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.
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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%.