The Board of Directors of Arab Palestinian Investment Company recommends the distribution of 5% as cash dividend and 5% as bonus shares to its shareholders

Chairman and CEO of Arab Palestinian Investment Company (APIC) Tarek Aggad announced the recommendation of APIC’s Board of Directors to the upcoming general assembly of the company to distribute 5% as cash dividend and 5% as bonus shares to its shareholders, amounting to USD3 million and three million bonus shares, respectively.

This recommendation was announced after the issuance of APIC’s preliminary annual financial results 2015 (unaudited) that stated that the group achieved total revenues of USD542.18 million. Net profit after tax amounted to USD12.41 million, a growth of 9.4% compared to 2014, while net profit attributed to APIC’s shareholders amounted to USD7.17 million in 2015.

Mr. Aggad indicated that APIC achieved good results despite the surrounding economic and political challenges in Palestine and abroad. He said, “Most of APIC’s subsidiaries reported significant developments in 2015; National Aluminum and Profiles Company (NAPCO) established a fully-owned subsidiary in Jordan to capture opportunities in that market and in the region. Palestine Automobile Company inaugurated its new Alfa Romeo, Fiat and Fiat Professional showrooms in Palestinian cities of Ramallah, Bethlehem and Jenin. Siniora Food Industries completed the installation of a new frozen meat production line in Jordan to support the future expansion of the company. Siniora also expanded the production line of cold cuts products and activated a commercial branch to market its products in UAE and other Gulf countries. The Arab Palestinian Shopping Centers (BRAVO) strengthened its lead by building its largest branch, in Nablus, Palestine; set to open in the second quarter of 2016, the new branch will employ over 100 staff and will offer a wide variety of commercial and entertainment options including a restaurant, a cafe and a children’s play area, among other services. Unipal General Trading Company maintained its position as the number one distributor of multinational brands in Palestine. In 2015, Unipal completed the expansion of the food storage section in its state-of-the-art distribution center in accordance with the company’s strategy.”

Mr. Aggad also referred to APIC’s share activity for 2015, which was ranked among the top performing on Palestine Exchange (PEX). Trading statistics positioned APIC as fifth in terms of trading volume and sixth in terms of trading value, constituting 7.74% and 4.52%, respectively, of PEX total trading. APIC’s market capitalization constituted 2% of total PEX market cap and ranked tenth. The company’s turnover ratio in 2015 was 22.61%, while the overall turnover ratio of listed companies on PEX was 10.48%. To that end, PEX upgraded APIC’s listing from the second to the first market effective April 12, 2015, a move that recognizes its financial and stock performance.

Mr. Aggad went on to add that APIC’s corporate social responsibilities strategy in 2015 remained focused on medium- to long-term partnerships with various institutions working in the fields of education, culture, entrepreneurship, youth development and children, as well as humanitarian support. He stated that donations in 2015 totaled approximately USD500,000.