APIC's net profits elevated in the first half of 2021 to reach USD 21.22 million, a growth of 135% year on year
RAMALLAH, Palestine, Aug. 12, 2021 /PRNewswire/ -- Chairman and CEO of Arab Palestinian Investment Company (APIC) Tarek Aggad announced that the group achieved net profits after tax of USD 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 USD 19.2 million, a growth of 160%. Revenues amounted to USD 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 acquired the Polonez business for meat manufacturing in Turkey in a deal worth USD 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 USD 23 million, while the recognized profit in the interim consolidated statement of profit or loss amounted to USD 4.67 million.
The distribution of USD 16 million in dividends to APIC shareholders
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 USD 105 million. APIC also distributed USD 7.215 million as cash dividends, representing 7.5% at par. Accordingly, total dividend payout amounted around USD 16 million, representing 16.65%.
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, the United Arab Emirates, Iraq and Turkey through its 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 Leasing Company and Arab Palestinian Storage and Cooling Company, employing over 2500 people through its group of subsidiaries.
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