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2022-05-12
Sahem Weekly Trading Repot (08-12)-05-2022
In the second week of May, Al-Quds Index recorded an increase of 1.61% than the previous week, to close at the level of 621.26 points after trading in a relatively wide range. Where, trading was active in Palestine Stock Exchange PEX after the end of Eid El-Fiter Holiday, especially on the leading companies. On another hand, the listed companies witnessed significant news momentum, varying between dividends distribution approvals and quarterly financial data disclosures, to raise expectations among investors to monitor the best opportunities for building the investment positions in the PEX.
Regarding the dividends distribution approvals for the year 2021, the general assembly of Palestine Insurance Company PICO approved, in its meeting on 09/05/2022, distributing 23.50% cash dividends for the year 2021, to record dividends yield of 7.61% based on the price on the entitlement date. Also, the general assembly of the Arab Palestinian Investment Company APIC approved in its meeting on 09/05/2022, raising the paid-up capital from $105.00 million to $112.00 million through distributing 6.67% stocks dividends for the year 2021. Also, it approved distributing 10.48% cash dividends for the year 2021, to record dividends yield of 2.74% based on the price on the entitlement date. Regarding the dividends distribution proposals for 2021, the board of directors of Palestine Investment Bank PIBC proposed to the general assembly, which will be holding a meeting on 16/05/2022, distributing 5% cash dividends for the year 2021, to record dividends yield of 4.17% based on the current market price. On the other hand, the general assembly of Sanad Construction Resources SANAD approved in its meeting on 11/05/2022, decreasing the current paid-up capital which reaches $69.30 million through amortizing the accumulated losses of $35.40 million, and then raising it again by $21.12 million, to reach $55.01 million after the increase.
In this week, the listed companies stated to disclose their Q1 financial data for Q1 2022. According to the blue-chips’ disclosures, Palestine Development and Investment Company PADICO disclosed posting net income attributable to the shareholders of the parent company of $6.80 million in Q1 2022; up by 16.21% than Q1 2021. This mainly came due to the increase in the company’s total revenues by 25.98% between the two periods. Regarding the disclosed figures, PADICO records book value BV of $1.63 and P/BV of 0.71x. Also, Palestine Telecommunications Company PALTEL disclosed posting net income attributable to the shareholders of the parent company of JD17.87 million in Q1 2022 compared to JD17.11 million in Q1 2021. This mainly resulted from an increase in the company’s total revenues, investment profits, company’s stake from its associates’ profits, in addition to recording other revenues. Regarding the disclosed figures, PALTEL records book value BV of JD3.42 and P/BV of 1.70x.
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