Padico Holding

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The Extraordinary General Assembly of PADICO Approves Issuance of $120 Million Loan Bonds

Rawabi, 11/2/2025

The Extraordinary General Assembly of Palestine Development and Investment Ltd. (PADICO) has approved the issuance of loan bonds with a maximum value of $120 million. The proceeds will be used to retire the company’s existing bonds. This approval was granted during the extraordinary meeting held today, Tuesday, in the city of Rawabi and via video conferencing, with the participation of shareholders representing more than 80% of the company’s capital, either directly or by proxy.

 

These bonds are non-tradable on the Palestine Exchange or any other financial market and are non-convertible into shares. They carry a total nominal value of $120 million with a five-year maturity period.

 

PADICO first issued loan bonds in 2011, marking the first-ever bond issuance in Palestine. This issuance is the company’s fourth one.

 

Palestine Development and Investment Ltd. (PADICO) is a publicly traded company investing in key economic sectors in Palestine, including telecommunications and information technology, real estate, finance, industry, agriculture, tourism, infrastructure, and energy.

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PADICO Announces its 2024 Financial Results

Rawabi, 16/02/2024

Palestine Development and Investment Company (PADICO) disclosed its preliminary consolidated financial statements (unaudited) for the fiscal year 2024, where the profits attributable to the company’s shareholders amounted to $0.7 million, compared to a loss of $11.6 million for the year 2023.

These results come despite the severe downturn in the Palestinian economy throughout 2024, caused by the aggression on the Gaza Stip along with the ongoing suspension of business operations in Gaza Strip, which required certain subsidiaries and affiliates to book additional provisions for their damaged assets, of which PADICO’s share is $12.4 million. Consolidated assets amounted to $723.3 million at the end of 2024, while the equity attributable to PADICO’s shareholders increased from $333.2 million to $337.8 million.

Bashar Masri, PADICO’s Chairman of the Board, commented on the results: “The year 2024 has been incredibly challenging for the Palestinians due to the ongoing aggression on Gaza Strip and its profound impact on the Palestinian economy. This has negatively affected all companies operating in Palestine, particularly PADICO, the largest investment company in Palestine, which faced significant

challenges and direct losses due to its large investments in Gaza Strip and the West Bank.”

Masri further highlighted that PADICO and its subsidiaries and affiliates booked substantial financial provisions to navigate the upcoming challenges amidst the current political situation. He remarked: “Our policies may seem highly conservative, but they are essential to hedge against the uncertainties of the future. We will continue investing to develop Palestine.”

He also expressed his gratitude to PADICO’s loyal shareholders, emphasizing: “Investing in Palestine is not for the faint-hearted—this is our homeland, and we are responsible for it.” Masri reaffirmed that PADICO is a publicly traded company on the Palestine Exchange, and anyone can easily buy or sell its shares.

Palestine Development and Investment Company (PADICO) is a public shareholding company (PEX: PADICO) investing in key economic sectors in Palestine including telecommunications and information technology, real estate, financial services, industrial and agriculture, tourism, infrastructure and energy.

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In a Strategic Achievement, PADICO Sells Shares Owned by Its Subsidiaries

Rawabi, 15/01/2025

PADICO has announced the completion of transactions to sell 58,571,186 shares owned by its subsidiaries. These transactions were executed today on the Palestine Exchange at the prevailing market price of $1.01 per share. The company had announced its Board of Directors’ decision to sell these shares over three months ago, aiming to reduce the company’s debt and enhance liquidity to invest in future projects aligned with its vision.

The shares were purchased by Massar and Siraj, subsidiaries of Bashar Masri, Chairman of PADICO’s Board of Directors. Masri stated that his decision to purchase these shares reflects his confidence in PADICO’s performance and future, despite challenging circumstances. He commented, “We continue to invest in Palestine through PADICO despite significant risks, striving to boost the economy as a cornerstone for building the Palestinian state.”

