Good noon for everybody, and thank you for joining us for the second quarter financial result. We'll take you through the second quarter results, but as well, we will discuss some of our expansion activities and then if you have any question, we'll be more than happy to try and answer. So the key highlights of the second quarter is obviously the sales. We sold 2.8 BCM, which is equivalent to 1.1 BCF a day. And we end up with $137 million net profit and a bit higher than $200 million EBITDA. We are continuing with the third flow line of Leviathan, and the project is on time, on budget.
We are expecting to finish this project by mid-next year, and by that, we'll increase the capacity of Leviathan from the current capacity to around 1.45 or 1.5 BCF a day, so almost 15 BCM yearly. And more than that, as you know, we just take investment decision to do FEED, front-end engineering and design of Leviathan Phase 2. We'll take you through that, we'll explain what it is, what we are going to do. And we'll discuss as well the financial result, and we announce the distribution of dividend of $65 million for based on the second quarter. We'll discuss as well that. So we'll start.
On the production summary, as you can see, we basically go up from 2.5 BCM to 2.8 BCM quarter to quarter, mainly because of increased sales to the Egyptian market. The reason is that we managed to solve some bottlenecks in the EMG pipeline. So in the equivalent quarter in 2023, we were basically flowing around 500 million scf a day to the EMG pipeline. This quarter, we managed to reach up to around 600 million scf a day, mainly due to some debottlenecking activities in the Egyptian side.
We as well increased the sales in the Israeli market to 0.4 BCM vis-à-vis 0.3 BCM, and that's bring us to a world of around 2.8 BCM. From a price perspective, we go up average from $6.14 to $6.3. That's mainly, again, Brent related. As you remember, one of the slides that we really liked was this slide. What you see in orange is basically the Brent per month since we started the operation of Leviathan, and in blue you can see basically the average price of Leviathan.
What you can see is that, Leviathan is not really exposed to the downside of the Brent prices, what will practically allow us to see many, many years to come, the average price of Leviathan, to focus that easily, and to know that we have a very clear stream of revenue that is not exposed to, the downside of the Brent prices. Obviously, in the current Brent market, everybody is happy, et cetera, but we are not exposed to that. And from that perspective, Leviathan share price is as well, behaving like a bond, like a bond in the downside. Very, very protected. On Leviathan expansion, basically, we took a FEED decision. What we are going to do is actually to add three wells in Leviathan: Leviathan 10, Leviathan 11, and Leviathan 23.
That will gather into the manifold, and from that will flow to the platform. The main activity around the expansion is adding two additional treatment trains to Leviathan platform. Those will be added to the three existing trains. That will take us on a hourly basis or daily basis to around 2.3 BCF a day, and we are assuming around 21 BCM a year capability of flow after the expansion. That will with a fourth gathering line of Leviathan that will come after the three wells and the two additional trains.
What we are basically doing right now is obviously completing the engineering, but we are as well in the market with tenders for drilling rig, for all the activities, the subsea activities, but as well, and that's the most important thing, we are running to find the right shipyard to build those two trains modules. And, we are outside to confirm a crane that will be able to lift those modules and basically to install them on the platform. That's our target. In parallel, we are running and completing the connectivity to the Egyptian market, so the INGL bottleneck, Ashdod-Ashkelon, supposed to be ready mid-next year.
That will allow us to flow from to increase the flow from 600 to at least 800 million scf a day by mid-next year. On top of that, we are running with the compression system in Fajr and negotiating the Nitzana pipeline that will have a 600 million scf a day. So all of that will bring us to a place which we can practically sell more gas to the Egyptian market and duplicate the sales by 2027, 2028. From financial metrics, as you can see, quarter to quarter, we practically increase in all the parameters. So sales $295 million vis-à-vis $250 million in the last quarter, the last equivalent quarter.
And EBITDA as well, 173 vis-a-vis 200 vis-a-vis 173. So, that's, you know, we are very happy with those results, and as you can see, even in the net profit, we increased dramatically. I will let Tzachi Habusha, our CFO, to discuss in details the financial results, and then I will come back to questions.
