Total profit of Israel's state-owned companies jumps 65 pct in Q1

Total profit of Israel's government companies in the first quarter of 2023 rose more than 65 percent year on year to 990 million shekels (275 million U.S. dollars), showed official statistics issued on Monday.

According to statistics from the Finance Ministry, the figure of last year January-March was 599 million shekels.

The increase, together with a 3-percent uptick in total revenues to 23.91 billion shekels, was mainly credited to one-off events and an increase in the activity of most of the leading state-owned companies, according to the ministry.

The largest profit in the quarter was recorded by the Israel Electric Corporation, an increase of 20 percent with 343 million shekels, and by the Israel Aerospace Industries, with 322 million shekels, an increase of 29 percent.