ARAB PALESTINIAN INVESTMENT - APIC(APIC) disclosed its financial statements for the third quarter of the year 2020.
Disclosure Year | 2020 | 2019 | ||
Disclosure Period | End of 3009 | End of 3009 | ||
Disclosure Start Date | 01/01/2020 | 01/01/2019 | ||
Disclosure End Date | 29/09/2020 | 29/09/2019 | ||
Disclosure Type | Financial Disclosure | Financial Disclosure | ||
Company's Name | ARAB PALESTINIAN INVESTMENT - APIC | ARAB PALESTINIAN INVESTMENT - APIC | ||
Company Symbol | APIC | APIC | ||
Sector | Investment Sector | Investment Sector | ||
Currency | USD | USD | ||
End date of legal disclosure period | 31/10/2020 | 31/10/2019 | ||
Actual Disclosure Date | 22/10/2020 01:20:00 PM | 28/10/2019 12:32:00 PM | ||
Hard Copy Disclosure | ||||
Consolidation Status | Consolidated | Consolidated | ||
Notes Display Source | Note ID Only | Note ID Only | ||
Auditing Status | Unaudited | Unaudited | ||
Net income in Cash Flow Statement | Income Before Tax | Income Before Tax |
- | 2020 | 2019 | ||
- | USD | USD | ||
- | As a 29/09/2020 | As a 31/12/2019 | ||
Note | Unaudited | Audited | ||
Cash and cash equivalents | 26,399,571 | 27,115,988 | ||
Accounts Receivable | 127,795,367 | 108,764,081 | ||
Inventory | 89,002,776 | 70,988,708 | ||
Due from Related Parties | 85,232 | 372,006 | ||
Held for trading financial assets through profit and loss | 829,711 | 13,094 | ||
Other accounts receivable | 32,035,703 | 22,433,517 | ||
Financial lease receivables | 3,974,897 | 3,377,035 | ||
Total Current Assets | 280,123,257 | 233,064,429 | ||
Checks under collection, long term | 5,911,833 | 3,365,630 | ||
Financial lease receivables | 5,300,537 | 5,073,325 | ||
Right Of Use Assets - Long Term | 0 | 9,472,061 | ||
Right Of Use Assets - Net | 8,801,736 | - | ||
Available-for-sale financial assets | 29,141,026 | 27,007,988 | ||
Differed Tax Assets | 1,993,718 | 1,880,219 | ||
Investment in associates | 7,119,019 | 7,197,325 | ||
Lands | 819,127 | 819,127 | ||
Intangible assets | 26,128,416 | 19,768,008 | ||
Property, plant and equipment | 213,251,153 | 207,156,060 | ||
Accumulated Depreciation | (91,895,666) | (85,820,468) | ||
Projects in progress | 2,947,752 | 3,896,617 | ||
Total Fixed Assets | 209,518,651 | 199,815,892 | ||
Total assets | 489,641,908 | 432,880,321 | ||
Due to banks | 78,654,631 | 56,125,886 | ||
Accounts Payable | 39,161,097 | 43,066,829 | ||
Short-term notes payable | 7,863,126 | 8,062,443 | ||
Due from Related Parties | 1,378,654 | 5,478,293 | ||
Financial lease payable - short term | 2,573,463 | 2,338,842 | ||
Banks loans payable-Short term portions | 30,662,847 | 31,678,898 | ||
Other credit balances | 36,532,350 | 26,246,613 | ||
Income Tax Provision | 4,180,455 | 3,595,931 | ||
Total Current Liabilities | 201,006,623 | 176,593,735 | ||
Provision for employees' indemnity | 16,061,491 | 14,285,598 | ||
Financial lease payable - long term | 6,229,102 | 7,000,741 | ||
Debt bonds | 74,409,400 | 35,000,000 | ||
Long term loans | 25,800,060 | 42,157,231 | ||
Total non-current liabilities | 122,500,053 | 98,443,570 | ||
Total Liabilities | 323,506,676 | 275,037,305 | ||
Paid-in Capital | 95,000,000 | 89,000,000 | ||
Additional paid-in capital (Share premium) | 10,075,000 | 10,075,000 | ||
Retained earnings | 29,649,018 | 28,922,918 | ||
Fair value adjustment reserve | 443,077 | 1,826,014 | ||
Revaluation reserve | 14,789,826 | 14,829,284 | ||
Reserve resulted from acquisition of Non-controlling interests | (11,844,979) | (11,876,656) | ||
Foreign currency translation differences | 51,327 | 110,655 | ||
Non-controlling interests | 27,971,963 | 24,955,801 | ||
Total Owners' Equity | 166,135,232 | 157,843,016 | ||
Total Liabilities & Owners' Equity | 489,641,908 | 432,880,321 |
- | 2020 | 2019 | ||
- | USD | USD | ||
- | End of 30092020 | End of 30092019 | ||
Note | Unaudited | Unaudited | ||
