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Total companies’ profits drop by 9% following the Gaza war

2014-11-06

Sahem Weekly Trading Report [02-06/11[2014

Within the financial results variation of the economic sectors that constituent Palestine Stock Exchange PEX in 9M 2014, the total profits of the listed companies decreased by 9.03% in 9M 2014 compared to the corresponding period of 2013. The decline followed the effects and repercussions of the war on Gaza during the third quarter of this year, whereby caused direct and indirect damages to some leading companies and their subsidiaries in Gaza Strip. In the first nine months of the year 2014, 70% of the listed companies reported profits, while 83% of them either recorded profits or reduced their losses. In the same context, most of the companies maintained promising financial performance, especially after recording noticeable growth rates for the few previous years and first half of 2014. Moreover, the anticipation is undoubtedly increasing for Q4 2014, in the hope of improving the effectible companies’ performance, to achieve better results that may be reflected on Al-Quds Index and trading activity in the PEX. On the other hand, the negative figures were reflected in the PEX’s performance this week, as a natural reaction especially from small investors and speculators. However, there is no doubt that some long term investors’ categories are conservative to sell, due to the different investment decisions’ basis.  During the week’s trading, Al-Quds Index decreased by -1.93%, chiefly affected by a decrease of -13.29% in PADICO’s stock price that closed at levels that hadn’t been witnessed since November 2013. Regarding the liquidity, executing an institutional transaction on the share of the National Bank TNB increased the PEX’s trading value in this week, while, other companies witnessed medium trading.  

 

Within expectations, Palestine Development and Investment Company PADICO – the largest investment company by market capitalization that has the biggest investment network and is most exposed to the local economy in general; as being a leader in most Palestinian investment sectors- announced reporting $16.69 million net income attributable to the shareholders of the parent company in 9M 2014; down by 23.61% compared to the same period of 2013. This decrease directly reflects the damages that were caused by the Israeli occupation on the company’s investments. According to the income statement of PADICO, the recorded operating revenues from PADICO’s subsidiaries in H1 2014 formed a base for the cumulative revenues recorded at the end of September 2014. Despite a 19.02% decrease in operating revenues in the three months ended in 30 September 2014, but the nine months figure slightly increased by 1.46%. On the other hand, PADICO’s stake from associates profits declined by 4.17% following the decrease in Palestine Telecommunications PALTEL’s net income due to the damages that followed the company in the latest Gaza war that were disclosed as losses and expenses. The effectible factor on PADICO was the significant increase in expenses which limited the profitability levels in many companies and projects due to realizing fixed expenses that cannot be faced, versus affecting the operating revenues in some sectors, especially the tourism sector. On the other hand, the CEO of PADICO said that the company 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.

 


 

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UCI reports net income of $0.18 million in Q1 2017

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PSE realizes net loss of $0.27 million in Q1 2017

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JREI realizes net loss of $0.07 million in Q1 2017

2017-04-25
AIB reports net income of $1.55 million in Q1 2017

2017-04-25
BJP posts net income of JD0.89 million in Q1 2017

2017-04-25
WATANIYA realizes net loss of $1.12 million in Q1 2017

2017-04-25
NAPCO records net income of JD0.13 million in Q1 2017

2017-04-25
APIC approves distributing 6.06% stock dividends and 6% cash dividends for 2016

2017-04-25
APIC records net income of $3.57 million in Q1 2017

2017-04-23
PEC records net income of $3.60 million in Q1 2017

2017-04-23
TNB approves distributing 5% cash dividends for the year 2016

2017-04-23
Bravo realizes net loss of JD0.13 million in Q1 2017

2017-04-20
Medium liquidity in the quarterly disclosures and dividends distribution seasons

2017-04-20
PEC approves distributing 10% cash dividends for the year 2016

2017-04-19
TNB records net income of $2.77 million in Q1 2017

2017-04-18
BPC approves distributing 20% cash dividends for the year 2016

2017-04-18
VOIC records net income of JD1.07 million for Q1 2017

2017-04-13
Al-Quds Index declines amid anticipation elements’ overlapping

2017-04-13
TRUST approves distributing 15% cash dividends for the year 2016

2017-04-12
JPH proposes 10% cash dividends for the year 2016

2017-04-11
APC records net income of JD0.33 million in Q1 2017

2017-04-11
PIBC proposes 2.35% stocks dividends for the year 2016

2017-04-11
NSC recommends 10% cash dividends for the year 2016

2017-04-11
GUI approves distributing 10% cash dividends for the year 2016

2017-04-10
3G services in 6 months in the West Bank

2017-04-10
BOP approves distributing 2.56% stocks dividends and 10.44% cash dividends for the year 2016

2017-04-10
QUDS proposes distributing 12% stocks dividends for the year 2016

2017-04-06
Dividends approval momentum and a final agreement to run 3G frequencies in the Palestinian markets

2017-04-06
PALTEL approves distributing 40% cash dividends for the year 2016

2017-04-04
PADICO proposes distributing 5% cash dividends for the year 2016

2017-04-03
AIB approves raising its capital to $75 million and distributing 12% cash dividends for the year 2016

2017-04-02
NIC approves 20% cash dividends for the year 2016.

2017-04-02
ISBK approves raising its capital to $69 million and distributing 8.50% cash dividends for the year 2016.

 

 

 
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