Ahmad Aweidah: profits before tax exceeded 240 million USD
Mr. Ahmad Aweidah, Chief Executive Officer of the Palestine Exchange (PEX) announced that forty five (45) out of forty six (46) listed companies on the PEX disclosed their preliminary financial results for the year 2011 excluding one suspended company.
The preliminary results of 2011 demonstrated that thirty four (34) out of forty five (45) disclosed companies achieved profits (75.6%), total profits before tax exceeded 240 million USD. Aweidah pointed out that 2011 was a year record for PEX where number of listed companies increased by 18%, while market cap of listed stocks increased by 13.57% to reach some 2.8 billion USD by the end of the year. He confirmed that companies are committed to disclosure, transparency and good corporate governance practices; "Principles that have always been a priority at PEX as they are the backbone of an enabling investment environment". Aweidah concluded.
Aweidah expressed his hope to see an increase in trading volumes corresponding to this positive performance. He also pointed to the promising investment opportunity in PEX particularly the attractive valuation of most listed stocks at the moment.