RAMALLAH, Palestine, May 3, 2018 /PRNewswire/ --
Arab Palestinian Investment Company (APIC) held its extraordinary and ordinary general assembly on Wednesday, May 2, 2018, in Ramallah, Palestine. The meeting, which was chaired by APIC Chairman and CEO Tarek Aggad, was attended by members of APIC's board of directors, the companies' controller, representatives from Palestine Capital Market Authority and Palestine Exchange, the external auditor of the company, its legal counsel, many of its shareholders as well as media representatives.
The general assembly ratified in its extraordinary meeting increasing APIC's authorized capital to reach USD 100 million. It also ratified during its ordinary meeting the distribution of USD 10 million in dividends, representing 14.28% at par for registered shareholders as of May 1, 2018; 7.14% as cash dividends amounting to USD 5 million and 7.14% as five million in bonus shares. Accordingly, APIC's registered and paid-in capital will be USD 75 million following this distribution. During the meeting, a new board of directors was elected as well, comprising twelve board members for the next four years.
Net profit attributed to APIC shareholders grew by 45% in 2017
In his statement, Aggad highlighted that the year 2017 was a milestone one on many levels; APIC group achieved significant growth despite the challenges facing Palestine and the region as a whole. Net profit after tax grew by 46% year on year and amounted to USD 17.45 million in 2017, while net profit attributed to APIC's shareholders amounted to USD 11.87 million, marking 45% growth over 2016. Total revenue grew by 13% year on year and amounted to USD 687 million in 2017. Moreover, earnings per share attributed to APIC shareholders grew by 36% year on year and amounted to 17 cents per share in 2017.
APIC's market capitalization grew by 116% since listing on Palestine Exchange
Furthermore, Aggad said that APIC's significant results during the past few years, since its listing on the Palestine Exchange (PEX) in 2014 in particular, have had a positive impact on its market capitalization, which has risen gradually from USD 64 million to reach USD 138.6 million at the end of 2017, a growth of 116% over its 2014 closing (year of listing on PEX).
Siniora's expansion regionally
Aggad listed the numerous achievements of APIC's subsidiaries in 2017, remarking Siniora's regional expansion via its subsidiary Diamond Meat Processing Company (Al Masa). Al Masa, which is based in Dubai, United Arab Emirates, has been accredited by the Saudi Food and Drug Authority to export its meat products to Saudi Arabia. Siniora also purchased a 3,500-square-meter warehousing facility in Riyadh, Saudi Arabia, at a total cost of USD 2 million, a move that is in line with Siniora's future growth in the region, with a focus on Gulf markets. The company also purchased an 11,590-square-meter plot of land in the Sahab Industrial Estate in Amman, Jordan, at a total cost of USD 1.55 million, as a preparatory step towards further expanding its plant in the country.
An integrated plan to achieve energy independence from natural resources
In line with the global trends that call for the use of renewable energy and environmentally-friendly natural sources, Aggad stated that APIC subsidiaries have initiated a full program of installing solar photovoltaic panels to achieve the ultimate goal of energy independence.
New exclusive distribution rights
Medical Supplies and Services Company (MSS) also obtained new and exclusive distribution rights from international companies GSK Consumer Healthcare, GSK Oral Care, Hologic and Immucor to market and sell their lines of medical, healthcare and laboratory products in Palestine.
Total CSR investments in 2017 amounted USD 1.2 million
Aggad confirmed APIC's commitment to an effective corporate social responsibility role in the communities within which it operates through continuous investment in the education and health sectors, entrepreneurial projects and youth as well as through its support of social, charitable, humanitarian and cultural institutions. APIC has also continued to forge medium- and long-term strategic partnerships with institutions that play an active role in their society. Aggad stated that in 2017, a total of USD 1.2 million was invested in corporate social responsibility by APIC and its group of subsidiaries, representing 7% of the company's net profit.
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; Unipal General Trading Company; Palestine Automobile Company; Medical Supplies and Services Company; National Aluminum and 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. APIC is also one of the founding shareholders of Palestine Power Generation Company and has a stake in Bank of Palestine and Palestine Private Power Company.