Hevrat Hashmal reported an increase in profits due to the repayment of debts by the Palestinian Authority

The Israeli Electric Company (Hevrat Hashmal) published its financial report for the third quarter of 2024, reporting a significant increase in profits.

The company’s revenue was NIS 8.98 billion, up nearly NIS 800 million from the same period last year, while profits rose by NIS 350 million to NIS 1.2 billion.

According to the report, the main source of profit growth was the Treasury Department’s transfer of taxes collected by Israel for the Palestinian Authority to offset the debts of the East Jerusalem Electric Company as part of the agreements reached with Ramallah.

Hevrat Hashmal’s debt obligations have decreased since the beginning of the year by 5.7 billion shekels and amounted to 32 billion shekels.