Arab Palestinian Investment Company (APIC) held its ordinary and extraordinary general assembly on Thursday, May 21, 2020, in Ramallah, Palestine. In its ordinary meeting, the general assembly ratified dividend distribution for registered shareholders as of May 21, 2020 of 13.48% of APIC’s paid-in capital amounting to USD 89 million to date, 6.74% as cash dividends amounting to USD 6 million and 6.74 % as six million in bonus shares. Accordingly, APIC’s paid-in capital will reach USD 95 million following the bonus share distribution. During its extraordinary meeting, the general assembly also ratified the issuance of new five-year corporate bonds via a private offering to be issued through two parallel issuances in both US dollars and euros with a gross nominal value of up to USD 75 million. The issuance proceeds will be utilized to repay the existing bonds, which amount to USD 35 million and that will mature on January 18, 2022, through an early redemption; pay the early redemption premium on the existing bonds; settle existing loans of both APIC and its subsidiaries; as well as finance general investments made by the company.
Net profit attributed to APIC shareholders grew by 36.6% in 2019
In his statement, APIC Chairman and CEO Tarek Aggad said that the year 2019 was a milestone one on many levels and the group achieved significant growth in its results despite the numerous immediate challenges at both the local and regional levels. Total revenues reached USD 825.2 million in 2019, a growth of 12.54% year on year. The group’s net profits rose to reach USD 21.85 million, a growth of 36.24%, while net profits attributed to APIC shareholders also grew and amounted to USD 17.87 million, a growth of 36.6%. Consequently, earnings per share increased, amounting to 0.203 cents in 2019, a growth of 27.7% year on year.
APIC’s market capitalization grew by 17.8%
Aggad added that APIC’s share continued its good performance throughout 2019, despite the exchange witnessing low liquidity in general. APIC’s share closed at USD 2.55 at the end of 2019, a growth of 8.5% compared to 2018’s closing. APIC’s market capitalization grew to reach USD 226.95 million by the end of 2019, a growth of 17.8% year on year.
USD 1.6 million investment in corporate social responsibility
Aggad confirmed that APIC has maintained its effective corporate social responsibility role in the communities within which it operates through continuous investment in the education and health sectors, entrepreneurial projects and youth as well as through its support of social, charitable, humanitarian and cultural institutions. He added that a total of USD 1.6 million were invested in corporate social responsibility in 2019 by APIC and its subsidiaries, representing 7% of the group’s net profit.