Press Releases

ARKAAN Real Estate Reports Preliminary Financial Results for the Year 2023

“ARKAAN Real Estate is Solid and Promising.” Samir Hulileh

Ramallah: 29/02/2024

ARKAAN Real Estate disclosed its preliminary consolidated financial statements (unaudited) for the fiscal year ended 31 December 2023, reporting an operating profit before tax of $17.1 million and before ARKAAN and its subsidiaries recorded financial provisions on its assets and operation of

$25.5 million as a result of the economic impact caused by the aggression on the Gaza Strip. The loss attributable to the Company's shareholders amounted to $8.1 million, with total assets amounting to $471.6 million bringing the book value per share to $3.00.

ARKAAN's Chairman of the Board, Samir Hulileh, stated, “The year 2023 witnessed a difficult political situation, emphasized by the blockage imposed on several governorates and cities in the West Bank, including Jericho, where the activities of Jericho Gate, a subsidiary of ARKAAN, are concentrated. These conditions negatively impacted the overall economic situation and particularly the core activities of Jericho Gate." He added, "The aggression on the Gaza Strip, which began in the last quarter of 2023, led to additional significant impacts on the Palestinian economy, necessitating financial provisions that reflect ARKAAN’s expectations on the overall effect for ARKAAN’s financial position."

Mr. Hulileh further added, "Despite the unprecedented circumstances facing the country during this period, ARKAAN continues to maintain high financial resilience represented by its real estate and investments, which are carefully deployed to ensure the continuity of generating substantial financial returns."

ARKAAN Real Estate started its operations in July 2022 as a public shareholding company with a capital of 131.6 million shares and the financial results for the year 2023 represent ARKAAN’s first financial results for a full year.

ARKAAN holds a strategic real estate portfolio in the West Bank and Gaza Strip, including Jericho Gate project, allowing it to implement real estate projects such as developing new cities and neighborhoods. Additionally, ARKAAN holds a diversified investment portfolio which includes investment in local and regional banks generating annual returns and strengthening ARKAAN’s financial position.