Ramallah-  Ahmad Salim and Ziad AbuYousef- Yesterday, Paltel Group convened its regular and the irregular General Assembly meeting and announced results for 2005, posting US$ 70 million in net income for 2005. The meeting that was held at the Ramallah Cultural Palace and supported by a video conferencing system with the presence of its Board Chairman Mr. Sabih AlMasri and Paltel group CEO Dr. Abdul Malik AlJaber in addition to a number of Paltel officials, respected personalities and shareholders. At the meeting, Paltel announced that the Company scored over US$ 20 million in net income during the first quarter of the current year with an increase of 20% in its capital budget.

The Group decided, as per the Board of Directors’ recommendations, to distribute 20% in cash dividends in addition to 30% in stock dividends. It also decided to increase the Company’s paid up capital by JD101 million to JD130 million.

 

Sabih AlMasri:

At a press conference, Mr. Sabih AlMasri assured that Paltel Group and its companies are designed to proceed in achievements despite the challenges and difficulties that are imposed on the Group during the past ten years. Problems of confiscating equipments, transmissions and the illegal existence of the Israeli companies in the Palestinian market and hindering the work of Paltel and Jawwal employees are some to list.

He added that Paltel is distinguished at regional level and it still attracts the investors. He added that despite all the anticipated difficulties in the coming few months, Paltel Group will stay distinguished and will proceed with its achievements through initiating strategic projects in the coming three years in partnership with other sister companies with a total capital of US$ half billion. This represents a golden opportunity that will secure thousands of working opportunities that will refresh different cities and establishing agricultural companies to encourage local production, exportation and linking people to their lands. 

AlMasri mentioned that the Group is planning to invest in the regional stock markets noting that the issue of funding for these projects is not important; however conducting cost-effectiveness studies for the various projects is the important issue. AlMasri encouraged the Palestinian investors in the Diaspora to come back and work in Palestine to achieve development and prosperity for our people and land.

AlMasri announced that Paltel is committed to maintaining the Social Responsibility Fund that constitutes an important element in supporting the local community, the private sector involvement and partnership with the non-governmental organizations community. He assured that Paltel is committed to expanding and launching new initiatives in the same context.

AlMasri announced launching the University Students’ Loan scheme with a capital of US$ 10 millions to help students overcome the current difficult economic conditions. The project is expected to start during the second half of the current year.

 

AlMasri also thanked the Palestinian National Authority and president Mahoud Abbas for their continuous support to Palestinian private sector. He also thanked the Minister of Telecommunications and all Ministry employees for their valuable efforts to support the telecom sector.

 

Abdul Malik AlJaber

In his turn, Dr. Abdul Malik AlJaber valued the achievements of Paltel Group and considered this success a big challenge that is worth following worldwide. He noted that the problems and difficulties faced by Paltel Group under the current economic conditions and the Israeli Occupation procedures that close all open doors following an illegal way of competition. He stressed that despite all these difficulties and challenges, Paltel managed to achieve a lot and compete with the international companies. He added that many countries from Africa, the Middle East and former USSR offered to join as strategic partners. He noted that the year 2005 was marked with great achievements among which is Paltel’s listing as the first Palestinian company in any Arabic Stock Market; the establishment of two new companies: Palmedia for Advertisement and Hadara for technologies and internet to provide the Palestinian Community with best services to develop IT sector.

Dr. Al Jaber added that Paltel Group is committed to network with the investors and establish a new department for investors. It will follow on their issues and concerns as part of Paltel’s PR and IR Department.

Dr. Al Jaber welcomed national competitors saying that Paltel does not object having a new telecommunications investor with a condition that it is not an agent to an Israeli company. We compete with four Israeli companies and we do not want them to become five. We will on the other hand help any other national operator.

 

Palestine Award for Distinction

Dr. Al Jaber also announced at a press conference attended by Mr. Sabih AlMasri that the launching of the first Prize in Palestine for Distinction is considered the first at the national level and it encourages the Palestinian institutes and the technical administrative cadre to develop in disseminating and applying the concepts of distinction and pioneering. 

 

Al Masri also personally pays for all the costs for the distinguished in country, he asked that people review all information with regards to the prize and participate in one of the multi aspects of the prize to reach to a sustainable on-going development.

 

In his part, Dr. Abdul Malik Al Jaber, General Secretary to the Prize, said that this prize will have a tremendous impact on the Palestinian Society and might be one of the ideas to come out with different useful activities, implement some successful projects, develop and implement them. He assured that this prize will be a mark in the Palestinian history that will lead to more distinction and pioneering ideas.