PADICO’s CEO, Abdullah Sabat, emphasized that the sale of shares followed intensive communication efforts to encourage investors to purchase them. This strategic achievement reinforces shareholders’ confidence in PADICO during this critical phase, especially after the significant damage inflicted on the company since the onset of the aggression on Gaza. The company has implemented several developmental projects in Gaza, such as the Gaza Industrial Estate, Ayan Hotel (Al-Mashtal), and the Blue Beach Resort. Recently, it announced strategic projects, including the “Energy for Hope” solar energy project costing $60 million, just two weeks before the aggression began.

He added that the sale of these shares will provide the necessary liquidity to reduce debt, enabling the company to restructure bonds over the next five years. It will also support PADICO in continuing its developmental investment journey in Palestine.

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PADICO’s Financial Results For The Third Quarter Of 2024

13 November 2024

Rawabi

 

PADICO disclosed its consolidated financial results and statements until the end of the third quarter of 2024, where profit attributable to the company’s shareholders reached $9.5 million compared to $10.6 million for the same period of 2023, a decrease of 10%.

 

The decline in PADICO’s profits came as a result of the sharp downturn in the Palestinian economy and the suspension of operations in the Gaza Strip due to the continued aggression.  This decline is  in the company’s operational performance is expected to continue until the end of this year, noting that the largest decline was recorded in the telecommunications and tourism sectors, where PADICO’s share of the results of its companies operating in these sectors decreased by

$4.2 million or 25%, compared to the same period in 2023.

 

At the end of the third quarter of this year, consolidated assets reached $720.5 million, while consolidated equity amounted to $391.0 million, of which $329.2 million are attributable to PADICO shareholders.  PADICO’s book value per share amounted to $1.72.

 

Palestine Development and Investment Company (PADICO) is a public shareholding company (PEX:PADICO) investing in key economic sectors in Palestine including telecommunications and information technology, real estate, financial services, industrial and agriculture, tourism, infrastructure and energy.

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PADICO’s Financial Results for The First Half of 2024

August 14, 2024 Rawabi

 

PADICO disclosed its consolidated financial results and statements for the first half of 2024, where profit attributable to the company’s shareholders reached $7.2 million compared to $13.9 million for the same period of 2023, a decrease of 48%.

 

PADICO’s decline in profits came as a result of the sharp downturn in the Palestinian economy and the suspension of operations in the Gaza Strip due to the continued aggression. This decline in the company’s operational performance is expected to continue until the end of this year noting that the largest reduction was recorded in the telecommunications and tourism sectors, where PADICO’s share of the results of its companies operating in these sectors decreased by $4.6 million or 38%, compared to the same period in 2023.

 

The consolidated assets amounted to $726.1 million at the end of the first half of this year, while consolidated equity amounted to $392.0 million, of which $331.2 million are attributable to PADICO shareholders. The book value per share amounted to $1.75.

 

Palestine Development and Investment Company (PADICO) is a public shareholding company (PEX:PADICO) investing in various key economic sectors in Palestine including telecommunications and information technology, real estate, financial, industry and agriculture, tourism, infrastructure and energy.

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PADICO’s Financial Results for The First Quarter of 2024

Rawabi, May 15, 2024

PADICO disclosed its consolidated financial results and statements for the first quarter of 2024, registering a profit attributable to the company’s shareholders at $4.9 million, compared to $8.3 million for the same period in 2023, marking a 41% decrease.

These results were in line with PADICO’s expectations for the performance of its subsidiaries and affiliated companies for this quarter due to the sharp downturn of the Palestinian economy and the halting of operational activities in the Gaza Strip; the largest decline was observed in the tourism and telecommunications sectors, as PADICO’s share of the results from its companies operating in these sectors decreased by $3.1 million, or 60%, compared to the same period in 2023.

On the financial position front, the consolidated assets amounted to $731.1 million at the end of the first quarter of the current year, while consolidated shareholders’ equity amounted to $395.6 million, of which $333.4 million were equity attributed to PADICO’s shareholders.

Palestine Development and Investment Company (PADICO) is a public shareholding company investing in various key economic sectors in Palestine including telecommunications and information technology, real estate, finance, industry and agriculture, tourism, infrastructure, and energy.

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PADICO General Assembly Approves Amendments to Its Bylaws

“In Line with the Palestinian New Companies’ Law”

Rawabi, 23 April 2024

Palestine Development & Investment Company (PADICO) convened its twenty-ninth annual Ordinary General Assembly Meeting (GAM) to discuss and approve the agenda items.

