Company Lookup
عربي
Download Demo
 

Market News

This Month News

This Month News

send to a friend by email

Gains from financial investments partially offset PALTEL’s losses in Gaza

2014-10-30

Sahem Weekly Trading Report [26-30/10[2014

Within the expectations, the 9M financial data disclosures witnessed, in this week, a momentum coinciding with the end of the legal period granted by Palestine Stock Exchange PEX for the listed companies to disclose their financial data for the first nine months of 2014. On the other hand, the PEX didn’t witness any noticeable activity following the routine breath catching period. The anticipation accelerated for disclosing the recorded net income of the leading companies, to measure the impact of the latest Gaza war on the companies’ operations during July and August of 2014. In this context, and prior to the 9M financial data disclosure of Palestine Telecommunications Company PALTEL, the CEO of the company expects an increase in the gains from its financial investments this year to offset the $30 million of losses caused by Israel"s bombardment of Gaza in the summer, whereby, $30 million of losses equate to nearly a quarter of the company"s 2013 net profit, which include: network damage, lost in revenues plus loss in free credit to subscribers and humanitarian aid. According to a release by the executive management, the cellular network is now normally operating, but for the fixed network, it"s difficult unless there"s a big plan for rebuilding Gaza. The CEO also expects fostering the company’s investments in the telecommunications sector, which include 25% ownership in Jordan"s V-Tel that posted a 49% rise in revenues last year.

On the other hand, Palestine Telecommunications Company PALTEL announced posting net income of JD65.21 million in 9M 2014 compared to JD68.56 million in the corresponding period of 2013; down by 4.88%. This slight decrease came to oppose the negative expectations of investors regarding the financial data that will be disclosed by the company. The earned revenues in H1 2014 contributed in forming an essential base for the accumulated revenues till the end of September 2014. Despite a decrease of 2.99% in the revenues recorded in the period from the last three months, but gross revenues increased by 0.94% due to the direct cost controlling policy. Then again and according to the expectations of the executive management of PALTEL, the gains from financial investments positively diluted the effects of other costs and losses that was realized in the income statements due to Gaza war, whereby, PALTEL recorded revenues of JD4.54 million after improving the reassessment the investment portfolio, in addition to an increase in the dividends distribution yields. Furthermore, the book value BV of PALTEL increased to JD3.88 in 9M 2014, While, it recorded P/BV of 1.40x.  

Regarding the financial data disclosure of the companies that were affected from the latest Gaza war, Palestine Electric Company PEC announced reporting net income of $1.35 million in 9M 2014 compared to $8.25 million in 9M 2013. This significant decrease came following realizing net loss of $5.71 million in Q3 2014 that ends on 30/09/2014, in which erased the posted profits in H1 2014. This followed a decrease in the electric power generation through the power station due to the company’s exposure to Israeli bombardment during July 2014, leading to damages in the power station and operation stoppage, whereby, regarding the financial data appeared as loss from disposal of assets worth $5.53 million. It is worth mentioning that the company’s stock is still halted from trading based of the company’s management request, to maintain the investors’ interests.

 

 

 


 

2018-02-15
A momentum in the dividends proposals and varied financial performance for the blue-chips

2018-02-15
TNB posts net income of $9.20 million at the end of 2017

2018-02-15
AQARIYA posts net income of JD 0.39 million at the end of 2017

2018-02-15
PALTEL posts net income of JD70.53 million at the end of 2017

2018-02-15
PALAQAR records net income of JD3.77 million at the end of 2017

2018-02-15
GUI records net income of $3.77 million at the end of 2017

2018-02-15
PEC posts net income of $8.64 million at the end of 2017

2018-02-15
GMC posts net income of JD1.78 million at the end of 2017

2018-02-15
TIC records net income of $2.19 million at the end of 2017

2018-02-15
BJP posts net income of JD1.64 million at the end of 2017

2018-02-15
ISBK records net income of $14.53 million at the end of 2017

2018-02-15
PICO reports net income of $4.79 million at the end of 2017

2018-02-13
TRUST records net income of $5.43 million at the year 2017

2018-02-13
PSE reports net income 0.68 million at the year 2017

2018-02-13
BPC proposes 2.7% stocks dividends and 20% cash dividends for the year 2017

2018-02-13
ELECTRODE posts net income JD0.07 million at the year of 2017

2018-02-12
VOIC posts net income of JD6.83 million at the end of 2017

2018-02-11
APIC reports net income of $17.44 million at the end of 2017

2018-02-08
Inactivity state in the market with the approaching end of the disclosures’ period

2018-02-08
VOIC recommends 60% cash dividends for the year 2017

2018-02-07
QUDS posts net income of $11.18 million for the year 2017

2018-02-06
ARAB reports net income of JD0.05 million for the year 2017

2018-02-05
PCMA and JSC signed memorandum of understanding

2018-02-05
BOP proposes distributing 13.5% cash dividends for the year 2017

2018-02-05
Nasdaq and Palestine Exchange sign new market technology agreement

2018-02-05
BOP reports net income of $54.00 million at the end of 2017

2018-02-01
NAPCO records net income of JD0.46 million at the end of 2017

2018-02-01
Several transactions in the PEX and the companies have started their disclosures

 

 

 
Sahem Trading & Investments Company - PEX Member and licensed by PCMA
© All Rights Reserved 2013