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Several transaction on ISBK raise the trading value significantly

2021-08-19

 Sahem Weekly Trading Report (15-19)-08-2021

In this week, Palestine Stock Exchange PEX witnessed a significant increase in trading value after executing several transactions of 17.44 million shares on the stocks of Palestine Islamic Bank ISBK, whereby, the National Islamic Investment Company sold part of its owned stake in ISBK’s shares to ISBK’s board of directors’ members versus purchasing their stake in the National Islamic Investment Company by the National Bank TNB. This led to a decline in the National Islamic Investment Company’s stake in ISBK from 45.36% to 24.85%. On the other hand, Al-Quds Index traded in a relatively narrow range amid a momentum in the  semi-annual financial data disclosed for the year 2021 with the end of the legal granted period to the disclosures on the 15th of August 2021.

Regarding the blue-chips’ semi-annual financial data disclosures for the year 2021, Palestine Development and Investment Company PADICO disclosed posting net income attributable to the shareholders of the parent company of $12.75 million in H1 2021 compared to loss of $2.00 million in the corresponding period a year earlier. This mainly resulted from an increase in the company’s revenues, especially an increase of 131.50% in PADICO’s share from its associated profits, in addition to recording $4.17 million profits from financial assets portfolio compared to loss in the previous compared period, and recording $1.10 million profits from selling properties. Based on the disclosed figures, PADICO records book Value BV of $1.64, and P/BV of 0.69x. In addition, Bank of Palestine BOP disclosed posting net income attributable to the shareholders of the bank of $26.07 million in H1 2021; up significantly by 217.71% than the corresponding period a year earlier. This mainly followed an increase of 9.11% in net interests, commissions, investing and financing, in addition to recording a fiery increase of 838.76% in profits from financial assets, besides reducing the expected credit loss provision by 36.56%. Based on the disclosed figures, PADICO records book Value BV of $1.90, and P/BV of 1.07x.

In the banking and financial services sector, the National Bank TNB disclosed posting net income attributable to the shareholders of the bank of $4.01 million in H1 2021, compared to loss of $2.12 million in H1 2020. This mainly resulted from an increase of 33.58% in net interests and commissions and an increase of 177.14% in the revenues from exchanging currencies. Based on the disclosed figures, TNB records book Value BV of $1.38, and P/BV of 1.20x. In another context, Birzeit Pharmaceuticals Company BPC disclosed posting net income attributable to the shareholders of the parent company of $5.78 million in H1 2021, compared to $3.62 million in H1 2020. This mainly followed an increase in the company’s sales, in addition to recording an increase of 194.57% from selling and revaluating financial assets, and recording $0.13 million from investment in properties. Based on the disclosed figures, BPC records book Value BV of $4.37, and P/BV of 1.20x.