Sales | 681,713,754 | 603,715,996 | ||
Cost of sales | (599,390,633) | (531,202,428) | ||
Services Revenues | 3,798,019 | 5,335,926 | ||
Cost of service | (2,684,838) | (3,363,064) | ||
General and administrative expenses | (37,003,410) | (30,684,747) | ||
Selling and Distribution Expenses | (19,284,626) | (17,745,748) | ||
Net Gains/Losses of available-for-sale financial assets | 770,127 | 958,264 | ||
Borrowing interest and expenses | (9,046,986) | (7,828,840) | ||
Share of results of Associates | 823,330 | 0 | ||
Gain (loss) from sale and revaluation of held for trading financial assets | (96) | 0 | ||
Other revenues (expenses) | 546,791 | 504,406 | ||
Net Income before tax | 20,241,432 | 19,689,765 | ||
Income tax expense | (4,295,448) | (3,862,177) | ||
Net Income after tax | 15,945,984 | 15,827,588 | ||
Basic and diluted earnings (loss) per share | 0.134 | 0.146 | ||
Change in fair value of available-for-sale-financial assets through other comprehensive income | (1,382,937) | (142,461) | ||
Foreign currency translation differences | (59,328) | 41,641 | ||
Net Comprehensive Income | 14,503,719 | 15,726,768 |
- | Paid-in Capital | Additional Paid in capital | Revaluation of fixed assets reserve | Difference in purchase of Non-controlling Interest | Accumulated Change in Fair Value | Change in Translation Difference | Retained Earnings | Owners' Equity | Non-controlling interests | Total Owners' Equity | |
Note | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | |
2020 | - | - | - | - | - | - | - | - | - | - | - |
Balance - Beginning of the period
|
89,000,000 | 10,075,000 | 14,829,284 | (11,876,656) | 1,826,014 | 110,655 | 28,922,918 | 132,887,215 | 24,955,801 | 157,843,016 | |
Change in fair value
|
- | - | 0 | 0 | (1,382,937) | - | - | (1,382,937) | 0 | (1,382,937) | |
Foreign currency translation differences
|
- | - | - | - | - | (59,328) | - | (59,328) | 0 | (59,328) | |
Net profit or (loss) for the period after tax
|
- | - | - | - | - | - | 12,726,100 | 12,726,100 | 3,219,884 | 15,945,984 | |
Total Comprehensive Income for the Period
|
0 | 0 | 0 | 0 | (1,382,937) | (59,328) | 12,726,100 | 11,283,835 | 3,219,884 | 14,503,719 | |
Cash Dividends Paid
|
- | - | - | - | - | - | (6,000,000) | (6,000,000) | 0 | (6,000,000) | |
Increase of paid-in capital
|
6,000,000 | 0 | - | - | - | - | (6,000,000) | 0 | - | 0 | |
Purchase of subsidiaries shares difference effect during the year
|
- | - | - | 31,677 | - | - | 0 | 31,677 | 0 | 31,677 | |
Net change in revaluation reserve
|
- | - | (39,458) | - | - | - | - | (39,458) | 0 | (39,458) | |
Change in Non-controlling Interests
|
- | - | 0 | 0 | - | - | - | 0 | (203,722) | (203,722) | |
Balance - End of the period
|
95,000,000 | 10,075,000 | 14,789,826 | (11,844,979) | 443,077 | 51,327 | 29,649,018 | 138,163,269 | 27,971,963 | 166,135,232 | |
2019 | - | - | - | - | - | - | - | - | - | - | - |
Balance - Beginning of the period | 82,000,000 | 8,050,000 | 14,797,456 | (11,849,672) | 1,354,372 | (16,336) | 21,551,798 | 115,887,618 | 23,516,218 | 139,403,836 | |
Change in fair value | - | - | 0 | 0 | (142,461) | - | - | (142,461) | 0 | (142,461) | |
Foreign currency translation differences | - | - | - | - | - | 41,641 | - | 41,641 | 0 | 41,641 | |
Net profit or (loss) for the period after tax | - | - | - | - | - | - | 12,829,236 | 12,829,236 | 2,998,352 | 15,827,588 | |
Total Comprehensive Income for the Period | 0 | 0 | 0 | 0 | (142,461) | 41,641 | 12,829,236 | 12,728,416 | 2,998,352 | 15,726,768 | |
Cash Dividends Paid | - | - | - | - | - | - | (5,000,000) | (5,000,000) | 0 | (5,000,000) | |
Increase of paid-in capital | 7,000,000 | 2,025,000 | - | - | - | - | (5,500,000) | 3,525,000 | - | 3,525,000 | |
Change in Non-controlling Interests | - | - | 0 | 0 | - | - | - | 0 | (2,106,551) | (2,106,551) | |
