RAMALLAH — Chairman and CEO of Arab Palestinian Investment Company (APIC) Tarek Aggad announced that the group achieved net profits after tax of $9.02 million in the first half of 2020, with net profits attributed to APIC shareholders reaching $7.4 million. Revenues amounted to $423.03 million in the first half of 2020, a growth of 8.10% year on year.
Aggad noted that despite the relative decline in profits by 11.51% when compared to the same period in 2019, the results are good considering the decline came as a direct result of the emergency lockdown and the sluggish economic activity due to the coronavirus pandemic in Palestine and in countries where APIC subsidiaries operate.
Aggad added that APIC's management responded promptly and decisively to the challenges of the coronavirus crisis from its onset, forming a planning and oversight committee to manage business continuity for all the group's companies during the emergency phase, which included maintaining the safety of all employees and customers, the stability and efficiency of operations, in addition to maintaining customer service and the collection of receivables from customers.
Consequently, all these measures insured that the pandemic had minimal effect on the consolidated results of the group in the first half of 2020. As for liquidity, Aggad confirmed that the group enjoys convenient liquidity levels and strong solvency margins that enable it to respond to market conditions and economic developments.
He indicated that the group has updated its future outlook related to expectations and action plans in order to manage and monitor the effects associated with the pandemic, allowing them to confront it with flexibility and limit any negative impact on business results.
Supporting national efforts with $1.7 million to date to fight the coronavirus pandemic Aggad said that APIC has supported national efforts in Palestine and Jordan to fight the coronavirus pandemic with $1.7 million to date.
The APIC provided cutting-edge laboratory equipment to the Ministry of Health to help them examine and diagnose those with coronavirus, donating ventilators and intensive care units with all necessary equipment, supplying protective suits and masks for medical staff, donating six fully equipped Hyundai-H1 ambulances to the Palestinian Ministry of Health, in addition to donating thousands of food packages to support families living under exceptional circumstances.
Aggad stressed that APIC's support is part of its national and humanitarian duty towards society and the people in both countries.
Increasing APIC's paid-in capital to $95 million Aggad added that APIC increased its paid-in capital to reach $95 million by distributing six million in bonus shares to its shareholders, representing 6.74% at par. APIC also distributed $6 million as cash dividends, representing 6.74% at par. Accordingly, total dividend payout amounted to $12 million, representing 13.48%.
The issuance of new corporate bonds through two parallel issuances in both US dollars and euros with a gross value of $73.841 million Aggad added that APIC issued new corporate bonds in June 2020 through two parallel issuances in both US dollars and euros with a gross value of $73.841 million, an important step towards assisting the company in achieving its future plans and will also effectively enhance its capital structure. — PRNewswire
