Palestinian businesses report strong growth in past year

Palestinian businesses report strong growth in past year
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Palestinian business group APIC reports strong growth in industries that include food, automobile, medical supplies and shopping centers. The Palestinian business group also has strong commitments to education, culture, entrepreneurship, and youth development and children, as well as general humanitarian support

Arab Palestinian Investment Company (APIC) held its annual general assembly meeting on May 18, 2016 inRamallah. The meeting, which was chaired by APIC’s Chairman and CEO Tarek Aggad, was attended by APIC’s board of directors, the companies’ controller, representatives from Palestine Capital Market Authority and Palestine Exchange, the external auditor of the company, its legal counselor, many of its shareholders as well as media representatives.

Left to right: •Manager of Companies Department, Palestine Exchange,  • General Manager of Palestine Capital Market Authority, • Vice Chairman of APIC, • Chairman of APIC, Mr. Tarek Aggad, • Companies' Controller of Palestine Ministry of National Economy, • APIC's External Auditor, Deloitte and Touch (PRNewsFoto/APIC)

Left to right: • Manager of Companies Department, Palestine Exchange, • General Manager of Palestine Capital Market Authority, • Vice Chairman of APIC, • Chairman of APIC, Mr. Tarek Aggad, • Companies’ Controller of Palestine Ministry of National Economy, • APIC’s External Auditor, Deloitte and Touch (PRNewsFoto/APIC)

The General Assembly ratified the distribution of USD9 million in dividends, representing 15% of APIC’s paid-up capital: 5% as cash dividends amounting to USD3 million and 10% as six million in bonus shares for registered shareholders as of May 17, 2016.

Aggad stated that APIC’s group achieved total revenues of USD523.6 million in 2015. Net profit after tax reachedUSD12.41 million, an increase of 9.4% over 2014, of which net profit attributed to APIC’s shareholders amounted to USD7.14 million. He added, “The net profit attributed to APIC’s shareholders is lower than that of 2014 due to the company’s direct losses resulting from the liquidation of its subsidiary, UNIPAL Central and West Africa (UNIPAL-CWA), in 2015 due to the company’s continuous losses since its establishment in 2010, which reflected negatively on APIC’s past consolidated results. As a result of this liquidation, APIC has endured a nonrecurring loss of USD2.2 million; however, this will reflect positively on APIC’s operations and consolidated results and clearly appeared in APIC’s consolidated results by the end of first quarter of 2016. Net profits grew by 15% and net profit attributed to APIC’s shareholders grew by 20% compared to the first quarter of 2015. APIC’s share value on Palestine Exchange shadowed this positive performance, where it is currently trading atUSD1.30, a growth of 16% over 2015 closing.”

Aggad listed APIC’s numerous achievements in 2015, which included the Palestine Exchange (PEX) upgrading the company’s listing from the second to the first market, a move that recognizes its financial and stock performance, although APIC’s share continues to trade at below book value.

Siniora Food Industries completed a state-of-the-art factory for its new line of frozen meat products in Jordanand also significantly increased the production capacity of its cold cuts products. Additionally, the company has activated its new commercial branch in Dubai to market its products in the UAE and other Gulf markets. Aggad also mentioned that during the first quarter of 2016, Siniora acquired 70% of Diamond Meat Processing Company in UAE in Dubai at a total investment of USD12 million.

Arab Palestinian Shopping Centers recently launched its new Bravo supermarket in Nablus, the largest in Palestine, at a total investment of USD8 million. Total retail area is 3800 square meters and employs more than 100 people.

The Arab Daily News

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In a bid to capture regional opportunities, National Aluminum and Profiles Company (NAPCO) established a fully-owned subsidiary in Jordan.

Aggad stressed that APIC´s corporate social responsibilities (CSR) strategy in 2015 remained focused on medium- to long-term partnerships with various institutions working in the fields of education, culture, entrepreneurship, and youth development and children, as well as general humanitarian support. Total CSR investment in 2015 amounted to USD500,000.

  • APIC achieved a net profit after tax amounted to USD3.03 million by the first quarter of 2016; a growth of 15% compared to the first quarter of 2015,  of which net profit attributed to APIC’s shareholders amounted to USD2.15 million; a growth of 20.1% compared to the first quarter of 2015.
  • Total revenues amounted to USD129.62 million; a growth of 10.8% compared to the first quarter of 2015.
  • Total assets amounted to USD301.12 million as of March 31, 2016; a growth of 8.1% over 2015 closing.
  • Net equity (attributed to APIC’s shareholders) amounted to USD84.94 million as of March 31, 2016; a growth of 4.1% over 2015 closing.

The Arab Palestinian Investment Company (APIC) was founded in 1994 by a number of Arab businessmen for the purpose of channeling funds and investments to Palestine, paving the country’s way to greater development and creating new jobs in the country. In 1994, APIC was registered in the British Virgin Islands and in 1996, APIC it was registered with the Ministry of National Economy in Palestine as a foreign private shareholding company and transformed into a foreign public shareholding company in 2013. On March 2, 2014, APIC listed its shares on the Palestine Exchange (PEX: APIC).The company’s authorized capital is USD70 million, while its paid-up capital is USD60 million as of December 31, 2015. As an investment holding company, APIC investments are diverse, spanning across the manufacturing, trade, distribution and service sectors with a presence in Palestine, Jordan, Saudi Arabia, and UAE through its nine subsidiaries, which include National Aluminum and Profiles Company; Siniora Food Industries Company; Arab Palestinian Shopping Centers; Palestine Automobile Company; Medical Supplies and Services Company; Unipal General Trading Company; Sky Advertising, Public Relations and Event Management Company; Arab Leasing Company and the Arab Palestinian Storage and Cooling Company. APIC is one of the largest operators in Palestine, employing over 1,600 staff through its group of subsidiaries. Subsidiaries of APIC offer a wide array of products and services through distribution rights agreements with multinational companies that include Philip Morris, Procter & Gamble, Kellogg’s, Hyundai, Chrysler, Dodge, Jeep, Alfa Romeo, Fiat, Fiat Professional, XL Energy, Abbott, B. Braun, Eli Lilly, GlaxoSmithKline, Sanofi Aventis and Nivea, among many others. APIC is also one of the main founders of the Palestine Electricity Holding Company, the Palestine Power Generating Company and has a strategic stake in Bank of Palestine.

The Arab Daily News

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