APIC achieves USD 20.4 million in net profits from continuing operations in the first half of 2022, a growth of 20.8% year on year

21
Arab Palestinian Investment Company (APIC) Logo (PRNewsfoto/APIC)

RAMALLAH, Palestine: Arab Palestinian Investment Company (APIC) Chairman and CEO Tarek Aggad announced that APIC achieved net profits from continuing operations of USD 20.4 million in the first half of 2022, versus USD 16.9 million for the same period of 2021, a growth of 20.8% year on year. Net profits in the first half of 2022, amounted to USD 20.4 million, versus USD 21.2 million for the same period of last year, a decline of 4% year on year since the results of the first half of 2021 included one-time non-operational profits of USD 4.67 million resulting from the selling of APIC’s entire stake in Arab Palestinian Shopping Centers Company (Bravo).

Net profits attributed to APIC shareholders in the first half of 2022 reached USD 18.3 million. Total revenues grew by 6.5% year on year and amounted to USD 551.2 million in the first half of 2022. Operational profits grew by 13.5%, reaching USD 30.7 million. Total assets increased by 12.5% compared to 2021’s closing and reached USD 695.3 million in the first half of 2022, while net equity attributed to APIC shareholders increased by 7% and amounted to USD 174.7 million.

The distribution of USD 18 million in dividends to APIC shareholders

Aggad added that APIC distributed seven million in bonus shares to its shareholders, representing around 6.67% at par, noting that APIC’s paid-in capital became USD 112 million following this distribution. APIC also distributed USD 11 million as cash dividends, representing around 10.47% at par. Accordingly, the total dividend payout amounted to USD 18 million, representing around 17.14%.

About APIC

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, the United Arab Emirates, Iraq and Turkey through its 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 Leasing Company and Arab Palestinian Storage and Cooling Company, employing around 3000 people through its group of subsidiaries.