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APIC achieves net profit after tax of $6.6 million in the first half of 2015

2015-08-19

APIC achieved net profit after tax of USD 6.6 million during the first half of 2015, of which net profit attributed to its shareholders amounted to USD3.7 million. Mr. Tarek Aggad, APIC Chairman and CEO, stated that APIC has endured exceptional losses of USD1.9 million during the first half of 2015 as a result of commencing the liquidation process of the Company’s distribution operations in Central & West Africa. The first half of 2015 captured most of such exceptional losses and liquidation costs paving the way for the expected improved performance of the Group during the second half of 2015. Mr. Aggad also highlighted the significant growth that has been achieved by leading subsidiaries of APIC, mainly Siniora and Unipal, where record performance and improved results were achieved during the first half of 2015. Further, APIC's operational profit during the first half of 2015 witnessed growth of 7.4% compared with the same period of 2014, coupled with total overheads and financing cost reduction of 19.6% compared with the same period of 2014. Finally, the Company’s total assets amounted to USD261.2 million as at June 30, 2015, achieving growth of 4.1% compared with year-end 2014. While net equity (attributed to APIC's shareholders) amounted to USD76.3 million as at June 30, 2015, witnessing a slight drop of 1.8% from its year-end 2014 balance due to the distribution of USD4.5 million in cash dividends during 2015.