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PADICO business results for the first quarter of 2024

PADICO business results for the first quarter of 2024

Ramallah – Ma’an – PADICO disclosed the results of its business and consolidated financial statements for the first quarter of the year 2024, where the profit attributable to the company’s shareholders amounted to $4.9 million compared to $8.3 million for the same period of the year 2023, i.e. a decrease of 41%.

These results came within PADICO’s expectations for the performance of its subsidiaries and allied companies for this quarter as a result of the sharp decline in the Palestinian economy and the cessation of operational operations in the Gaza Strip. The largest decline was in the tourism and communications sectors, where PADICO’s share of the business results of its companies operating in these two sectors decreased by $3.1 million, or by 60% compared to the same period in 2023.

At the level of the financial position, the consolidated assets amounted to $731.1 million at the end of the first quarter of the current year, while the consolidated property rights amounted to $395.6 million, of which $333.
4 million belonged to PADICO shareholders.

It is worth noting that the Palestine Development and Investment Company (PADICO) is a public joint stock company that invests in many vital economic sectors in Palestine, such as communications and information technology, real estate, finance, industry and agriculture, tourism, infrastructure and energy.

Source: Maan News Agency