RAMALLAH, Palestine, May 16, 2024 /PRNewswire/ -- Arab Palestinian
Investment Company (APIC) convened its ordinary general
assembly on Wednesday, May 15, 2024,
in Ramallah, Palestine. The
meeting, which was chaired by APIC Chairman and CEO Tarek Aggad, was attended by members of APIC's
Board of Directors, representatives from the Ministry of National
Economy, the Palestine Capital Market Authority, the external
auditor of the company, its legal counsel and many of its
shareholders.
In its meeting, the general assembly ratified the
recommendation of APIC's Board of Directors to distribute stock
dividends totaling eight million shares, representing approximately
6.84% of the current paid-in capital of USD
117 million, thus increasing the paid-in capital to be equal
to the authorized capital of USD 125
million. The stock dividends, which will be distributed to
registered shareholders on May 14,
2024, hold a market value of around USD 20 million.
In his remarks at the meeting, Aggad explained
the unprecedented political and economic challenges in Palestine
because of the war on Gaza, and
worldwide due to the major hike in financing costs, the increase in
the cost of raw material, shipping, storage, and energy, in
addition to the sharp decline in the value of the shekel against
the US dollar. Despite these hurdles, Aggad emphasized the
company's resilience and commitment to excellence, citing
significant achievements in 2023. Total revenues reached
USD 1.2 billion, EBITDA totaled
around USD 73 million, a decline of
6.5% versus 2022. Net profits amounted to USD 19 million, while net profits attributed to
APIC shareholders amounted to USD 17.7
million.
Aggad expressed his genuine concerns regarding
Palestine's economic outlook amidst the ongoing war on Gaza and the occupation's extensive
destructive approach. He anticipated adverse repercussions on the
Palestinian economy and the results of companies in 2024,
foreseeing a significant decline in the gross domestic product
(GDP) due to the comprehensive siege on Gaza and the destruction of infrastructure,
the withholding of tax revenues to the Palestinian Authority, in
addition to the restrictions imposed on imports, exports, and the
movement of people and goods in the West
Bank. He added that the nebulous boundaries of this crisis
and its dire ramifications on the Palestinian economy will impede
and confine any endeavors to revitalize the economy, which in turn
will have a negative effect on APIC group, as an integral part
of this economy.
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 group of
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 3,150 staff through its group of
subsidiaries. For more information, visit www.apic.ps
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SOURCE Arab Palestinian Investment Company (APIC)