Arkan Real Estate business results for the first quarter of 2024

Ramallah – Ma’an – Arkan Real Estate disclosed the results of its business and consolidated financial statements for the first quarter of the year 2024, where the profit attributable to the company’s shareholders amounted to $8.6 million compared to $8.2 million for the same period of the year 2023, i.e. an increase of 5%.

This increase in the company’s profits comes despite the sharp and significant decline witnessed by the Palestinian economy and with expectations that the company’s operational performance will continue to be affected by this until the end of the current year.

The company’s assets increased by 0.6%, while liabilities decreased by 2.6% compared to the end of the year 2023. The company’s shares have been traded on the Palestine Stock Exchange since the beginning of this year between $1.37 and $1.50, while the book value per share reached $3.13 as of the end of the first quarter. From the current year.

It is worth noting that Arkan Real Estate is a public joint stock company that emerged fr
om the Palestine Telecommunications Company/Jawwal, and its shares began trading in mid-2022 after being listed on the Palestinian financial market with a capital of $131.6 million and an asset base of approximately half a billion dollars, becoming the largest company specialized in managing… And real estate development in Palestine. The company owns a strategic real estate portfolio in the West Bank and Gaza Strip that qualifies it to implement quality real estate projects. It also owns the pillars of the Jericho Gate project, which is being implemented on a total area of ??more than 3 million square meters.

Source: Maan News Agency