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Munib Al Masri: PADICO's results are very positive despite the global financial crisis' consequences

2009-08-16

Hlieleh: Restructuring and investment in infrastructure sectors are according to plans.

 Ramallah- Al Ayyam newspaper: Palestine Development & Investment Company announced its semiannual financial results for the current year of $20.4 million which are approximately what the company had achieved in the whole year of 2008. The board chairman Mr. Munib Al Masri considered that these results are positive and convoyed with the board"s and executive management"s expectations, and match with the estimated budget that had been approved by the board for year 2009, despite the consequences of the global financial crisis which had left significant effects on the aggregate economic activities and financial markets in the different world countries including Palestine, noting that the Company"s income for the year 2008 reached $22.5 million. Al Masri indicated that the second half of year 2008 witnessed a significant fell back in the group"s performance due to the financial crisis consequences, which had rose in the third quarter and severed in the fourth quarter and continued until this moment. Restructuring began to result: From his side, PADICO"s CEO Samir Hlieleh stated that these results are the outcome of a policy that had been adopted by PADICO to bind the consequences of the financial crisis, where PADICO had redirected its investments during the past 12 months and focused on operational activity and direct investment in addition to reducing the financial portfolio from about%13.5 from total assets in the first half of the previous year to %3.3 on the meantime. Hlieleh said: this year we are witnessing the beginning of attaining the outcome of new investments trends, and we expect that improvement in the company"s performance will continue in the rest of this year and the coming years, which assures that PADICO is moving in consistent, rhythmic and studied steps toward executing its investment plan within its strategic trends that had been approved by the board of directors. The biggest merger in Real Estate and Tourism Sectors: he cleared out the among the new strategy and investments restructuring; PADICO had possessed an essential stake in Palestine Real Estate Investment Company and we are currently work on restructuring its investment in this sector which is considered one of the most promising and vital sectors, where a big merging operation will be executed in the coming few months which include PADICO"s investments and its working companies in the sectors of real estate and tourism. New projects are on schedule: On the other hand, Hlieleh said that the company"s investment plans in new sectors are moving according to the policy that had been approved by the directors" board in parallel to the outstanding investment restructuring plan.     

 

 

    

 


 

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