Attributed Net Profits of APIC Shareholders Raised by 46.4% in the First Half of 2019 Compared to the Same Period in 2018

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Arab Palestinian Investment Company (APIC)

Aug 21, 2019, 07:00 ET

RAMALLAH, Palestine, Aug. 21, 2019 /PRNewswire/ -- Chairman and CEO of Arab Palestinian Investment Company (APIC) Tarek Aggad announced that the group achieved net profits after tax of USD 10.2 million in the first half of 2019, a growth of 26.7% year on year, while net profits attributed to APIC shareholders amounted to USD 8.3 million in the first half of 2019, a growth of 46.4% year on year. Revenues grew by 12.8% compared to the same period in 2018 and amounted to USD 391.4 million in the first half of 2019.

Increasing APIC's paid-in capital to USD 87.5 million

Aggad added that APIC increased its paid-in capital to reach USD 87.5 million by distributing 5.5 million in bonus shares to its shareholders, representing 6.7% at par. APIC also distributed USD 5 million as cash dividends, representing 6.1% at par. Accordingly, total dividend payout amounted to USD 10.5 million, representing 12.8%.

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 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. APIC is also one of the founding shareholders of Palestine Power Generation Company and owns shares in Bank of Palestine and Palestine Private Power Company, MadfooatCom, Islamic Finance House, and Al-Fares National Company for Investment & Export (Optimiza).