RAMALLAH, Palestine, May 6, 2021 /PRNewswire/ -- Arab Palestinian Investment Company (APIC) held its ordinary general assembly on Wednesday, May 5, 2021, in Ramallah, Palestine. In its meeting, the general assembly ratified dividend distribution for registered shareholders as of May 4, 2021, of 16.65% of APIC's paid-in capital amounting to USD 96.2 million to date, 7.5% as cash dividends amounting to USD 7.215 million and 9.147 % as 8.8 million in bonus shares. Accordingly, APIC's paid-in capital will reach USD 105 million following the bonus share distribution.
Net profit attributed to APIC shareholders grew by 11% in 2020
In his statement, Chairman and CEO of APIC Tarek Aggad spoke of the consequences of the coronavirus pandemic, which caused disruptions to businesses and its consequent negative impact on global economic activity. However, he noted that APIC's management was able to respond rapidly, effectively, and decisively to the challenges of the coronavirus crisis from its onset, forming a planning and oversight committee to supervise business continuity for all the group's companies during the emergency phase that worked to prioritize the safety of all employees and customers, ensure the stability and efficiency of operations and maintain customer services. Accordingly, these measures were instrumental in mitigating the impact of the pandemic on the consolidated results of the group in 2020, and furthermore, the group reported a good year-on-year growth rate. Total revenues reached USD 958.2 million in 2020, a growth of 16% compared to 2019. The group's net profits grew by 12.8% to reach USD 24.64 million, while net profits attributed to APIC shareholders rose by 11% and amounted to USD 19.86 million. Consequently, earnings per share increased to reach 21 cents in 2020, a growth of 10% year on year.
Investment expansions of the group's subsidiaries
Aggad added that in 2020, a number of APIC subsidiaries concluded new investment expansions. National Aluminum and Profiles Company (NAPCO), in partnership with Bank of Palestine, established Qudra Energy Solutions, a company that operates in the renewable energy sector using the leading technologies and solutions to offer solar energy as a strategic alternative in Palestine. Unipal General Trading Company acquired 80% of Al-Jihan General Trading Company in Jordan, which is active within the FMCG sector in Jordan and represents many leading brands within both the food and non-food categories. Sky Advertising and Promotion Company acquired 60% of Oyoun Media Company in Palestine, a move that will enhance Sky's portfolio within the Palestinian digital media services market.
USD 3.5 million investment in corporate social responsibility
In 2020, APIC doubled its corporate social responsibility budget in response to the difficulties brought about by the coronavirus pandemic. A total of USD 3.5 million were invested in corporate social responsibility by APIC and its subsidiaries, representing 14% of the group's net profit, of which USD 2 million were dedicated to national efforts in Palestine and Jordan to fight the coronavirus pandemic by providing cutting-edge medical equipment and ambulances to the Ministry of Health, financial donations to national funds, as well as the distribution of thousands of food packages to support families living under exceptional circumstances. Additionally, APIC maintained its strategic support to institutions working in the education and health sectors, entrepreneurial projects, youth as well as to social, charitable, and humanitarian organizations.