Balance - End of the period | 89,000,000 | 10,075,000 | 14,797,456 | (11,849,672) | 1,211,911 | 25,305 | 23,881,034 | 127,141,034 | 24,408,019 | 151,549,053 |
- | 2020 | 2019 | ||
- | USD | USD | ||
- | End of 30092020 | End of 30092019 | ||
Note | Unaudited | Unaudited | ||
Net Income before/after tax | 20,241,432 | 19,689,765 | ||
Depreciation and Amortization expense | 8,024,208 | 7,228,930 | ||
Gains/Losses of Property, Plant and Equipment | 899 | (246,556) | ||
Allowance of doubtful accounts | 605,906 | 444,784 | ||
Allowance of obsolete inventory | 484,133 | 465,938 | ||
Share of results of Associates | (823,330) | 0 | ||
Change in available-for-sale-financial assets through other comprehensive income | 1,382,937 | (142,461) | ||
Change in Accounts Receivable | (29,507,626) | (29,695,348) | ||
Change in inventory | (18,498,202) | 7,861,463 | ||
Increase/Decrease in due from/to Related Parties | (3,812,864) | (974,665) | ||
Change in post dated Cheques due after one year | (2,546,203) | (1,522,988) | ||
Change in other credit balances | 4,823,122 | 2,365,500 | ||
Change in end of service allowance payments | 2,134,000 | 2,420,876 | ||
End of service and tax allowances payments | (358,107) | (449,329) | ||
Income tax paid | (4,341,321) | (3,038,049) | ||
Net Cash Flow from Operating Activities | (22,191,016) | 4,407,860 | ||
Financial Assets held for held for trading at fair value through Profit or Loss | (816,617) | 0 | ||
Net Sale/Purchase of available-for-sale through other comprehensive income | (3,515,975) | (7,371,541) | ||
Investment in associates | 901,636 | - | ||
Purchase of intangible assets | (6,360,408) | 577,220 | ||
Purchase of Property, Plant and Equipment | (8,240,033) | (8,871,140) | ||
Sale of Property, Plant and Equipment | 111,635 | 725,727 | ||
Change in Projects in Progress | 1,033,160 | (5,213,234) | ||
Net Cash Flow from Investing Activities | (16,886,602) | (20,152,968) | ||
Increase/Decrease in due to banks and loans | 22,528,745 | 18,884,525 | ||
Settlements of long term loans payable and Credit Facilities | (17,373,222) | 5,651,715 | ||
Changes in Shareholder Equity | 0 | 3,525,000 | ||
Debt bonds | 39,409,400 | 0 | ||
Cash dividend paid | (6,000,000) | (5,000,000) | ||
Change in Non-controlling Interests | (203,722) | (2,106,551) | ||
Net Cash Flow from Financing Activities | 38,361,201 | 20,954,689 | ||
Net change in cash and cash equivalents | (716,417) | 5,209,581 | ||
Cash and cash equivalents, beginning of Period | 27,115,988 | 21,711,261 | ||
Cash and cash equivalents, end of period | 26,399,571 | 26,920,842 |
Palestine Exchange: Received Disclosed Interim Financial Statements of ARAB PALESTINIAN INVESTMENT - APIC(APIC) for the first nine months ended 30092020
The Palestine Exchange (PEX) received the Unaudited & Consolidated interim financial statements for first nine months of 2020 from ARAB PALESTINIAN INVESTMENT - APIC(APIC).
According to financial statements for first nine months of 2020, Net profit after tax of the period reached 15,945,984 USD Compared with Net profit after tax 15,827,588 USD for 2019, a net increase in profit of 0.75%.Total assets of the company reached 489,641,908 USD compared with total assets of 432,880,321 USD at the end of year 2019, a net increase of 13.11%.Total liabilities of the company reached 323,506,676 USD compared with total liabilities of 275,037,305 USD at the end of year 2019, a net increase of 17.62%. Net ownership equity of the company reached 166,135,232 USD (Including None-Controlling Interests of 27,971,963 USD) compared with total owner equity of 157,843,016 USD (Including None-Controlling Interests of 24,955,801 USD) at the end of year 2019, a net increase of 5.25%.Noting that paid-in capital increased from 89,000,000 USD in year 2019 to 95,000,000 USD of this year,a net increase of 6.74%
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