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PADICO discusses its financial results with the PSE, CMA and brokerage firms

2010-05-05

Ramallah –Al Ayyam: Palestine Development and Investment Company organized yesterday, a meeting with the representatives of the Palestinian Capital Market Authority, Palestine Securities Exchange, and a number of brokerage companies, in order to discuss its financial results for the first quarter of this year. The Chairman of the Board of Directors of PADICO Mr. Munir Al-Masri stressed out the importance of these meetings that promote networking with relevant actors in the financial market, and reflect the spirit of transparency and professionalism of the company. Al Masri reviewed the most important financial results for the first quarter of this year, with a net profit of the company about of $10.66 million; praising these results especially those made by some of subsidiaries and affiliates, which have witnessed a development in their operations and growth in profits. For his part, the CEO of PADICO Mr. Samir Hleileh clarified that the financial results for the first quarter of this year are the result of the process of restructuring the Group"s investments, and efforts focusing on operations of the subsidiaries and affiliates, confirming that the company will in the coming period to complete the implementation plan for restructuring firms in order to focus investments in specialized companies and reduce administrative expenses and improve the performance of those companies to reflect positively on their profits in the future .