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$32 million is the profit of PADICO for the nine months

2008-10-30
Mr.Munib Almasri the chairman of PADICO said after the board meeting that had been held in Amman yesterday that the company"s results continued its remarkable growth, when its pretax income reached $32.10 million in the first nine months of the current year comparing to $26.10 million in the same period of 2007 with a growth rate of %23, where revenues also reached $58.60 million in the nine months of 2008 versus $46.2 in the last year growing by %27. The company"s share in affiliated companies reached $36.5 million in the third quarter of 2008 comparing to $16.9 million in the same period of the last year with a growth rate of %117.7. Also operating revenues increased to reach $20.8 million in the nine months of 2008 comparing to 11.90 million in the same period of the last year with a growth rate of %75. Total assets reached $556.5 million at the end of September 2008 comparing to $451.3 million at the end of 2007 with a growth rate of %23.4, also total liabilities raised by to $159.6 million at the end of the period comparing to $105.1 million at the end of the year 2007. Shareholders equity reached $358.2 million in the third quarter of 2008 comparing to $326.8 million at the end of 2007 with a growth rate of %9.5, and the realized income of the financial portfolios in the nine months of 2008 reached $3.8 million comparing to $7.1 million in the same period of 2007, where the unrealized loss in the securities portfolio reached $4.7 million in the nine months of 2008 due to the sever decline in the local and regional and global markets. Almasri said that these results are good within the unfavorable conditions in the Palestinian territories and the uncertainty in the political solution, in addition to the unrest faced in the financial markets in the last weeks, but in the same time the company and the Palestinian companies financial performance had increased and which reflects the positive improvements due to the efforts of the PNA in security, economic and financial aspects.