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Al-Quds Index at its highest level since the beginning of the year

2022-02-17

 Sahem Weekly Trading Report (13-17)-02-2022

With the end of the legal period granted to the listed companies to disclose their financial data for 2021, Al-Quds Index traded at its highest level since the beginning of the year 2022, closing at 622.19 points; up by 1.22% than its previous weekly closing level, and by 2.26% than the end of 2021. While the significant news witnessed a momentum this week, varying between annual financial data disclosures, and dividends distribution proposals for 2021. Consequently, the coming period will witness a variation in the behavior of investors - with their different categories-.  

Regarding the blue-chips’ financial data disclosures for the end of 2021, Palestine Development & Investment Company PADICO disclosed posting net income attributable to the shareholders of the parent company of $21.49 million in 2021, compared to $4.12 million in 2020. This mainly was due to an increase in the company’s revenues by 22.28% between the two periods. Based on the disclosed figures, PADICO records Book Value BV of $1.65 and P/BV of 0.72x. In the same context, Palestine Telecommunications Company PALTEL disclosed posting net income attributable to the shareholders of the parent company of JD67.43 million in 2021, compared to JD43.04 million in 2020. This mainly resulted from an increase in the company’s revenues by 11.18%, in addition to recorded investment gains of JD9.15 in 2021 compared to investment loss in 2020. Based on the disclosed figures, PALTEL records BV of JD3.72, and P/BV of 1.58x. In the banking and financial services sector, Bank of Palestine BOP disclosed posting net income attributable to the bank of $49.26 million in 2021, compared to $19.88 million in 2020. This mainly was due to an increase in net interests, commission, financing and investing by 13.24%, in addition to recording gains from exchanging currencies and an increase in profits from financial assets’ portfolio by 1,199.89%. Based on the disclosed figures, BOP records BV of $2.00, and P/BV of 1.05x. In addition, the Arab Palestinian Investment Company APIC disclosed posting net income attributable to the shareholders of the parent company of $33.44 million in 2021, compared to $19.86 million in 2020. This mainly resulted from an increase in the company’s sales and revenues of services by 16.02% between the two periods. Based on the disclosed figures, APIC records BV of $1.60, and P/BV of 2.18x. 

Regarding the dividends distribution proposals for the year 2021, the board of directors of Nablus Surgical Center NSC raised a recommendation to the general assembly, which will be holding a meeting on 17/03/2022, to distributed 10% cash dividends for the year 2021, to record dividends yield of 4.74% based on the current market price. In the same context, the board of directors of Palestine Securities Exchange Company PSE recommended to the general assembly which will be holding a meeting on 07/03/2022, distributing 10% cash dividends for the year 2021, to record dividends yield of 2.04% based on the current market price. Also, the board of directors of the National Insurance Company NIC proposed to the general assembly, which will be holding a meeting on 30/03/2022, distributing 17.50% cash dividends for the year 2021, to record dividends yield of 3.85% based on the current market price.