The Palestine Exchange announced today, Sunday, that the profits of listed companies amounted to $407 million last year, setting a record for the second year in a row.

Net profits of listed companies increased last year by 9%, from $374 million in 2021.

Profitable companies accounted for 91% of the total number of companies that disclosed their annual reports, with a value of $412 million compared to $381 million for 2021, an increase of 8%, while only 4 companies achieved losses amounting to $5.6 million compared to $5.6 million. $6.9 million for 2021, with a decrease in losses by 18%.

The six listed banks accounted for the largest share of profits, with a total net profit of about $140 million, an increase of 23% over what it achieved in 2021, which placed the banking sector in first place in terms of profits achieved, while the services sector achieved profits estimated at $126 million, an increase of 5%. % of the results of 2021, while the investment sector ranked third with profits of nearly $77 million, up by 3%, and the industrial sector recorded profits of $40 million, a decrease of 21% from the profits it achieved in 2021, and thus it is the only sector that achieved A decline in its profits, and the insurance sector comes fifth, with profits estimated at $ 24 million, up by 65%, making it the best performing sector in 2022.

In terms of the most profitable companies for this year, Palestine Telecommunications Company ranked first with profits of $92 million, Bank of Palestine ranked second with profits of $67 million, and Arab Palestinian Investment (APIC) ranked third with a profit of $31 million. Whereas, Palestine Development and Investment Company (PADICO) and Quds Bank ranked fourth and fifth, with profits amounting to $26 million and $21 million, respectively.

Samir Hulileh, Chairman of the Board of Directors of the Palestine Exchange, said in a statement, "The performance of the listed companies for the year 2022 is a clear translation of the continuous development process witnessed by the Palestinian economy in general, which comes despite all the disturbing indicators of the state of the global economy, global changes and the successive economic crises that have begun." High inflation indicators, high commodity prices, weak purchasing power, and ending with the collapse of major banks.

He added, "Despite all these indicators experienced by the global economy, which have had a significant and tangible impact on the local reality of all countries, specifically the Palestinian reality with the continued cessation of external support and the continuous Israeli deductions from clearance funds, the companies listed on the Palestine Exchange managed to achieve a historical figure." in the value of profits since the establishment of the stock exchange in 1995.

Hulileh affirmed the continuity of efforts to list new public joint-stock companies, increase the depth of the market and provide it with new financial instruments, and thus work to double the profits of the listed companies, as they benefit investors through cash and in-kind distributions to stockholders, which is the fruit of their investment in the securities sector that exceeds the returns. achieved in it over other investment alternatives.