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Ahmad Aweidah, CEO of the Palestine Exchange (PEX), announced that the amount of cash dividends distributed by listed companies on the PEX was USD 126,866,108 for the year 2012.
Top ranking by cash dividends
Palestine Telecommunications (PALTEL) ranked first with cash dividend of USD 83,659,958 followed by Palestine Development & Investment Company (PADICO) which distributed USD 12,500,000 in cash. Bank of Palestine (BOP) was third with a cash dividend of USD 10,050,000 and fourth was Palestine Electric Company (PEC) which distributed USD 6 million in cash.
Top ranking by cash dividend yield
Jerusalem Cigarette Company (JCC) ranked first with 13.46% yield, followed by the Arab Company for Paints Products (APC) with 9.92%.
Ahmad Aweidah said:
"Cash dividends in 2012 grew by 6.72% compared to 2011. This corresponds to the outstanding performance of many PEX listed companies; (34) out of (49) companies were profitable in 2012, profits exceeded 224.7 million USD. Even though 2012 was full of challenges in Palestine on all levels, listed companies proved their resilience and achieved exceptional profits." Aweidah hoped that this performance will have a positive impact on trading volumes and market liquidity.
The Palestine Exchange is the most rewarding exchange in the region with the highest dividend yield; it averaged around 6% for the past 5 years.