APIC achieved net profit after tax of USD 6.6 million during the first half of 2015, of which net profit attributed to its shareholders amounted to USD3.7 million.
Mr. Tarek Aggad, APIC Chairman and CEO, stated that APIC has endured exceptional losses of USD1.9 million during the first half of 2015 as a result of commencing the liquidation process of the Company’s distribution operations in Central & West Africa. The first half of 2015 captured most of such exceptional losses and liquidation costs paving the way for the expected improved performance of the Group during the second half of 2015. Mr. Aggad also highlighted the significant growth that has been achieved by leading subsidiaries of APIC, mainly Siniora and Unipal, where record performance and improved results were achieved during the first half of 2015.
Further, APIC’s operational profit during the first half of 2015 witnessed growth of 7.4% compared with the same period of 2014, coupled with total overheads and financing cost reduction of 19.6% compared with the same period of 2014.
Finally, the Company’s total assets amounted to USD261.2 million as at June 30, 2015, achieving growth of 4.1% compared with year-end 2014. While net equity (attributed to APIC’s shareholders) amounted to USD76.3 million as at June 30, 2015, witnessing a slight drop of 1.8% from its year-end 2014 balance due to the distribution of USD4.5 million in cash dividends during 2015.
APIC was established in 1994 in the BVI and registered in Palestine in 1996. APIC is a foreign public shareholding company that is listed and traded on Palestine Exchange since March 2, 2014 (PEX:APIC). As an investment holding company, APIC investments are diversified across manufacturing, trade, distribution and service sectors with operations in Palestine, Jordan and Saudi Arabia through its nine subsidiaries; National Aluminum and Profiles Company (NAPCO); Siniora Food Industries Company; Arab Palestinian Shopping Centers (Plaza); Palestine Automobile Company; Medical Supplies and Services Company; Unipal General Trading Company; Sky Advertising, Public Relations and Event Management Company; Arab Leasing Company; and the Arab Palestinian Storage and Cooling Company. APIC is also one of the main founders of the Palestine Electricity Holding Company and the Palestine Power Generating Company and has a strategic stake in Bank of Palestine.