Arab Palestinian Investment Company (APIC) achieves net profits of USD 30.5 million in 2022

February 15, 2023 – Ramallah, Palestine: Arab Palestinian Investment Company (APIC) announced its consolidated preliminary (unaudited) financial results for 2022. In his statement, APIC Chairman and CEO Tarek Aggad announced that the company’s total revenues in 2022 amounted to  USD 1.16 billion, a growth of 4.8% year on year. Net profits amounted to USD 30.5 million, a decline of 19.6% year on year, while net profits attributed to APIC shareholders amounted to USD 27.6 million, a decline of 17.8%. Earnings per share amounted to USD 0.25, a decline of 22.9% year on year.

Aggad stated that this decline in the group’s results was caused by a number of different reasons, including the fact that 2021’s results included one-time non-operational profits of USD 4.67 million resulting from the sale of APIC’s entire stake in Arab Palestinian Shopping Centers Company (Bravo), in addition to regional and global economic challenges, which included a significant increase in supply chain costs worldwide involving the price of raw materials, production, shipping, transportation, and storages due to the war in Ukraine. There has also been a rise in the group’s financing costs by 62%, partly due to inflation and the hike in global interest rates, and the increase in the cost of financing associated with expansions and working capital.  Additionally, the company has been impacted by the presentation of the results of Siniora’s Turkish subsidiary Polonez due to the application of the International Accounting Standard No. 29 because of Turkey’s classification as a hyperinflation country.

Total assets amounted to USD 741.5 million, an increase of 19.98% over last year. Net equity attributed to APIC shareholders amounted to USD 184.9 million, an increase of 13.3% over last year.

Aggad added that in 2022, APIC and its subsidiaries invested USD 2 million in corporate social responsibility, which represented 6.5% of the group’s net profit by providing financial, moral, and in-kind support for more than 85 charitable and humanitarian institutions that work with orphans and people with special needs, in addition to institutions in the fields of education, youth, leadership and entrepreneurship, health and medical care, culture, heritage, among others.

 

About APIC

APIC is a foreign public shareholding investment holding company listed on the Palestine Exchange (PEX: APIC). It holds diversified investments across the manufacturing, trade, distribution and service sectors in Palestine, Jordan, Saudi Arabia, the United Arab Emirates, Iraq and Turkey through its subsidiaries: Siniora Food Industries Company; Unipal General Trading Company; Palestine Automobile Company; Medical Supplies and Services Company; National Aluminum and Profiles Company (NAPCO); Sky Advertising and  Public Relations and Event Management Company; Arab Leasing Company and Arab Palestinian Storage and Cooling Company, employing around 3000 people through its group of subsidiaries. More information: www.apic.ps