RAMALLAH, Chairman and CEO of Arab Palestinian Investment Company (APIC) Tarek Aggad announced that the group achieved net profits after tax of $21.22 million in the first half of 2021, a growth of 135.33% year on year, with net profits attributed to APIC shareholders reaching $19.2 million, a growth of 160%. Revenues amounted to $517.7 million in the first half of 2021, a growth of 27.6% year on year.
In his statement, Aggad expressed his satisfaction for achieving these distinguished results, and referred to the developments at APIC subsidiaries during the first half of this year.
Siniora Food Industries Company, an APIC subsidiary, acquired the Polonez business for meat manufacturing in Turkey in a deal worth $28.3 million. This acquisition came as part of the company’s growth strategy to increase its market share on a regional and global scale by expanding its production lines in its factories and targeting new markets.
Moreover, APIC sold out all its stake in Arab Palestinian Shopping Centers Co. (Bravo), this comes in line with APIC’s vision to focus on developing and expanding other strategic sectors. The total value of the deal (including the value of the sold shares, the settlement of Bravo’s bank debts and the value of the tax settlement) amounted to $23 million, while the recognized profit in the interim consolidated statement of profit or loss amounted to $4.67 million.
Aggad added that APIC distributed 8.8 million in bonus shares to its shareholders, representing 9.15% at par, noting that following this distribution, APIC’s paid-in capital became $105 million. APIC also distributed $7.215 million as cash dividends, representing 7.5% at par. Accordingly, total dividend payout amounted around $16 million, representing 16.65%.
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, the United Arab Emirates, Iraq and Turkey through its subsidiaries.
Source: Palestinian News & Info Agency