Arab Palestinian Investment Company (APIC) announced that the group achieved net profits after tax of $7.9 million in the first half of 2017, a growth of 25.4 per cent year on year, while net profits attributed to APIC shareholders amounted to $5.24 million in the first half of 2017.
The company also saw a growth of 20.6 per cent year on year. Revenues grew by 13.3 per cent compared to the same period in 2016, and amounted to $324 million in the first half of 2017.
Tarek Aggad, Chairman and CEO added that APIC's paid-up capital was increased to reach $70 million by distributing four million in bonus shares to its shareholders, 6.06 per cent at par. APIC also distributed $3,960,000 million as cash dividends, six per cent at par. Accordingly, the total dividend payout amounted to $7,960,000 million, 12.06 per cent at par. APIC's share closed at $1.90 by the end of 14 August, 2017 trading session, while its market capitalisation amounted to $133 million, representing 3.5 per cent of the Palestine Exchange's total market capitalisation to date.
Aggad highlighted some of the group's notable achievements, despite the surrounding challenges in Palestine and abroad. Siniora factories in Jordan and Palestine received a highly-ranked international food safety certificate, the FSSC: Food Safety System Certificate 22000 (ISO/TS22002-1), which represents the adoption of the highest food security standards worldwide and is recognised by key international organisations including the European Food and Beverage Association, the American Manufacturing Association and the Global Food Safety Initiative. Siniora subsidiary Diamond Meat Processing Company (Al-Masa), which is based in Dubai, UAE, has been accredited by the Saudi Food and Drug Authority to export its meat products to Saudi Arabia. Siniora also purchased a 3,500-square-metre warehousing facility in Riyadh, Saudi Arabia, at a total cost of $2 million, a move that is in line with Siniora's future expansion strategy in the region, with a focus on Gulf markets.
APIC subsidiary Palestine Automobile Company (PAC) officially inaugurated its new Hyundai headquarters in Ramallah, Palestine, completed at a cost of $4 million. The sizeable investment includes a state-of-the-art service centre, a large spare parts division and a new body/paint workshop. The centre will be the base for the future growth of Hyundai in Palestine, and offers customers the ideal conditions to service their vehicles, including those that run on hybrid and electric technologies. PAC also launched the first mainstream hybrid vehicle in the Palestinian market, the IONIQ Hybrid. This beautifully-designed and high-performance vehicle combines fuel-saving technologies with eco-friendly safety systems, a modern design and integrated supplies. PAC has also refurbished its Hyundai showrooms in Ramallah, Nablus and Hebron, bringing them up to the global standard set by Hyundai Motor Company.
As part of its commitment to continuously provide high-tech services that are on par with international practices, and as part of its strategy to provide engineering and software solutions for the construction sector at large and the aluminium sector in specific, APIC subsidiary National Aluminium and Profiles Company (NAPCO) received distribution rights for the integrated engineering software Orgadata Logikal in Palestine–NAPCO Pro. Orgadata is a German company that develops software specifically for the commercial aluminium business which calculates quantities and provides power analysis for infrastructure projects and facade constructions.
Aggad confirmed APIC's commitment to the communities within which it operates, with strategic support allocated towards pioneering institutions in Jerusalem including Dar Al-Tifel Al-Arabi, the Industrial High School/The Arab Orphans Committee and Yabous Cultural Centre. These investments will assist the institutions in strengthening their steadfastness and fulfilling their educational, national, humanitarian and cultural missions in line with APIC's corporate social responsibility strategy, which aims to invest in core sectors including education, healthcare, youth, culture, entrepreneurship as well as providing support to social and philanthropic institutions.
APIC is a foreign public shareholding investment company listed on the Palestine Exchange (PEX: APIC). Its investments are diverse across the manufacturing, trade, distribution and service sectors in Palestine, Jordan, Saudi Arabia and the United Arab Emirates through a group of nine subsidiaries: Siniora Food Industries; Unipal General Trading Company; Palestine Automobile Company; Medical Supplies and Services Company; National aluminium and Profiles Company (NAPCO); Sky Advertising and Public Relations Company; Arab Palestinian Shopping centres (BRAVO); Arab Leasing Company and the Arab Palestinian Storage and Cooling Company. APIC is also one of founding shareholders of the Palestine Electricity Holding Company, the Palestine Power Generating Company and has a stake in the Bank of Palestine.
