We are pleased to present the most important financial and operational achievements of 2020. This year, due to the COVID-19 pandemic, we all witnessed exceptional economic circumstances and health crisis, which directly affected the lives of our citizens and all business sectors. The challenges that we all experienced have been unprecedented which calls for all of us to keep our faith and strive for perseverance.
The Company continues to face instability in the collections of outstanding receivables from PENRA , we are working closely and in constant contact and continues cooperation with all PNA related authorities to confirm their commitment to settle the accumulated outstanding dues and to transfer the monthly payments on a regular basis.
Despite all the difficult circumstances and challenges, the Company has managed to successfully maintain its financial strength by achieving profits of USD 11,329,690 that contribute to the growth of its assets and shareholders' equity. The Company's trading activities have remained stable and the share price has increased to a price of $ 1.59 at the end of 2020.
With the difficulties and restrictions that the pandemic imposed on movement and travel in Palestine and rest of the world, it became impossible to deliver the spare parts and equipment needed to perform the necessary maintenance work and prevented the staff of the international maintenance Company from being present in Gaza. To mitigate these problems, our professional technical team were able to successfully carry out the major maintenance work needed for two gas turbines locally. In addition, they were able to carry out the necessary periodic maintenance work needed to ensure the continuity of the power plant’s operation and generation capacities.
Despite being one of the most vital sectors related to the livelihood of our citizens, we needed to ensure the safety of our employees while complying with the restrictions of the declared State of Emergency. We adopted stringent emergency operating procedures which entailed rotating the work schedules of all technical and administrative staff. This allowed for safe physical distancing while maintaining continued operations of the power plant in an efficient and effective manner.
Since our priority is to ensure that our citizens receive sustainable access to electricity, the Company has been working intensively with all relevant parties to implement the plans needed to expand the power plant and secure the supply of natural gas as a primary fuel. This will lead to a considerable reduction in the costs incurred by PENRA while allowing the power plant to operate at full capacity.
We highly appreciate the continued support and efforts of the Board of Directors in ensuring that we achieve our mission. We also extend our special acknowledgement and appreciation to all the Company's professional staff for their commitment in facing the challenges to implement their assigned tasks.
We greatly appreciate the continued support and confidence that our shareholders have demonstrated over the years. We pray to God to bless you all with good health and wellness. May God protect our people and all humanity from the dangers of this pandemic.
Vice Chairman & Executive Managing Director