Bashar Masri: Strong results give rise to optimism and the second half will be better
Rawabi, 15 August 2021
PADICO Holding achieved a qualitative growth in its profits for the first half of 2021, which amounted to $12.8 million compared to losses of $2 million during the same period of 2020, despite the huge losses incurred by the company’s investments and projects in the Gaza Strip during the recent Israeli aggression in the Gaza Industrial City, and the damage to the solar power generation project from solar energy that was operated last March.
Bashar Masri, PADICO’s Chairman of BOD said that the results of the first half are an indication that PADICO is going in the right direction, as it was able to cross a difficult stage with stability and steadfastness, achieving exceptional growth despite the difficult conditions experienced by the global economy, which directly and indirectly affected the company during the Corona pandemic.
Masri added that these strong results give optimism and I hope that the performance in the second half of the current year will be better, God willing, and I assure all that the future carries further growth, especially with the determination and confidence of investors and shareholders in the capability of the company to accomplish achievements.
Revenues grew in the first half of this year by 37%, from $47.4 million to $65 million. PADICO attributed this growth in revenues to the increase of PADICO share from the results of the allied companies from $7.5 million to $17.4 million.
As for equity, it grew by 9% as a result of its increase from $448.8 million to $490.6 million, an increase of $41.8 million. This growth was supported by the increase in the prices of many traded shares in which PADICO and its subsidiaries and affiliates invest in the local and regional markets.
As regards the assets, it grew by 4.3%, equivalent to $34 million, from $780 million at the end of 2020 to $814 million in the end of the first half of 2021. At the level of liabilities, in its turn, it dropped by $8.1 million as a result of the decrease in the level of borrowing from $253.7 million to $246.8 million, equivalent to 2.7%.
It is noteworthy that PADICO Holding achieved great success, a few days ago, by issuing bonds worth 120 million dollars, as it witnessed a large acceptance from investors, which resulted in an oversubscription of 15% over the total value of the issuance.
It is remarkable that PADICO Holding invests in vital and diversified sectors, most important of which is communications and information technology, financial services, real estate, tourism, industry and agriculture and industrial cities, in addition to infrastructure and energy. It continues to work to achieve its mission and commitment to help develop the Palestinian economy, create job opportunities, and launch creative economic initiatives.
