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Israel Chemicals' net profit surges in Q1 on sale of noncore segments

Israel Chemicals Ltd.'s first-quarter net income attributable to shareholders grew to US$928 million, or 73 U.S. cents per share, from the year-ago net income of US$68 million, or 5 cents per share, the company said May 10.

The results included a capital gain of US$841 million from the sale of the oil additives and fire safety businesses, excluding which the company's adjusted net income rose 56% year over year to US$106 million in the quarter.

Revenue in the quarter rose to US$1.40 billion, compared to US$1.30 billion in the prior-year quarter, driven mainly by higher prices for potash, bromine and derivatives and specialty phosphates.

Operating income jumped to US$985 million, compared to US$116 million a year ago.

Profit from the company's essential minerals segment, which includes ICL Potash & Magnesium, ICL Phosphate Commodities and ICL Specialty Fertilizers, increased to US$90 million, from US$66 million in the year-ago quarter.

The specialty solutions segment, which includes the ICL Industrial Products, ICL Advanced Additives and ICL Food Specialties businesses, recorded a profit of US$131 million, compared to US$115 million a year ago.