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PADICO Holding posts pretax income of $17.1 million in 9M 2014

2014-11-03

Palestine Development and Investment Company PAIDCO recorded pretax income of $17.1 million in 9M 2014, compared to $23.0 million in 9M 2013; down by 25.5%. This reflects the effects and repercussions of the war on Gaza, which lasted for more than fifty days during the third quarter of this year, whereby, this war caused direct and indirect damages to PADICO Holding and its subsidiaries in Gaza Strip. On the other hand, the CEO of PADICO Holding, Mr. Munib Masri said that despite the extraordinary conditions that PADICO passed through, but it is moving forward in investment and development plans, and in completing and developing their existing projects:  Rabyet Alquds Residential project, Jericho Gate Project, Nakheel Palestine Project and Palestine Power Generation Company.