Tarek Aggad, Chairman and CEO of Arab Palestinian Investment Company – APIC, said that the group achieved net profits after tax of USD6.28 million. Net profit attributed to APIC’s shareholders amounted to USD4.34 million in the first half of 2016, a growth of 18% compared to the first half of 2015.
Aggad added that APIC achieved good results despite the surrounding economic and political challenges in Palestine and abroad, with the group’s revenues growing by 16% compared to the first half of 2015, amounting to USD286 million by the end of the first half of 2016.
Aggad went on to add that APIC increased its paid-up capital to reach USD66 million by distributing six million bonus shares to its shareholders (10% at par), and distributed USD3 million as cash dividends to its shareholders. Accordingly, total dividend distribution amounted to USD9 million (15% at par)
APIC increased its ownership percentage in its subsidiary Unipal General Trading Company (Unipal), buying half a million shares from Al Huda Holding, to increase its total share to 93.4%.
Aggad said, “Many of APIC’s subsidiaries reported significant developments in the first half of 2016. A consortium led by Siniora Food Industries Company and private equity fund Emerging Investment Partners (EIP) acquired Diamond Meat Processing L.L.C (DMP) in the United Arab Emirates in a deal worth USD17 million. This acquisition comes in line with APIC’s expansion and development strategy to target new markets while simultaneously upgrading the products and services of its subsidiaries. Siniora also launched its new line of frozen meat products in Jordan, which includes more than 35 products.” He added, “Arab Palestinian Shopping Centers (Bravo) strengthened its lead in the Palestinian market by launching its new shopping center in Nablus, which is the largest in Palestine, with a total retail area of 2300 square meters built over a 10,000-square-meter plot, employing over 100 staff members.”
Aggad reacted positively to APIC’s share performance as it was ranked among the top performing on Palestine Exchange (PEX) year to-date. As at August 15, 2016, APIC’s share price closed at USD1.77, and grew by 58% compared to 2015 closing. APIC’s stock turnover ratio was 55%, while its market capitalization amounted to USD116,820,000 and constituted 3.6% of total PEX market capitalization as at August 15, 2016.
In line with its corporate social responsibility strategy, APIC continued to invest in education, culture, entrepreneurship, youth development, as well as charitable institutions. APIC’s latest investment involved signing a memorandum of understanding with Al-Quds University- the Dual Studies Program where APIC will host sixteen students at its subsidiaries offering them to simultaneously study and acquire practical experience throughout their undergraduate studies.