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.
