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Al Masri: PADICO moving steadily towards growth and development and progress.
Palestine Development and Investment Company achieved good results during the first quarter of this year 2009 attaining a net profit of $ 12.85 million compared with $9.69 million for the first quarter of 2008, an increase of %32; these include the share of profits from PADICO affiliates and allies of the quarters in question. Noting from the consolidated income statement that gross revenue for the first quarter of this year was $ 21.7 million, an operating income worth of $ 14.4 million, in addition to $ 6.1 million profits resulting from the consolidation of the work of affiliates companies. The total assets amounted to $ 592 million against $ 536 million as of 31/12/2008. Net shareholders equity at the end of the first quarter of the year 2009 reached $ 424.2 million after it was $ 385.1 million in 31/12/2008. The Chairman of the company Mr. Munib Al Masri has pointed out that from the beginning; PADICO tends to meet the challenges and crises to develop a strategy and investment management to overcome all difficulties and to engage in more planning of all external variables in 2009. At the same time as PADICO facing external challenges, it was incumbent upon us to complete the process of restructuring and mergers and building a strong management structure and a solid financial status as well as to reduce the size of portfolios and separate them from the main activities of PADICO. Samir Hleileh the chief executive of PADICO said that the year of 2009 is a year of change, restructuring and strategic investment that hedge from all internal and external variables and risks will be reflected positively on PADICO"s march towards the consolidation of activities of the affiliates with similar activity, which will enhance the competitiveness of these companies and thereby strengthen its financial position and increase demand on the trading in the Palestinian market, and ensure the rights of shareholders and increase the distribution of dividends to shareholders.