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Major revert in the change trend in PADICO’s profits

2014-02-20

Sahem Weekly Trading Report [16-20/02[2014/

After considerable anticipation by investors in the recent weeks that was charged with optimism and positiveness following on the reported data throughout the year, and within a distinguished financial disclosure, Palestine Development & Investment Company PADICO announced an increase in its net income attributable to the shareholders of the parent company by 36.5% to record an amount of $26.4 million in 2013. This increase came as a result of a noticeable growth in all profitability margins of PADICO. The growth in the operating revenues from PADICO’s subsidiaries and PADICO’s share of associates profits, in addition to the administrative expenses control contributed in enhancing the operating margin up to 31.51% in 2013 compared to 28.23% in 2012; a leverage for the company’s recorded net income and the other following margins, to end up with a net margin of 23.96% in 2013 compared to 19.39% in 2012. The distinguished operating financial results came in parallel to the investment policy that PADICO has followed for several years, in which, started to reap its fruits this year through recording a positive increase for the first time since the end of 2009, to revert the declining trend in the past years into a positive trend with the acceleration of the growth drivers within the company. Since the first months of the year 2013, PADICO revealed improved profitability margins of the recently operated projects that were previously incurring establishment costs, in addition to enhanced revenues in PADICO’s subsidiaries through operation expansion, in parallel to cost control policy adopted by the Group, which comes to achieve the objectives of the restructuring plan of PADICO. Income growth drivers for PADICO in the coming years stem from management expectations for projects under establishment to contribute in the operating profits in progressive rates such as: Al-Sharafat Development in Jerusalem, Executive Club in Ramallah, Jericho Gate for Real Estate Investment, and various solid waste projects. Moreover, PADICO will be the first beneficiary from any improvement in Palestine Telecommunications PALTEL’s bottom line through its strategic stake, which will be positively affected by the decline in the tax expense that PALTEL will pay starting from the year 2014 following its return to tax exemption amid the expiry of the board’s decision of postponement. The new investment trend of PALTEL which targets feasible returns to shareholders in addition to the expected improvement in the financial performance of VTEL- the investment arm abroad- through its subsidiary in Iraqi-Kurdistan will also be an increment.

Regarding the positive news during the week that contributed in balancing Al-Quds Index, the listed companies accelerated in announcing their BODs recommendations regarding the dividends distributions for the year 2013. Within these announcements, the BOD of Palestine Industrial Investment Company PIIC- the investment arm of PADICO in the industry sector- proposed to the GA distributing 12% cash dividends DPS for the company’s shareholders as for the date of holding the GA meeting, to record payout ratio of 62.5% from PIIC’s earnings per share EPS attributable to the shareholders of the parent company that grew by four times in 2013 than the year 2012. Furthermore, the BOD of Palestine Poultry Company AZIZA- a subsidiary of PIIC with a total ownership of 77% - recommended distributing 12% DPS, to record payout ratio of 48% in 2013. The industry sector witnessed a proposed dividends announcements momentum when the BOD of Birzeit Pharmaceuticals Company BPC  raised a recommendation to distribute 15% DPS for the company’s shareholders as for the GA meeting date, to record payout ratio of 1.72% from the EPS attributable to the shareholders of the parent company that increased by 14.33% in 2013 compared to 2012. Also, the BOD of Al-Shark Electrode Company ELECTRODE proposed distributing 13% DPS, to record payout ratio of 81.25% from the EPS in 2013 that recorded an increase of 20.87% in 2013. In addition, the BOD of The National Carton Industries Company NCI recommended distributing 5% DPS, to record payout ratio of 55.55% from the company’s EPS that recorded an increase of 338% in 2013 compared to 2012.

 

 

 

 


 

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