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PALTEL posts net income of JD91.8 million and recommends cash dividends of JD0.5 per share


Sahem Weekly Trading Report [09-13/02[2014

Al-Quds Index rebounded upwards by 0.95% during the week after witnessing correction in the previous week. This increase came during a week with financial disclosures momentum with the approaching end of the disclosure legal period granted to the listed companies to disclose their financial results of the year 2013 which ends on 16/02/2014. The share of Palestine Telecommunications Company PALTEL was the main leverage for the rebounding of the index when recorded gains of 2.33%; constituting around 38.9% from the PEX’s total trading value in the week. On the other hand, the disclosed financial statements till the end of the week varied, some were eye capturing with high increases- whether on the operational basis or investment basis or both.  

Through distinguished statement, Palestine Telecommunications PALTEL – the largest company by market capitalization- posts JOD 91.8 million ($130 million) net profits for the financial year of 2013 up 11.80% compared to 2012. This growth came following 2.6% increase in operating revenues parallel to the 2.7% expansion in the company"s subscriber’s base. Besides, PALTEL recorded investment gains during 2013 compared to noticeable losses in the previous years. This was enhanced by the investments portfolio revaluation, dividends distributions and company"s stake of results from affiliates. Profitability margins were all improved. Gross margin 80.9%, operating margin 32.3%, and net margin 24.5%.Accordingly, the BOD raised its recommendation to distribute cash dividends of 50% from the paid up capital (JOD0.5 per share); dividends payout records 71.7% and dividends yield 7.6%.

Regarding the other financial disclosures, The National Bank TNB announced posting net income of $3.6 million in 2013;up by 78.1% than the year 2012. This came as a result of an increase in gross income by 41.9% due to the significant growth in net interest and commissions. The growth coincides with increasing the direct credit facilities by 59.9% to reach $228.3 million in 2013, in which contributed in increasing TNB’s total assets to $530 million compared to $351 million in 2012. Following the financial data recorded the book value of TNB’s share increased to $1.10 amid the accumulation of retained earnings. In the same sector- banking and financial institutional sector- Bank of Palestine BOP recorded an increase of 5.3% in its net income attributable to the shareholders of the parent company in 2013, when it reached $40.5 million. This was supported by an increase of 19% in net interests and commissions. It is worth mentioning that the board of directors of the bank decided, in its meeting that was held at the beginning of the week, to continue its plan to raise the bank’s capital to $200 million in the coming three years through capitalizing part of the bank’s profits that will be recorded in the coming three years starting from the year 2013. On the other hand, the board of directors hasn’t recommended the amount of distributions for the year 2013 yet.   

In the context of Palestine Development & Investment Company PADICO’s subsidiaries, Palestine Industrial Investment Company PIIC- the investment arm of PADICO in the industry sector and the mother company for Palestine Poultry Company AZIZA and Palestine Plastic Industries Company LADEN- announced posting net income attributable to the shareholders of the parent company of JD3.6 million in 2013 compared to JD0.7 million in 2012. This significant growth came due to an increase in the company’s sales by 36.2% as a result of substantial enhancement in the profitability margins to record: gross margin 20.7%, operating margin 11.1% and net margin 13.2%. In a markedly financial figures disclosure, The Vegetable Oil Industries Company VOIC announced recording fiery increase in its net income by 80.6% when it reached JD4.8 million in 2013 due to a significant growth in the company’s stake from associates’ profits by 74.5%; constituting around 10% from the company’s net income . Operationally, VOIC witnessed an increase of 9.97% in its revenues leading to increase gross margin to 22.9%, operating margin to 6.3%, while, net margin also increased to 117.6%.







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