Company Lookup
عربي
Download Demo
 

Market News

This Month News

This Month News

send to a friend by email

Hulieleh: PADICO operate several new projects in the last quarter of the year

2011-11-03

Palestine for Development & Investment Company PADICO recorded a growth in its total revenues by 9% to settle at $79.13 million in the first nine months of 2011, compared to $72.35 million in the same period of 2010. This growth was explained by the growth in the operating revenues of the company’s subsidiaries by 10% to reach $ 43.4 million. The Company’s stake from its associate results increased to hit $33.61 million in the first nine months of the year 2011 up 16%. PADICO recorded a net income before tax of $ 25.45 million in the first nine months of the current year 2011, compared to $28.89 million in 2010 (down 12%).

The CEO of Palestine Development & Investment Company PADICO , Mr Samir Hulieleh pointed out that the company’s net income’s decline came as an effect of the operating costs’ increases in production centers that haven’t  started to achieve revenues yet ,such as Al Mashtal Hotel in Gaza, the expansion of the slaughterhouse ,operating the broiler farms of Palestine Poultry Company, Al Ghadir Neighborhood of Palestine Real Estate Investment Company PRICO, the commercial centre project, Park Plaza in Amman , & Al Nakheel project in Jericho. Mr. Hulieleh added that all other expenses, except the operating expenses, remained stable.

And part of these projects will begin their operation & gaining revenues in the remaining months of the current year 2011 & 2012. This will affect the Balance Sheet of the company. St George Hotel that cost around $10 million, will begin its operating in this month, Park Plaza in Amman will begin its operation in the coming weeks, solid waste project in Nablus will begin its operation before the end of the current year 2011 , while it is expected to begin the operation of Al Nakheel Project in the year 2013.

Mr Hulieleh expected a growth in PADICO’s 2011 net income as a result of the non-operating project that will begin their operation in the following months of 2011 in addition to revenues growth in some new project. He added that total debt of the company increased due to the increase in Bonds & Credit facilities by 46% by offering bonds in an amount of $85. But this item is expected to lower before the end of 2011 since it will be used to payout part of the company’s loans.

Mr Hulieleh announced that the real estate restructuring was accomplished in this current month under PRICO, and it included: the Chalets project & Gaza industrial zone project, Nablus Municipality Commercial Center, Al Mashriq Real Estate Company Projects & the contributions of PADICO in other Palestinian & Jordanian Real Estate companies. He added that the restructuring of the tourism sector under Jerusalem Development & Investment Company (JEDICO) is about to finish, and it consists PADICO’s stake in AL Mashtal Hotel in GAZa, and Jaser Palace-Intercontinental of Bethlehem , Movenpick Hotel in Ramallah , Businessmen club of Al Mashriq Real Estate Company , St. George Hotel & Al Hamra Palace in Jerusalem .

Palestine Development and Investment announced the successful closure of its bonds issuance with an Oversubscription of $85 million, with a $15 million surplus on top of the initial $70 million original offering. Most of the bond holders are banking institutions operating in Palestine and the Palestinian Monetary Authority, the equivalent of the Central Bank in Palestine. The holders of PADICO corporate bonds are: Palestine Monetary Authority, Arab Bank, Bank of Palestine, Capital Bank, Palestine Commercial Bank, Union Bank, Jordan Kuwait Bank, and Alrafah Microfinance Bank, Cairo Amman Bank, and Bank of Jordan. According to the CEO of PADICO Mr. Samir Hulieleh ’; $12 million from the proceeds of the bonds will be Used in the company’s debt restructuring and the rest (73 million) will be used in financing major projects which include: the new recycling project in Gaza, the Water Desalination project in Gaza; a key real estate development in Jericho and the energy plant in the northern West Bank.

 

 

 

 

 


 

2017-04-26
UCI reports net income of $0.18 million in Q1 2017

2017-04-25
PSE realizes net loss of $0.27 million in Q1 2017

2017-04-25
JREI realizes net loss of $0.07 million in Q1 2017

2017-04-25
AIB reports net income of $1.55 million in Q1 2017

2017-04-25
BJP posts net income of JD0.89 million in Q1 2017

2017-04-25
WATANIYA realizes net loss of $1.12 million in Q1 2017

2017-04-25
NAPCO records net income of JD0.13 million in Q1 2017

2017-04-25
APIC approves distributing 6.06% stock dividends and 6% cash dividends for 2016

2017-04-25
APIC records net income of $3.57 million in Q1 2017

2017-04-23
PEC records net income of $3.60 million in Q1 2017

2017-04-23
TNB approves distributing 5% cash dividends for the year 2016

2017-04-23
Bravo realizes net loss of JD0.13 million in Q1 2017

2017-04-20
Medium liquidity in the quarterly disclosures and dividends distribution seasons

2017-04-20
PEC approves distributing 10% cash dividends for the year 2016

2017-04-19
TNB records net income of $2.77 million in Q1 2017

2017-04-18
BPC approves distributing 20% cash dividends for the year 2016

2017-04-18
VOIC records net income of JD1.07 million for Q1 2017

2017-04-13
Al-Quds Index declines amid anticipation elements’ overlapping

2017-04-13
TRUST approves distributing 15% cash dividends for the year 2016

2017-04-12
JPH proposes 10% cash dividends for the year 2016

2017-04-11
APC records net income of JD0.33 million in Q1 2017

2017-04-11
PIBC proposes 2.35% stocks dividends for the year 2016

2017-04-11
NSC recommends 10% cash dividends for the year 2016

2017-04-11
GUI approves distributing 10% cash dividends for the year 2016

2017-04-10
3G services in 6 months in the West Bank

2017-04-10
BOP approves distributing 2.56% stocks dividends and 10.44% cash dividends for the year 2016

2017-04-10
QUDS proposes distributing 12% stocks dividends for the year 2016

2017-04-06
Dividends approval momentum and a final agreement to run 3G frequencies in the Palestinian markets

2017-04-06
PALTEL approves distributing 40% cash dividends for the year 2016

2017-04-04
PADICO proposes distributing 5% cash dividends for the year 2016

2017-04-03
AIB approves raising its capital to $75 million and distributing 12% cash dividends for the year 2016

2017-04-02
NIC approves 20% cash dividends for the year 2016.

2017-04-02
ISBK approves raising its capital to $69 million and distributing 8.50% cash dividends for the year 2016.

 

 

 
Sahem Trading & Investments Company - PEX Member and licensed by PCMA
© All Rights Reserved 2013