RAMALLAH, Palestine, April 24, 2017 /PRNewswire/ --
Arab Palestinian Investment Company (APIC) held its ordinary annual general assembly on Sunday, April 23, 2017 in Ramallah, Palestine. The General Assembly ratified the distribution of USD7,960,000 million in dividends, representing 12.06% of APIC's paid-up capital for registered shareholders as of April 22, 2017: 6% as cash dividends amounting to USD3,960,000 million and 6.06% as four million in bonus shares. Accordingly, APIC's paid-up capital will be USD70 million.
APIC Chairman and CEO Tarek Aggad stated that APIC achieved total revenues of USD607.4 million, a growth of 16% compared to 2015. Net profit after tax amounted to USD11.94 million, a slight drop of 3.7% compared to 2015, while net profit attributed to APIC shareholders grew by 15.4% and amounted to USD8.24 million in 2016. By December 31, 2016, net equity attributed to APIC shareholders amounted to USD85.9 million, an increase of 5.3% over 2015 closing.
Furthermore, Aggad said that APIC's share attracted numerous shareholders in 2016, and ranked amongst the top performing listed companies on the Palestine Exchange; the share price surged by 70% by 2016's closing, compared to the same period in 2015, and closed at USD1.90. This positively increased the company's liquidity and turnover ratio, which was 55%.
Aggad listed APIC's subsidiaries numerous achievements in 2016, despite the constant economic and political challenges in Palestine and the region. Most noteworthy was the acquisition of the Diamond Meat Processing Company by Siniora Food Industries in a deal worth USD17 million, with Siniora's share amounting to USD12 million, or 70%. This acquisition is in line with APIC's expansion and development strategy to target new markets, and is expected to increase Siniora's share in regional markets and, more specifically, in the Gulf. Siniora also launched a new line of frozen meat products at its factory in Jordan, which includes a line-up of more than 35 products, while new frozen products were also launched in Jordanian and Saudi markets.
Unipal General Trading Company obtained exclusive distribution rights for Ferrero in Palestine. Ferrero is an Italian corporation that produces fine chocolate brands such as Nutella, Ferrero Rocher and Kinder. In 2016, APIC increased its shareholding ownership percentage to 93.4% in Unipal, an investment feat that will boost APIC returns.
With the opening of its new Hyundai headquarters in Ramallah completed at a cost of USD4 million, Palestine Automobile Company (PAC) expanded its business with a focus on after-sale services. This center now boasts a state-of-the-art service center, a large spare parts division and a brand-new body/paint workshop. The center will be the base for the future success of Hyundai in Palestine, and will offer customers the ideal conditions to service their vehicles, particularly with new motoring technology in the pipeline, such as hybrid and electric vehicles.
Arab Palestinian Shopping Centers (Bravo) launched its new shopping center in Beit Wazan, Nablus, to augment its share in the Palestinian market. The new shopping center is the largest in Palestine, with a total retail area of 2,300 square meters built over a 10,000-square-meter plot, employing over 100 staff members.
Aggad confirmed APIC's commitment to the communities in which it operates, adding that APIC's corporate social responsibility policy in recent years has focused on medium- to long-term strategic partnerships with vital institutions working in core sectors in the Palestinian society, namely education, health, youth, culture, as well as philanthropy. In 2016, APIC signed various agreements and undertook activities, both material and ethical, with total CSR investments in 2016 by APIC and its subsidiaries reaching approximately USD830,000.
SOURCE Arab Palestinian Investment Company (APIC)