Ahmad Aweidah, CEO of the Palestine Exchange (PEX), announced that the amount of dividends distributed by companies listed on the PEX was USD 152,996,480 for the year 2010 in cash and stock dividends; amounting to USD 118,200,650 and USD 34,795,829 respectively.
Palestine Telecommunications (PALTEL) ranked first with a dividend distribution of JD 52,650,000 followed by Palestine Development & Investment Company (PADICO) and Bank of Palestine (BOP) with dividend distribution of USD 20 million each. PADICO distributed a cash dividend while BoP distributed stock dividend. Palestine Electric (PEC) came fourth with a distribution of USD 6 million.
Aweidah indicated that 2010 was the most generous year in terms of dividend distribution. “This corresponds to the outstanding performance of many PEX listed companies, (35) out of (46) companies were profitable in 2010”. Aweidah stated.
“The PEX is one of the most rewarding exchanges in the region in terms of return on investment which averaged 13.6% in 2010. Dividend ratio to market CAP of listed companies averaged 7%, not to mention any profit investors might have gained out of trading” Aweidah affirmed.
Aweidah mentioned the attractive valuation of listed stocks on PEX where half are trading below their book values. “The Al-Quds Index led all Arab markets’ indices since the beginning of 2011 and was alone in the green by the close of trading on 07 June 2011” Aweidah concluded.