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2018-08-30
Sahem Weekly Trading Report (26-30)-08-2018
Al-Quds Index ends this week at the level of 536.90 points; down by 0.89% than its previous weekly closing level. With the approaching end of the legal granted period by Palestine Stock Exchange PEX for the listed companies to disclose their semi-annual data for the year 2018 which will end on the 1st of September, whereby, the anticipation reaches its highest level to form, for all traders’ categories, a clearer vision of the return on investment with its components. At the same time, the listed companies’ financial disclosures witnessed a momentum, to increase the number of the companies that disclosed their results to 42 company out of 48 listed companies, Among scare liquidity levels that dominated the PEX this week, in the period that followed Eid Al-adha holiday which started in 20 August 2018 and ended in 23 August 2018.
Regarding the semi-annual financial disclosures of the blue-chips this week, Palestine Development and Investment Company PADICO – the largest investment company by market capitalization- noted posting net income attributable to the shareholders’ of the parent company of $11.39 million; up by 58.11% compared to the corresponding period of 2017. This followed an increase in PADICO’s stake from its associates’ profits by 10.07% and increase in financial assets portfolio by 101.68%, in addition to a decrease in PADICO’s consolidated expenses by 16.12%. Based on the disclosed figures, PADICO records Book Value BV of $1.59 and P/BV of 0.82x. it also records and EPS of $0.045 an PE of 14.44x. In the same context, Palestine Industrial Investment company PIIC – a subsidiary of Palestine Development and Investment Company, which owns 56.72% of its shares - noted posting net income attributable to the shareholders’ of the parent company of JD3.52 million; up by 27.14%, due to the increase in Investment gains by 212.73%. Moreover, based on the disclosed figures, PIIC records BV of JD2.17 and P/BV of 1.16x. Also, Palestine Real Estate Investment Company PRICO – a subsidiary of Palestine Development and Investment Company, which owns 75.71% of its shares - announced realizing net loss of JD0.35 million; a reduce of losses of 72.52% compared to the corresponding period of 2017 after covering all the accumulated losses by PADICO in 2017. Moreover, it is worth mentioning that this significant improvement in the semi-annual financial results of PADICO’s subsidiaries’ is due to the restructuring policy that the company started applying since the beginning of 2017.
In the banking and financial services sector, Palestine Islamic Bank ISBK noted posting net income attributable to the shareholders of the bank of $6.26 million; down by 1.66% than the corresponding period of 2017, following the increase in tax expense. Based on the disclosure, ISBK records BV of $1.35 and P/BV of 1.39x. In the same sector, Arab Islamic Bank AIB noted posting net income attributable to the shareholders of the bank of $3.37 million; down by 15.90% than the corresponding period of 2017, following the increase in other operating expenses and employees expenses. However, Based on the disclosure, AIB records BV of $1.32 and P/BV of 1.23x.
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