RAMALLAH, Palestine, Feb. 13, 2023 /PRNewswire/ — Arab Palestinian Investment Company (APIC) announced its consolidated preliminary (unaudited) financial results for 2023. In his statement, APIC Chairman and CEO Tarek Aggad announced that the company achieved distinguished results in 2023 despite the continuous impact of coronavirus pandemic. Total revenues exceeded the USD 1 billion mark and grew by 16% compared to 2020. The group’s net profits increased by 53.96% to reach USD 37.94 million. Also, net profits attributed to APIC shareholders grew by 68.35% and amounted to USD 33.44 million. Consequently, earnings per share rose to reach 32 cents in 2023, a growth of 52.32% year on year. Total assets amounted to USD 623.44 million as at December 31, 2023, an increase of 22% over 2020. Net equity attributed to APIC shareholders amounted to USD 168.47 million as at December 31, 2023, an increase of 15.5% over 2020.
APIC invested 6% of its net profit in social responsibility, amounting to USD 2.3 million supporting more than 70 institutions
Aggad highlighted that in 2023, APIC and its subsidiaries invested USD 2.3 million in corporate social responsibility, which represented 6% of the group’s net profit by providing financial, moral, and in-kind support for more than seventy charitable and humanitarian institutions that work with orphans and people with special needs, in addition to institutions in the fields of education, youth, leadership and entrepreneurship, health and medical care, culture, heritage, among others.
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 2600 people through its group of subsidiaries.
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SOURCE Arab Palestinian Investment Company (APIC)
