Rawabi, May 15, 2024
PADICO disclosed its consolidated financial results and statements for the first quarter of 2024, registering a profit attributable to the company’s shareholders at $4.9 million, compared to $8.3 million for the same period in 2023, marking a 41% decrease.
These results were in line with PADICO’s expectations for the performance of its subsidiaries and affiliated companies for this quarter due to the sharp downturn of the Palestinian economy and the halting of operational activities in the Gaza Strip; the largest decline was observed in the tourism and telecommunications sectors, as PADICO’s share of the results from its companies operating in these sectors decreased by $3.1 million, or 60%, compared to the same period in 2023.
On the financial position front, the consolidated assets amounted to $731.1 million at the end of the first quarter of the current year, while consolidated shareholders’ equity amounted to $395.6 million, of which $333.4 million were equity attributed to PADICO’s shareholders.
Palestine Development and Investment Company (PADICO) is a public shareholding company investing in various key economic sectors in Palestine including telecommunications and information technology, real estate, finance, industry and agriculture, tourism, infrastructure, and energy.
