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2023-02-16
Sahem Weekly Trading Report (12-16)-02-2023
With the end of the legal period granted to the listed companies to disclose their financial data for 2022, Al-Quds Index tried to break through the 560 points level in the week, while, closed at 654.15 points; down by 0.39% than its previous weekly closing level. However, the significant news witnessed a momentum this week, varying between annual financial data disclosures, and dividends distribution proposals for 2022. Consequently, the coming period will witness a variation in the behavior of investors - with their different categories-.
Regarding the blue-chips preliminary financial data disclosures for the year 2022, Palestine Telecommunications Company PALTEL disclosed posting net income attributable to the shareholders of the parent company of JD65.24 million in 2022 compared to JD67.43 million in 2021. This mainly resulted from a decline in the company’s profits from non-continuous operations by 19.15% between the two periods. In the same context, Palestine Development & Investment Company PADICO noted posting net income attributable to the shareholders of the parent company by $24.83 million in 2022 compared to $21.14 million in 2021. This mainly resulted from an increase in the company’s revenues by 9.46%. However, in the banking and financial services sector, Bank of Palestine BOP noted posting net income attributable to the bank by $60.91 million in 2022 compared to $49.13 million in 2021. This mainly came due an increase in the bank’s net interests, commission, financing and investment income in addition to the bank’s stake from its affiliates’ profits and joint project. On the other hand, the Arab Palestinian Investment Company APIC disclosed posting net income attributable to the shareholders of the parent company of $27.59 million in 2022 compared to $33.56 million in 2021. This mainly came despite the increase in APIC’s sales and services and recording $3.03 million from investment in an affiliate and due to the increase in expenses.
On the other hand, the listed companies continued to raise recommendation regarding distributing dividends for the year 2022. In this context, the board of directors BOD of the Golden Wheat Mills Company GMC raised a recommendation to the general assembly GA, which will be holding a meeting on 27/04/2023, to distribute 6% cash dividends for the year 2022. Also, the BOD of Birzeit Pharmaceuticals Company BPC recommended to the GA, which will be holding a meeting on 11/04/2023, distributing 10% cash dividends for the year 2022. In addition, the BOD of the National Insurance Company NIC proposed to the GA, which will be holding a meeting on 30/03/2023, distributing 12.50% cash dividends for its shareholders for the year 2022. On the other hand, the BOD of the National Carton Industry Company NCI proposed to the GA distributing 10% cash dividends for the shareholders for the year 2022. In addition, the BOD of Al-Quds Bank QUDS proposed to the GA which will be holding a meeting on 19/03/2023, distributing 10% cash dividends for the shareholders for the year 2022. Also, the BOD of Al-Wataniah Towers Company ABRAJ raised a recommendation to the GA, which will be holding a meeting on 30/03/2023, to distribute 23.50% cash dividends for the year 2022.
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