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APIC ratifies dividend distribution of $7,960,000 Million to its shareholders.

Arab Palestinian Investment Company's (APIC) General Assembly ratified the distribution of $7,960,000 million in dividends, representing 12.06 per cent of APIC's paid-up capital for registered shareholders as of 22 April 2017: six per cent as cash dividends amounting to $3,960,000 million and 6.06 per cent as four million in bonus shares.

Accordingly, APIC's paid-up capital will be $70 million.

APIC Chairman and CEO Tarek Aggad stated that APIC achieved total revenues of $607.4 million, a growth of 16 per cent compared to 2015. Net profit after tax amounted to $11.94 million, a slight drop of 3.7 per cent compared to 2015, while net profit attributed to APIC shareholders grew by 15.4 per cent and amounted to $8.24 million in 2016. By December 31, 2016, net equity attributed to APIC shareholders amounted to $85.9 million, an increase of 5.3 per cent over 2015 closing.

Furthermore, Aggad said that APIC's share attracted numerous shareholders in 2016, and ranked amongst the top performing listed companies on the Palestine Exchange; the share price surged by 70 per cent by 2016's closing, compared to the same period in 2015, and closed at $1.90. This positively increased the company's liquidity and turnover ratio, which was 55 per cent.

Aggad listed APIC's subsidiaries numerous achievements in 2016, despite the constant economic and political challenges in Palestine and the region. Most noteworthy was the acquisition of the Diamond Meat Processing Company by Siniora Food Industries in a deal worth $17 million, with Siniora's share amounting to $12 million, or 70 per cent. This acquisition is in line with APIC's expansion and development strategy to target new markets, and is expected to increase Siniora's share in regional markets and, more specifically, in the Gulf. Siniora also launched a new line of frozen meat products at its factory in Jordan, which includes a line-up of more than 35 products, while new frozen products were also launched in Jordanian and Saudi markets.

Unipal General Trading Company obtained exclusive distribution rights for Ferrero in Palestine. Ferrero is an Italian corporation that produces fine chocolate brands such as Nutella, Ferrero Rocher and Kinder. In 2016, APIC increased its shareholding ownership percentage to 93.4 per cent in Unipal, an investment feat that will boost APIC returns.

With the opening of its new Hyundai headquarters in Ramallah completed at a cost of USD4 million, Palestine Automobile Company (PAC) expanded its business with a focus on after-sale services. This centre now boasts a state-of-the-art service centre, a large spare parts division and a brand-new body/paint workshop. The centre will be the base for the future success of Hyundai in Palestine, and will offer customers the ideal conditions to service their vehicles, particularly with new motoring technology in the pipeline, such as hybrid and electric vehicles.

Arab Palestinian Shopping centres (Bravo) launched its new shopping centre in Beit Wazan, Nablus, to augment its share in the Palestinian market. The new shopping centre is the largest in Palestine, with a total retail area of 2,300 square metres built over a 10,000-square-metre plot, employing over 100 staff members.

Aggad confirmed APIC's commitment to the communities in which it operates, adding that APIC's corporate social responsibility policy in recent years has focused on medium- to long-term strategic partnerships with vital institutions working in core sectors in the Palestinian society, namely education, health, youth, culture, as well as philanthropy. In 2016, APIC signed various agreements and undertook activities, both material and ethical, with total CSR investments in 2016 by APIC and its subsidiaries reaching approximately $830,000.

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Publication:CPI Financial
Date:Apr 24, 2017
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