RAMALLAH, Palestine, February 11, 2018 /PRNewswire/ --
Arab Palestinian Investment Company (APIC) announced its consolidated preliminary (unaudited) financial results for 2017. According to the reported results, APIC achieved net profit after tax of USD 17.45 million in 2017, a growth of 46% year on year, while net profit attributed to APIC's shareholders amounted to USD 11.87 million, marking 44% growth over 2016. Total revenues grew by 13% year on year and amounted to USD 687 million in 2017. Total assets amounted to USD 355 million as at December 31, 2017, an increase of 7.7% over 2016. Net equity attributed to APIC shareholders amounted to USD 93.8 million as at December 31, 2017, an increase of 9.2% over 2016.
Earnings per share grew by 36% in 2017 compared to 2016
In his statement, APIC Chairman and CEO Tarek Aggad announced that the group achieved significant growth in 2017 despite the challenges in Palestine and the region as a whole. Aggad added that earnings per share attributed to APIC's shareholders grew by 36% over 2016 and amounted to 17 cents per share in 2017. He added that earlier in 2017, APIC increased its paid-up capital to USD 70 million by distributing four million free shares to its shareholders, and distributed USD 3.96 million in cash dividends. Accordingly, total dividends amounted to USD 7.96 million, a payout of 12.06% of APIC's paid-up capital.
APIC's market capitalization grew by 116% since listing on the stock exchange
Aggad referred to the significant growth in APIC's market capitalization which amounted to USD 64 million in 2014 (year of listing), and reached USD 138.6 million at the end of 2017 achieving 116% growth since the company's listing on Palestine Exchange. APIC's price to earnings ratio (PE) in 2017 was 11.7x.
APIC invested 7% of its net profit in social responsibility amounting to USD 1.2 million
Aggad highlighted APIC's effective social responsibility role in the communities within which it operates. APIC's strategic social responsibility vision lies in its investment in the education and health sectors, entrepreneurial projects, youth as well as through its support of social, charitable, humanitarian and cultural institutions. Over the past few years, APIC's policy has focused on forming medium- and long-term strategic partnerships with institutions that play an active role in the Palestinian society, assisting them in fulfilling their missions. In 2017, USD 1.2 million was invested in social responsibility by APIC and its group of subsidiaries representing 7% of the company's net profit.
Aggad conveyed his gratitude to APIC's shareholders for their continuous trust in the company. He also thanked the group's employees of over 1650 staff for their hard work. Aggad added that the Late Sheikh Omar Aggad, founder of APIC (who lately passed away), would have been so proud that today APIC employs so many hard working dedicated people who led all these achievements and results.