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$26 Million in profits for PADICO in September

2007-11-01

$26 Million in profits for PADICO in September

Munib Almasri the Company board chairman of PADICO   yesterday announced that the company"s net profits amounted to $ 26 million in the first nine months of this year, compared to about 38 million in the corresponding period of last year. He said in a statement received by "Alayyam" that this does not include the share of the profits "PADICO" of the profits of subsidiaries, which are estimated at about 3 million. He described the results of the Company for the third quarter of the year as "good as it showed financial statements that have been audited by auditors that the legal gross revenues for the first nine months of the current year amounted to 34.26 million, with total assets at end of period 9,034million and total liabilities 5,108 million dollars in total shareholders rights 4,322 million dollars.”
He said that "PADCIO" and its subsidiaries and allies "play a leading role in local and foreign investment, according to a strategy and action plans for development and reconstruction, in all sectors of industrial, commercial, agricultural and others, will work to complete its role in building infrastructure and development sectors of energy, transportation, water and other sectors , as part of the group employs money in the financial markets such as Saudi Arabia, the UAE, Kuwait, Qatar, Egypt, Morocco, Jordan and other promising markets and developing countries, and has directed investment towards global markets and international. " Almasri added: In the light of global attention currently the Palestinian cause through international conferences convened by the Quartet and the Arab and international support for the vision of the political and economic Palestinian, the group hopes to have a strong investment climate and attract foreign investments with greater freedom of movement for people and goods to enable access to the regional markets of neighboring, then begins the general economic improvement, and resume private development and investment plans are accelerated.
He said that the resumption of international institutions and donor countries to support several small development projects, agricultural and securing loans, during the second half of the year 2007, will enable the government to resume the payment of salaries of the public sector, and the payment of some benefits the private sector and support new projects.
Almasri stated: any political breakthrough will be clearly apparent on the performance of companies in the remainder of the year 2007 and the coming years, adding that "PADICO" will focus its efforts in the coming period to provide funding for the implementation of vital projects and development in Palestine.
Turning to the market witnessed Palestine Securities; recently, from the high turnout of the global investment companies and investment funds, "We expect increased investor interest in the global market Palestinian promising. Accordingly, the group "PADICO" is currently preparing for presentations and meetings for investment in strategic investors Arab and foreign countries. "
Also, he said that "PADICO" pay special attention to investment in the city of Jerusalem, where contacts with local and outside investors for the establishment of a fund for real estate investment in the city.