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2019-05-02
Sahem Weekly Trading Report (29-04)-(02-05)-2019
With the end of the legal period granted by Palestine Stock Exchange PEX to the listed companies to disclose their Q1 2019 financial data, which coincides with the end of April, the significant news on the listed companies accelerated in this week- with three trading sessions-, varied between quarterly financial data disclosures and dividends distribution announcements. While the trading witnessed relative calmness and very slow price movements, leading Al-Quds Index to decline by 0.11% than its previous weekly closing level, to record 527.40 points.
Regarding the Q1 2019 financial data disclosures of the leading companies, the largest company in the PEX by market capitalization- Palestine Telecommunications PALTEL- disclosed posting net income attributable to the shareholders of the parent company of JD23.13 million in the first three months of the year 2019; up by 8.89% than the corresponding period of the year before. This followed recording other revenues of JD9.36 in the period mainly from recording gains which resulted from the revaluation of the group’s share in Jericho Gate Company before the latest acquisition. Based on the disclosed figures, PALTEL records book value BV of JD3.41. Moreover, the largest investment company in the PEX by market capitalization- Palestine Development and Investment Company PADICO- disclosed posting net income attributable to the shareholders of the parent company of $15.03 million; significantly up by 161.05% than the corresponding period of 2018. This followed an increase in the company’s revenues and recording realized and unrealized revenues of $30.64 million from selling its stake in its subsidiary (Jericho Gate). Based on the disclosed figures, PADICO records BV of $1.58. On another hand, the leading company- the Arab Palestinian Investment Company APIC- disclosed reporting net income attributable to the shareholders of the parent company of $3.93 million in Q1 2019; up by 24.28% than the corresponding period of the year 2018. This followed an increase in the company’s net sales. Based on the disclosed figures, APIC records BV of $1.47. It is good to note that the general assembly of APIC held ordinary and extraordinary meetings on 02/05/2019, and approved raising the paid-up capital from $82.00 million to $87.50 million through distributing 6.70% stocks dividends for the year 2018. It also approved distributing 6.10% cash dividends for the year 2018, to record dividends yield of 2.50% based on the price on the entitlement date.
In the banking and financial services sector, the National Bank TNB disclosed posting net income attributable to the bank of $3.28 million in Q1 2019, compared to $3.20 million in the corresponding period of 2018. This followed an increase in the bank’s net interests and commissions. Based on the disclosed figures, TNB records BV of $1.27. Also, Palestine Investment Bank PIBC disclosed reporting net income of $1.06 million in the first three months of the year 2019; down by 17.24% than the corresponding period of the year 2018. This followed an increase in the bank’s total expenses. Based on the disclosed figures, PIBC records BV of $1.32. On the other bank, Al-Quds Bank QUDS disclosed reporting net income of $2.46 million in Q1 2019, compared to net income of $2.26 million in the corresponding period of 2018. This followed an increase in the bank’s internets and commissions income and foreign currency exchange revenues. Based on the disclosed figures, QUDS records BV of $1.36.
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