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PADICO Holding profits $17 million until the end of the third quarter of 2021

Rawabi, 31 October 2021

PADICO Holding announced the results of its performance and financial statements by the end of the third quarter of 2021. The financial results of the company revealed a growth in its net profits at $17 million compared to $2.3 million for the same period of last year, which is an increase of 600%.

Regarding these positive financial results, the chairman of PADICO BOD Bashar Masri said, “PADICO continues to grow and develop.” He attributed the profit growth in the third quarter to the improvement in the business results of most of the subsidiaries and affiliates companies, especially since the private sector companies returned to better operation and production, with the exception of the tourism sector companies, which are still suffering from the repercussions of the pandemic in light of the continued restrictions on incoming tourism.

Masri continued saying that the company achieved profit growth despite its investments in the Gaza Strip, which is still suffering from losses as a result of the last aggression and the continuous siege on Gaza that led to the economy shrinking.

Masri added that the company was able to achieve during the third quarter a considerable achievement by issuing new bonds worth 120 million dollars last August with the participation of 11 local and regional investors, from banks operating in Palestine, in addition to joining new investors to this issuance including financial and public institutions and provident funds, where there was an oversubscription of 15% over the total value of the issue, which reflects the state of satisfaction of bondholders, as a result of the company’s fulfillment of all its obligations in the previous issuances, which also affirms the strong financial position of the company.

Moreover, the equity grew by 9.7%, rising from $448.9 million at the end of 2020 to $492.5 million at the end of the third quarter of this year, equivalent to $43.6 million, and assets grew from $780.0 million to $809.3 million, equivalent to 3.8%. As for liabilities, they decreased by $14.3 million, as a result of a decrease in the level of borrowing from $253.7 million to $242.6 million, equivalent to 4.4%.

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