Rawabi, May 8, 2023
PADICO Holding’s General Assembly held its twenty-eighth annual meeting with shareholders holding shares
The meeting was followed by the election of a new Board of Directors for the next term. The new Board consists of individual investors as well as institutional investors, , including Mr. Sabih Al-Masri, Mr. Bashar Masri, Massar International, Arab Bank, Cairo Amman Bank, Palestine Telecommunications Company (PALTEL), Al Maseera International, Nawat Investment, Siraj Fund 1, Palestine Technology Transfer Company, and Rawan International Investment Company.
During the meeting, Chairman Bashar Masri presented the Board’s report for the year 2022, highlighting the most important achievements and successes achieved by the company.
As all topics on the agenda were discussed, the General Assembly approved the administrative report, financial statements and auditor’s report for the fiscal year 2022, as well as the end of the term for some board members and the election of Ernst & Young as auditor for fiscal year 2023.
“The work of PADICO, its subsidiaries, affiliate companies, and its various investments have witnessed remarkable developments and achievements in various sectors, continuing to reap the efforts of the past years that focused on restructuring some investments and affiliates.”
“We are striving towards further success and consolidating our excellence in the vital economic sectors and in the various governorates of Palestine, believing in the need to do everything possible to bring about a real renaissance that contributes to the support and strengthening of the Palestinian economy.”
In terms of financial performance, PADICO achieved significant growth in 2022, with the shareholders’ profit rising from $21.1 million to $24.9 million at an 18% growth rate. PADICO’s share also saw remarkable activity during the year, ranking first on the Palestine Exchange in terms of volume and value of trading and number of executed.
In response to some shareholders’ questions about the lack of dividend distribution, Masri said: “PADICO was founded to lead long-term development investments in Palestine. This requires the company to maintain a solid financial position and sufficient cash flow to enable it to achieve its investment objectives in the light of the challenges facing the Palestinian economy.” He noted that the approach of the Board of Directors in the past years required a focus on boosting investments and increasing the company’s profits, which PADICO has succeeded in, through gaining steady and high profits in order to distribute sustainable profits to shareholders in the future.
Regarding the major developments in PADICO in 2022, Masri said: “2022 was full of achievements and successes in all sectors where the company is active and investing including telecommunications and information technology and real estate sectors, which saw the largest activity in 2022, in addition to the financial r, industrial and agricultural, tourism, infrastructure and energy, and the industrial zones sectors.
He also noted that PADICO’s recent decision to appoint Abdullah Sabbat as its new Chief Executive Officer in the coming period aligned with the company’s strategy of investing in qualified, capable Palestinian leaders who can further grow the company.
Masri asserted that the robustness and economic stability of the company stem from the soundness of the wise directions and policies approved and led by the Board of Directors for many years, with the support and confidence of shareholders in controlling and rationalizing expenditures and increasing the efficiency of operations and production, in order to strengthen the Company’s financial position and cash flows and stabilize its position as the leading investment company in Palestine.
