Arab Palestinian Investment Company (APIC) achieves net profits of USD 24.65 million in 2020, a growth of 12.8% year on year
RAMALLAH, Palestine, Feb. 1, 2021 /PRNewswire/ -- Arab Palestinian Investment Company (APIC) announced its consolidated preliminary (unaudited) financial results for 2020. In his statement, APIC Chairman and CEO Tarek Aggad announced that the company achieved very good results in 2020 despite the numerous challenges in local and regional markets, mainly due to coronavirus pandemic. Total revenues rose by 16.5% and amounted to USD 961.4 million, the group's net profits grew by 12.8% to reach USD 24.65 million, while net profits attributed to APIC shareholders increased by 11.1% and amounted to USD 19.85 million. Moreover, earnings per share grew by 2.8% and amounted to 0.21 cents in 2020. Total assets amounted to USD 512.1 million as at December 31, 2020, an increase of 18.3% over 2019. Net equity attributed to APIC shareholders amounted to USD 145.7 million as at December 31, 2020, an increase of 9.6% over 2019.
Total value of distributed dividends amounted to USD 12 million, 13.48% of APIC's paid-in capital
Aggad indicated that in 2020, APIC distributed cash dividends to its shareholders amounting to USD 6 million (6.74%), and 6 million in bonus shares (6.74%). Accordingly, the total value of distributed dividends (cash and bonus shares) amounted to USD 12 million, 13.48% of company's paid-in capital, which was USD 89 million at the time.
APIC's market capitalization grew by 17.2%
Aggad noted that APIC's share maintained its good performance throughout the year and closed at USD 2.80 at the end of 2020, a growth of 9.8% compared to 2019's closing. APIC's market capitalization grew to reach USD 266 million by the end of 2020, a growth of 17.2% year on year.
Issuance of new bonds amounting to USD 73.8 million
Aggad added that APIC also issued new five-year bonds in 2020, through two parallel issuances in both the US dollars and euro currencies with a gross value of USD 73.841 million, of which USD 58 million and Î14 million are in a private subscription with the participation of nine major banks and companies in Palestine. This confirms the strength of the company, especially that the bond issuance was executed during exceptional circumstances due to the coronavirus pandemic; however, financial institutions did not hesitate to subscribe due to their confidence in the company and its solid financial position.
APIC invested 14% of its net profit in social responsibility, amounting to USD 3.5 million
Aggad highlighted that APIC almost doubled its corporate social responsibility budget in 2020. A total of USD 3.5 million was 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, providing financial contribution to national funds established for this purpose, in addition to donating thousands of food packages to support families living under exceptional circumstances.
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 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 employing over 2,200 staff through its group of subsidiaries.
SOURCE Arab Palestinian Investment Company (APIC)
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