during a challenging year. "The year 2024 was demanding nationally and in business, but Bazan successfully navigated every challenge," he stated. "The energy sector, with Bazan as a key player, exhibited remarkable capabilities.
Our ability to maintain operations under any circumstances is a strategic asset for Israel." He continued, "Bazan ensured a steady energy supply to the local market and continued to serve as a central pillar for the Israeli economy and national security."
CEO Asaf Almog emphasized Bazan’s operational success amid challenging circumstances. "Throughout 2024, we played a vital role in sustaining Israel’s energy and petrochemical supply chain, even in times of conflict," he said. "Despite the challenges, we conducted scheduled maintenance on our primary refining unit and completed additional maintenance work for 2025 as planned. Thanks to these efforts, we approach 2025 fully operational." capacity."
Bazan’s refining margin for the year was $10.2 per barrel, down from $14.9 in 2023. Despite declining diesel and gasoline margins, they remained elevated compared to historical averages. The polymers segment showed improvement, with an EBITDA of $9 million instead of a negative $17 million in 2023. The company kept a low net debt of $452 million, while gross debt decreased to approximately $1.2 billion.
