RAMALLAH, Wednesday, January 29, 2020 (WAFA) - Arab Palestinian Investment Company (APIC) announced today its consolidated preliminary (unaudited) financial results for 2019 which showed it achieved net profits of $22.33 million in 2019, a growth of 39.24% year on year, according to a press release.
In his statement, APIC Chairman and CEO Tarek Aggad announced that the company achieved significant growth in 2019 versus the previous year despite the numerous surrounding challenges in local and regional markets.
Total revenues grew by 12.51% and amounted to $824.97 million, the group‘s net profits grew by 39.24% and amounted to $22.33 million, while net profits attributed to APIC shareholders grew by 39.36% and amounted to $18.24 million.
Moreover, earnings per share grew by 21.76% and amounted to 0.21 cents in 2019. Total assets amounted to $432.42 million as of December 31, 2019, an increase of 12.86% over 2018. Net equity attributed to APIC shareholders amounted to $133.02 million as of December 31, 2019, an increase of 14.79% over 2018.
Aggad indicated that in 2019, APIC distributed cash dividends to its shareholders amounting to $5 million (6.1%), and $5.5 million in bonus shares (6.7%). Accordingly, the total value of distributed dividends (cash and bonus shares) amounted to $10.5 million, 12.8% of company‘s paid-in capital, which was $82 million at the time.
He noted that APIC‘s share maintained its good performance throughout the year, although the exchange witnessed low liquidity in general. APIC‘s share closed at $2.55 at the end of 2019, a growth of 8.5% compared to 2018’s closing. APIC‘s market capitalization grew to reach $226.95 million by the end of 2019, a growth of 17.8% year on year.
Aggad highlighted that APIC has maintained its effective social responsibility role in the communities within which it operates by continuing to form strategic partnerships with institutions that play an active role in Palestinian society, assisting them in fulfilling their missions, with a focus on the education and health sectors, entrepreneurial projects, youth as well as through supporting social, charitable, humanitarian and cultural institutions. In 2019, $1.42 million was invested in social responsibility, representing 6.4% of the group‘s net profit.
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 and the United Arab Emirates through nine 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 Palestinian Shopping Centers (BRAVO); Arab Leasing Company and Arab Palestinian Storage and Cooling Company employing over 2000 staff through its group of subsidiaries.
M.K.
