Palestine Securities Exchange (PEX) Profits Exceeds USD 162m In The First Half Of 2016 And Dividends For 2015 Exceeds USD 180m
First half financial results showed that thirty nine of forty nine listed companies achieved a net profit of 165,522,201USD, the eight loss making companies recorded a total loss of (2,964,008 USD). Two companies -which are suspended on the market- failed to disclose within the set deadline.
First half aggregate net profit amounted to 162,576,193 USD a growth of 17.22% in comparison with the same period of 2015.
Mr. Ahmad Aweidah, CEO of PEX stated that Palestinian listed companies are able to withstand a challenging political environment and continue to achieve growth despite the difficulties in their operating environment. The growth in the companies’ results was accompanied with increasing trading values which have reached USD 319 million at the end of August 2016.
To view a detailed table of H1/2016 disclosures, please visit: http://www.pex.ps/PSEWEBSite/NEWS/30082016100.xlsx
Ahmad Aweidah, CEO of the Palestine Exchange (PEX), announced that the amount of cash dividends distributed by listed companies on the PEX was USD 155,091,435 for the year 2015, a growth of 3.21% when compared to 2014.
Top ranked companies by cash dividend as a percentage of market capitalization
Union Construction and Investment (UCI) ranked first with 17.6% to market value followed by Arab Company for Paints Products (APC) which distributed 11.1%. Palestine Real Estate Investment (PRICO) was third with percentage of 9.1%, Palestine Electric Company (PEC) was forth by distributing 8.5%, and Palestine Telecommunications (PALTEL) was fifth with a percentage of 8.1%.
Ahmad Aweidah said: “The outstanding performance of listed companies in 2015 was reflected in a positive trading value for 2016, which reached USD 319 million at the end of August 2016. We hope that these results will have a direct impact on Al-Quds Index especially considering the good performance of our listed companies in the First Half of 2016”.