Bashar Masri, Chairman of the Board, shared the Board’s report for the year 2023, stating, “Since its establishment, PADICO has faced many challenges, and undoubtedly, the situation we have witnessed since the beginning of the last quarter of 2023 has been the most challenging, with the human losses and immense destruction that befell the Gaza Strip, and the repercussions that have affected various aspects of life in the West Bank; collectively leading to a staggering decline at all levels in Palestine,” confirming that the company’s financial position remains solid, despite these challenges.

He added, “PADICO, its subsidiaries and affiliates achieved good financial and operational performance up until the end of the third quarter of the year. We have also worked on expanding into many vital sectors in which we have invested, such as telecommunications and information technology, as well as industry, infrastructure and energy.”

The General Assembly approved the Board’s report and financial statements and discharged the members of the Board of Directors from liabilities for the fiscal year 2023, and elected Ernst & Young as the Company’s external auditor for the fiscal year 2024.

An Extraordinary General Assembly Meeting (EGAM) was held after the GAM where it approved the amended Company’s bylaws and a Renumeration Policy; in line with the new Palestinian Companies’ Law; as a commitment to positive changes in the Palestinian regulatory environment. The Board of Directors were also authorized in taking necessary actions for de-domiciliation out of Liberia.

Palestine Development and Investment Company (PEX:PADICO) is a public shareholding company established in 1993 that invests in various vital economic sectors in Palestine such as telecommunications and information technology, real estate, finance, industry and agriculture, tourism, infrastructure and energy.

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PADICO Holding Reports its Preliminary Financial Statements for the Year 2023

“Despite the losses, we remain committed to development and investment.”  Bashar Masri

Rawabi, 03/03/2024

PADICO Holding disclosed its preliminary consolidated financial statements (unaudited) for the fiscal year 2023, where the losses attributable to the company’s shareholders amounted to $11.6 million compared to a profit of $24.9 million for 2022. This significant decline is a result of the aggression on Gaza Strip and a consequent downturn in the national economy across various parts of Palestine effecting PADICO’s subsidiaries and affiliates.

This decline came as a result of losses and provisions recorded by PADICO, its subsidiaries and affiliates for the direct losses and damages in the Gaza Strip which amounted to $73.7 million, of which PADICO’s share is $35.7 million. Additionally, there was a tangible decline in the operational performance of subsidiaries and affiliates during the last quarter of 2023, of which PADICO’s share is approximately $6 million; the company’s profits were anticipated to reach $30 million had there not been an aggression on the Gaza Strip.

Consolidated assets amounted to $730.4 million at the end of 2023, while consolidated equity amounted to $396.2 million, of which $333.3 million attributable PADICO’s shareholders, resulting in a decrease in the company’s book value per share of $1.76 compared to $1.82 at the end of 2022.

Bashar Masri, PADICO’s Chairman of the Board, commented on the business results, “The scale of the damages and losses suffered by PADICO’s investments in the Gaza Strip is significant, as reflected in the preliminary financial statements for the year 2023,” adding, “We are committed to PADICO’s mission; focusing on sustainable development and investment in Palestine, and of course, any setback to the Palestinian economy will inevitably affect the financial and operational performance of the company.” He also emphasized that PADICO is resilient and capable of overcoming crises and its shareholders are committed to continue investing in Palestine despite the extraordinary risks.

The aggression on the Gaza Strip resulted in the destruction of the Ayan Hotel (formerly Al-Mashtal), the biggest five-star hotel located on the northern coast of Gaza City, which had recently undergone a multi-million-dollar renovation and rebranding and launched on 26 August 2023. Moreover, the entirety of the Blue Beach Resort facilities was also destroyed, in addition to the destruction of the Gaza Industrial Estate, including its entire solar energy project which was rebuilt in 2022 after one-third of it was destroyed in a previous aggression on the Gaza Strip in 2021; two months after production had begun. The Palestine Telecommunications Company/Jawwal also suffered direct losses in assets as well as operations which led to disruptions in communication services.

