RAMALLAH, Monday, November 14, 2022 (WAFA) - Arab Palestinian Investment Company (APIC) Chairman and CEO Tarek Aggad announced today that APIC achieved net profits from continuing operations of $27.44 million by the third quarter of 2022, versus $27.02 million for the same period of 2021, a growth of 1.6% year on year.

Net profits by the third quarter of 2022 amounted to $27.44 million, versus $31.37 million for the same period of last year, a decline of 12.5% year on year, with the results of last year including one-time non-operational profits of $4.67 million resulting from the sale of APIC's entire stake in Arab Palestinian Shopping Centers Company (Bravo).

By the third quarter of 2022, net profits attributed to APIC shareholders reached $25.1 million. Total revenues grew by 5% year on year and amounted to around $863 million by the third quarter of 2022. Operational profits grew by 1.8%, reaching $45.4 million.

Total assets increased by 12.33% compared to 2021's closing and reached $694.3 million by the third quarter of 2022, while net equity attributed to APIC shareholders increased by 10.83% and amounted to around $181 million.

Aggad said that these favorable results were achieved despite the regional and global economic challenges and their effects on the group's bottom line. The group has seen a significant increase in supply chain costs including the price of raw materials, production, shipping, transportation and storage, as well as inflation in expenses and a rise in financing costs brought about by the hike in global interest rates. 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.

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.

M.K.