Hi, everyone, thank you, Yossi, and thank you all for being with us today. I'd like to share a few key points regarding the results for the second quarter. Let's run at the bottom line. NewMed, the net profit for Q2 stands at approximately $137 million, an increase of 47%, significantly higher than last year's profit in the amount of $93 million. Another point is the reduction in finance expenses due to the decrease in our total debt, a point I will raise later. This slide shows the main factors that affected our net profit in Q2 compared to the period last year. In net revenues increased by $38 million.
This includes an increase of approximately $26 million due to a higher natural gas sales, rising from 2.5 BCM-2.8 BCM this quarter, as well as an increase of $6 million due to a higher average gas price per MMBtu. We also received $6.5 million from the sales of condensate, which started last March. Other factors affecting our net income include a $6 million increase in operating expenses and a decrease in net financial expenses by $19 million, mainly due to the full repayment of Leviathan bond series June 2023, and the reevaluation of Karish and Tanin royalties. Next slide, it's about the net debt position. We can see a dramatic reduction in our debt position compared to the previous periods.
In the end of June 2023, we repaid the Leviathan bond series 2023 in the amount of $500 million. In addition to this repayment, we also repaid our Tamar bonds and Series A bonds at the end of 2021. Two points regarding the balance sheet report. First, relating to financial assets in respect of Karish and Tanin royalties. This asset was recognized following the sale of NewMed interest in Karish and Tanin leases in 2016. As of the date of these financial statements, the fair value of this asset is approximately $284 million, which is presented in long-term asset and short-term receivables.
Secondly, as of June 30, our total debt is approximately $1.75 billion, consisting of Leviathan bonds with maturity dates in 2025, 2027, and 2030. These bonds, which fix the interest rates, place us in a strong financial position and positively impact our financial costs this quarter, and will continue to do so in the near future. That's it for now, Yossi, please.
So thank you, Tzachi. Basically, we announced a dividend distribution of $65 million. That's added to the $120 million that we already distribute since the beginning of the year, and I want to reiterate the following: We are very focusing on the three different verticals that we work. One, we'll continue to invest in internal growth, in organic growth. So second phase of Leviathan, as you saw, Aphrodite development plan that we are running forward, and it's looked very good, and we are expecting in the next few weeks to get into FEED, front-end engineering and design as well in Aphrodite. So that we will continue to invest, but in parallel, we'll maintain, as much as possible, our dividend policy.
We'll do our best to continue with the dividend that you are seeing, and staying with reasonable debt, which is in line with the current Leviathan bond allowance in the Leviathan bond terms. So those are the three verticals that we continue and work, and based on them, we take that into account when we took a decision of the third flow line. So practically, we did Leviathan second phase in a modular way. We installed the third flow line that will allow us to increase sales around 20% next year. That 20% will allow us to continue to invest in Leviathan second phase, and in parallel continue with the dividend distribution. So that's basically our plan.
Right.
We'll move to questions. Please, don't hesitate-
Please submit the question in the Q&A chat, if you have any.
So basically, question with respect to the bond of payment-
What exactly is our thinking behind the maturity of the 2025?
Yeah. So as you can see, we have a very, very strong cash flow, and, and we will use that to repay the bond. We are right now don't see any meaningful need for additional facility to repay the bond of in mid-2025. We have a line of $100 million that is underused. We don't use it right now. If we need, we need only kind of a short bridge, we'll use it, but practically, we don't see any meaningful need for a new facility to repay the bond. With respect to the timetable of second phase, our target is to be within mid-2028 with the additional sales from second phase of Leviathan. That's our target.
Once we will finish the FEED, and we'll have commitment from suppliers to timetable, we will announce the exact timetable, but this is the target that we are pushing. Any other question? Yeah, that's the question.
Please send us the question. Please know that we are available. You know, my email is, my inbox is always open, so feel free to reach out for any, for any additional inquiries. Thank you very much.