RAMALLAHPalestine, February 13, 2022 /PRNewswire/ — Palestinian Arab Investment Company (APIC) announced its preliminary (unaudited) consolidated financial results for 2021. In his statement, APIC’s Chairman and Chief Executive Officer Tarek Aggad announced that the company achieved remarkable results in 2021 despite the continued impact of the coronavirus pandemic. Total revenue exceeded $1 billion and increased by 16% compared to 2020. The group’s net income increased by 53.96% to reach $37.94 million. In addition, net profits attributed to APIC shareholders increased by 68.35% and amounted to $33.44 million. As a result, earnings per share increased to 32 cents in 2021, growth of 52.32% over one year. Total assets amounted to $623.44 million like a December 31, 2021up 22% compared to 2020. Equity attributed to APIC shareholders amounts to $168.47 million like a December 31, 2021an increase of 15.5% compared to 2020.
APIC invested 6% of its net income in social responsibility, i.e. $2.3 million supporting more than 70 institutions
Aggad pointed out that in 2021, APIC and its subsidiaries have invested $2.3 million in corporate social responsibility, which represented 6% of the group’s net income by providing financial, moral and in-kind support to more than seventy charitable and humanitarian institutions working with orphans and people with special needs, in plus institutions in the fields of education, youth, leadership and entrepreneurship, health and medical care, culture, heritage, among others.
APIC is a foreign public investment holding company listed on the Palestine Stock Exchange (PEX: APIC). It holds diversified investments in the manufacturing, trading, distribution and service sectors in Palestine, Jordan, Saudi Arabiathe United Arab Emirates, Iraq and Turkey through its subsidiaries: Siniora Food Industries Company; General Trading Company Unipal; Palestinian car company; Medical supplies and services company; National Company of Aluminum and Profiles (NAPCO); Sky advertising and public relations and event management company; Arab Leasing Company and Arab Palestinian Storage and Cooling Company, employing over 2,600 people across its group of subsidiaries.
SOURCE Arab Palestinian Investment Corporation (APIC)