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Munib Almasri: $20.2 Million in Net Profits for PADICO for this Semi-Annual Period
Palestine Development & Investment Company PADICO announced that it has achieved a net profit of $20.2 million for this semi-annual period. While last years net profit amounted to $27 million. The company’s chairman, Munib Almasri, stated in a press statement the results of the company for this semi-annual period as “good” and showed financial statements that have been audited by the legal checker indicating total revenues of $20.2 million. ”These profits were a result of direct and indirect investments in local and regional Arab markets” .Almasry also pointed out that these profits include allied companies shares but does not include its profit shares of affiliated companies. He added that,”PADICO and its subsidiaries worked so diligently despite all the political and economic challenges and finance“. PADICO had part of its money in Arab markets such as, Saudi Arabia, UAE, Kuwait, Qatar, Egypt, Morocco, Jordan and other promising markets. PADICO has a vision of investment towards global and international markets. The audited financial statements showed the company’s total assets rose to $438.7million for this semi-annual period from about $408.5 million at the end of the corresponding period of last year. Its liabilities stabilized at about $122.5 .While total dues for shareholders inclined to $316.5 million at the end of this semi-annual period from $286 million at the end of last years semi-annual period. Almasri pointed out the political events which were witnessed the first semi-annual period had the greatest impact on the economic situation domestically, and regionally; particularly the situation in Palestine which led to a marked decline in some Arab and Palestinian financial markets. Almasri said ”Palestine witnessed political events which were extremely difficult and impacted negatively on the Palestinian cause in economic and financial situations in particular, leaving the Palestinian economy suffering from the blockade ,closures and violence. This also led to the stopping of salary payments to public sector employees for over 15 months. They have had a direct negative impact on the Palestinian economy, in addition to the inability of the private sector in Palestine to practice business and access Arab markets and integrity.” He added that,”All of this led to a decreased growth indicator in the Palestinian economy which also made the private sectors companies’ performance in the first half of this year retreat showing a clear retreat in the market index for the Palestinian stock by 605 points the end of the year 2006 to 509 points at the end of June’s semi-annual period, that’s a rate of %15.75.