RAMALLAH, Palestine, February 15, 2017 /PRNewswire/ --
Arab Palestinian Investment Company (APIC) announced its preliminary unaudited financial results for the year 2016. According to the reported results, APIC achieved net profit after tax of USD12.13 million in 2016. Further, net profit attributed to APIC's shareholders amounted to USD8.27 million, marking 15.7% growth over 2015. Total revenues in 2016 grew by 16.4% and amounted to USD609.33 million. Total assets amounted to USD335.61 million as at December 31, 2016, an increase of 20.5% over 2015 closing. Net equity attributed to APIC shareholders amounted to USD87.15 million as at December 31, 2016, an increase of 6.8% over 2015 closing.
Net profit attributed to APIC's shareholders grew by 15.7% in 2016 compared to 2015
In his statement, Chairman and CEO of APIC Tarek Aggad announced that the group achieved good results in 2016 despite the constant economic and political challenges in Palestine and the region. Aggad added that earlier in 2016, APIC increased its paid-up capital to USD66 million by distributing six million bonus shares to its shareholders (10% at par), and distributed USD3 million in cash dividends. Accordingly, total dividend payout in 2016 amounted to 15%.
APIC share price surged by 70% by 2016 closing compared to 2015
Aggad reacted positively to APIC's share performance which was ranked among the top performing on Palestine Exchange (PEX). APIC share price closed at USD1.90 by 2016 closing, a growth of 70% compared to 2015, and ranked first in terms of growth in share price among all listed companies on PEX. Further, APIC's share turnover ratio scored 55%, while its market capitalization amounted to USD125,400,000 and constituted 3.7% of total PEX market capitalization as at December 31, 2016.
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 PLC; Unipal General Trading Company; Palestine Automobile Company; Medical Supplies and Services Company; National Aluminum and Profiles Company PLC (NAPCO); Sky Advertising and Public Relations Company; Arab Palestinian Shopping Centers PLC (BRAVO); Arab Leasing Company and Arab Palestinian Storage and Cooling Company.
APIC is also one of the founding shareholders of Palestine Electric Company Holding, Palestine Power Generating Company and has a stake in Bank of Palestine.
SOURCE Arab Palestinian Investment Company (APIC)