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.