Palestine Development and Investment Company (PADICO) is a public shareholding company that invests in various vital economic sectors such as telecommunications and information technology, real estate, finance, industry and agriculture, tourism, infrastructure and energy, and industrial zones.

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PADICO Holding Reports Its Year-To-Date Financial Results Ending Third Quarter 2023

Rawabi, 27/11/2023

Palestine Development and Investment Company (PADICO) disclosed its year-to-date financial results ending in the third quarter 2023, where the company achieved a net profit (attributable to PADICO’s shareholders) $10.6 million compared to $17.8 million for the same period last year, a decrease of 40%.  Earnings per share amounted at 5.4 cents, while the book value of the share reached $1.87.

The decline in performance was attributed to the provisions recorded by PADICO subsidiaries and affiliates in response to the current damages caused by the aggression on the Gaza Strip.  An amount of approximately $30 million was recorded as provisions in the third quarter of 2023, whereas PADICO’s share from these provisions amount to $11.5 million approximately. PADICO’s anticipated that its results before these provisions would have been $22.1 million in net profit; which represents a growth of 24% for the same period last year.

The Ayan Hotel (previously Al Mashtal), located on the Northern Beach of the Gaza Strip which was rebranded and launched on August 26, 2023 was destroyed due to the bombardments.  Also, Palestine Telecommunications Company/Jawwal operations and assets suffered direct losses and damages. Gaza Industrial Estate also faced damages, as many of its factories were directly hit within the first three days of the aggression, however, assessing the extent of the damages was not possible after the fourth day, as it was inaccessible to due to its location in the Northern Gaza Strip.

PADICO’s team is diligently monitoring and analyzing the everchanging circumstances, while evaluating future developments across all governorates for their impact on the company’s financial results and cash flows.

PADICO is a public shareholding company that invests in many vital economic sectors, such as telecommunications and information technology, real estate, financial services, industries and agriculture, tourism, infrastructure and energy, and industrial zones.

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With a Cost of $60 Million Bashar Masri Announces “Energy for Hope” Solar Power Project in Gaza

Gaza, 21/9/2023

The Chairman of PADICO Holding, Bashar Masri, announced a Gaza new solar energy project for generating electricity from solar energy in the city of Gaza. This announcement took place in the presence of dozens of business people from the West Bank and the Gaza Strip, as well as senior officials from the public sector in the Energy and Natural Resources Authority, the Ministry of National Economy, Palestinian Investment Promotion Agency and Industrial Cities Authority.

 

The project aims to provide clean and sustainable electricity in the Gaza Strip, which suffers from frequent power outages and a shortage of fuel needed to operate its main power generation station. The project’s production capacity will reach up to 50 megawatts at a total cost of $60 million upon completion. It is the first of its kind in the region, as solar panels will be installed at high elevations above public areas, including the central islands along most sections of Salah al-Din Street, which stretches from the northern to the southern parts of the Gaza Strip, covering a distance of 45 kilometers.

Masri stated, “Today, with the announcement of this project, we reaffirm PADICO’s vision that is based on development and investment in our beloved homeland, with a focus on vital sectors, particularly in areas where investors are hesitant to invest.”

He added, “The project will represent a qualitative leap towards providing clean electricity in the Strip and will genuinely alleviate the suffering of Gaza’s residents caused by the blockade and continuous power outages.” He emphasized that Gaza needs more projects like this to provide a decent life for our people, especially considering that essential services such as healthcare facilities rely heavily on electricity.

Director of the Infrastructure and Energy Sector at PADICO, Mohammad Najjarsaid, “This project is unique in terms of its innovative design and sustainability, in addition to being environmentally friendly. It will be developed on already used public spaces, allowing for the utilization of other unused spaces for other purposes such as agriculture and housing.”

He also mentioned that the designs are currently being prepared by specialized international companies with experience in the field, namely the Italian company RINA and the Egyptian company Firnas Shuman.

It is expected that this project will encourage other entities to invest in generating more electricity that the Gaza Strip needs for its recovery and growth.

PADICO is a public shareholding company that invests in various economic sectors. The company operates in telecommunications and information technology, real estate, financial services, industry and agriculture, tourism, infrastructure and energy, as well as the industrial cities sector.