14 August 2022
PADICO Holding disclosed its business results and consolidated financial statements for the first half of 2022. The Company achieved profits of $12.8 million compared to $12.7 million for the same period of last year.
The financial results showed a 15% growth in revenues, which grew from $65.0 million to $74.5 million. The operational revenues of its subsidiary companies also witnessed a raise of 24%, from $42.3 million to $52.3 million.
In his comment on these results, Bashar Masri, the Chairman of PADICO Board of Directors (BOD), said, “PADICO started to harvest the past years’ efforts by restructuring some of the subsidiary and affiliated companies. Arkaan Real Estate Company was listed as the largest investment real estate company in Palestine with an asset base of $380 million. This company originated from the Palestinian Telecommunications Company (Paltel) and its shares started trading on the Palestine Exchange at the beginning of last month.”
Masri added, “The restructuring achieved a great added value for Paltel shareholders, as a result of the increase in the market value for its shareholders by about 50% during a period of 12 months with a total amount of more than $400 million. As PADICO owns 32% of Paltel and Arkaan Real Estate, the restructuring increased the market value by more than $130, which is equivalent to half a dollar per share.”
Masri also highlighted that the real value of PADICO encouraged the Board of Directors to recently take a decision of buying a large share of the Company’s shares in the largest deal implemented in the history of Palestine Exchange.
PADICO shareholders’ equity amounted to $358.7 million at the end of the first half of this year, and the book value of the share reached $1.75 per share, about 21% higher than the closing price of the share, which witnessed remarkable activity during the first half of this year, with trading volumes reaching about 70 million shares, so PADICO’s share ranked first in terms of share turnover (approximately 28%). Moreover, the share price increased by more than 16% since the beginning of the year, to close at $1.45 on 30 June 2022.
It is worth noting that PADICO is a public Holding company listed on the Palestine Exchange, and it is an investment holding company with a broad shareholder base of about 7000 shareholders, aiming at investment and development in Palestine, and considered the biggest investment company in Palestine with a market value of 2 billion dollars, which constitutes 41% of the market value of the Palestine Exchange.