Arkan Real Estate Business Results for the First Half of 2024

Ramallah - Ma'an - Arkan Real Estate disclosed its business results and consolidated financial statements for the first half of 2024, where the profit attributable to the company's shareholders amounted to $9.2 million compared to $9.7 million for the same period in 2023, a decrease of 5%. This decline in the company's profits comes due to the sharp and significant decline witnessed by the Palestinian economy and the impact it has had on the operational activities of the company and its subsidiaries. It is expected that the impact of this decline on the company's operational performance will continue until the end of this year. The company's assets decreased by 1%, while liabilities decreased by 4% compared to the end of 2023, while the book value per share amounted to approximately $3 as of the end of the first half of this year. It is worth noting that Arkan Real Estate is a public shareholding company that emerged from the Palestine Telecommunications Company/Jawwal with a capital of $131.6 million and an asset base of nearly half a billion dollars. The company owns a strategic real estate portfolio in the West Bank and Gaza Strip that qualifies it to implement quality real estate projects. Source: Maan News Agency