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2019-04-25
Sahem Weekly Trading Report (21-25)-04-2019
In this week also, the leading stocks with heaviest weights in Al-Quds Index that approved dividends distribution for the year 2018 are still trading in lower prices than their equivalent prices after the distribution, leading Al-Quds Index to close at the level of 527.96 points; down by -0.59% than its previous weekly closing level. On another hand, Palestine Stock Exchange PEX witnessed a momentum in the significant news; varied between dividends distribution approvals and quarterly financial data disclosures. Whereby, 6 new listed companies approved their dividends distribution for this week; either cash or cash and stocks together. While the listed companies accelerated to disclose their Q1 2019 financial data; adding to the investors’ anticipation another degree of accuracy and caution.
Regarding the dividends’ distribution approvals for the year 2018, the general assembly GA of Al-Quds Bank QUDS approved, in its meeting on 21/04/2019, raising the paid-up capital from $83.57 million to $90.17 million through distributing 7.90% stocks dividends for the year 2018. It also approved distributing 5.60% cash dividends to its shareholders for the year 2018, to record dividends yield of 2.95% based on the price on the entitlement date. Also, the GA of Jerusalem Pharmaceuticals Company JPH approved, in its meeting on 21/04/2019, distributing 10% cash dividends for the year 2018, to record dividends yield of 3.10% based on the price on the entitlement date. Moreover, the GA of Birzeit Pharmaceuticals Company BPC approved, in its meeting on 22/04/2019, distributing 15% cash dividends for the year 2018, to record dividends yield of 2.91% based on the price on the entitlement date. In the same context, the GA of Palestine Investment Bank PIBC approved, in its meeting on 23/04/2019, raising the paid-up capital from $75.00 million to $78.00 million through distributing 4% stocks dividends for its shareholders. It also approved distributing 4% cash dividends for the year 2018, to record dividends yield of 3.51% based on the price on the entitlement date. On another hand, the GA of Al-Mashriq Insurance Company MIC approved, in its meeting on 23/04/2019, distributing 2.30% cash dividends for the year 2018, to record dividends yield of 0.86% based on the price on the entitlement date. It also proposed to the extraordinary general assembly, which will be holding a meeting on a date to determine later, raising the paid-up capital from $5.20 million to $5.60 million through distributing 7.70% stocks dividends for the year 2018. Also, the GA of the Vegetable Oil Industries Company VOIC approved, in its meeting on 24/04/2019, distributing 60% cash dividends for the year 2018, to record dividends yield of 4.21% based on the price on the entitlement date.
Regarding the listed companies’ Q1 2019 financial and operational data disclosures, the Vegetable Oil Industries Company VOIC disclosed posting net income of JD1.67 million in the first three months of the year 2019; down by 5.21% than the corresponding period of 2018. This followed a decline in the company’s net sales and its share of affiliates profits. Based on the disclosed figures, VOIC records book value BV of JD8.77 and P/BV of 1.62x. On another hand, Bank of Palestine BOP disclosed posting net income of $10.78 million in Q1 2019, compared to net income of $12.42 million in the corresponding period of 2018. This followed an increase of 666.39% in impairment provision for direct credit facilities and financing. Based on the reported figures, BOP records BV of $1.73 and P/BV of 1.26x. On the other hand, Palestine Electric Company PEC disclosed posting net income of $2.66 million in Q1 2019; down by 34.27% than the corresponding period of 2018. This followed an increase in the company’s expenses. Based on the reported figures, PEC records BV of $1.55 and P/BV of 0.85x.
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