The General Assembly Of Arab Palestinian Investment Company- APIC Ratifies The Distribution Of USD4.5 Million As Cash Dividend To Shareholders

April 29, 2015

The General Assembly of Arab Palestinian Investment Company (APIC) in its annual meeting held on April 29th, 2015, ratified the distribution of USD4.5 million as cash dividend, representing 7.5% of APIC’s paid up capital.
Mr. Tarek Aggad, chairman and CEO, stated that APIC maintained its steady performance in 2014, and was able to achieve a net profit of USD8.2 million for its shareholders, an increase of 3.3% over 2013. He added that total revenue grew by 20.6% over the previous year, amounting to USD536.2 million. Total assets grew by 5.8% over 2013, amounting to USD250.91 million, while net equity – attributed to APIC shareholders – amounted to USD77.7 million as at December 31, 2014, an increase of 11% as compared to 2013.
Mr. Aggad said: “APIC’s operations in 2014 prevailed despite the surrounding economic and political challenges. In Palestine, there were major difficulties associated with the Israeli onslaught on Gaza, the implications of sluggish economic activity and the delay of government payments to the private sector, including several subsidiaries of APIC. Moreover, the weakening of the NIS, the main currency of APIC’s operations in Palestine, vis-à-vis the US dollar was a further setback to APIC. In Africa, Unipal Central and West Africa continued to face logistical, administrative as well as other market difficulties, which impeded the development of its operations. These difficulties led to severe losses there and placed a drain on our financial resources. For 2015, we have formulated and set in motion a firm plan of action to drastically address this setback.”

Mr. Aggad added that despite these difficulties, the group’s revenues continue to grow by targeting new markets and sectors, as well as the upgrading of products and services of APIC’s subsidiaries and increasing their market share. Mr. Aggad stressed that corporate social responsibility (CSR) is a company-wide strategic priority, radiating from the belief in the importance of building trust, value and respect among its customers, business partners, employees and the community at large. He stated that donations in 2014 totaled approximately USD500,000 with APIC continuing its support of the education sector, entrepreneurship and youth empowerment as part of its CSR ethos. Also, APIC provided humanitarian support and aided in the ongoing reconstruction efforts in Gaza.