Thread by @Xy5Z89

#Palestine #Ramallah #ECONOMY

Chairman and CEO of Arab Palestinian Investment Company (APIC) Tarek Aggad announced that the group achieved net profits after tax of USD 9.02 million in the first half of 2020,

with net profits attributed to APIC shareholders reaching USD 7.4 million. Revenues amounted to USD 423.03 million in the first half of 2020, a growth of 8.10% year on year.

Aggad noted that despite the relative decline in profits by 11.51% when compared to the same period in 2019. Aggad added that APIC increased its paid-in capital to reach USD 95 million by distributing six million in bonus shares to its shareholders, representing 6.74% at par.

APIC also distributed USD 6 million as cash dividends, representing 6.74% at par. Accordingly, total dividend payout amounted to USD 12 million, representing 13.48%.

Also Aggad added that APIC issued new corporate bonds in June 2020 through two parallel issuances in both US dollars and euros with a gross value of USD 73.841 million,

an important step towards assisting the company in achieving its future plans and will also effectively enhance its capital structure. He sayed.

-FYI (1/3)

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

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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

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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 people through its group of subsidiaries.

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