Economy

APIC achieves net profits of USD 22.33 million in 2019, a growth of 39.24% year on year

APIC achieves net profits of USD 22.33 million in 2019, a growth of 39.24% year on year

Arab Palestinian Investment Company (APIC) announced its consolidated preliminary (unaudited) financial results for 2019. 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 USD 824.97 million, the group’s net profits grew by 39.24% and amounted to USD 22.33 million, while net profits attributed to APIC shareholders grew by 39.36% and amounted to USD 18.24 million. Moreover, earnings per share grew by 21.76% and amounted to 0.21 cents in 2019. Total assets amounted to USD 432.42 million as at December 31, 2019, an increase of 12.86% over 2018. Net equity attributed to APIC shareholders amounted to USD 133.02 million as at December 31, 2019, an increase of 14.79% over 2018.

Total value of distributed dividends amounted to USD 10.5 million, 12.8% of APIC’s paid-in capital

Aggad indicated that in 2019, APIC distributed cash dividends to its shareholders amounting to USD 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 USD 10.5 million, 12.8% of company’s paid-in capital, which was USD 82 million at the time.

APIC’s market capitalization grew by 17.8%

Aggad 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 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.

APIC invested 6.4% of its net profit in social responsibility, amounting to USD 1.42 million

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, USD 1.42 million was invested in social responsibility, representing 6.4% of the group’s net profit.

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