Press Releases

ARKAAN Real Estate financial results for the first quarter of 2024

Ramallah, 14/05/2024

ARKAAN Real Estate disclosed its financial results for the first quarter of 2024, with profit attributable to ARKAAN’s shareholders showing a 5% net profit growth of $8.6 million compared to $8.2 million for the same period in 2023.

The growth in the Company's profits was achieved despite the ongoing downturn in the Palestinian economy, which the Company expects that it’s operational performance will continue to be affected by this downturn until the end of this year.

The Company's assets increased by %0.6, while liabilities decreased by %2.6 compared to the end of year 2023. Furthermore, the Company's shares were traded on Palestine Exchange at a price ranging between $1.37 and $1.50 since the beginning of this year, while the book value of the share amounted to $3.13.

ARKAAN Real Estate, a publicly traded company, emerged from the Palestine Telecommunications Company/Jawwal. It began trading its shares in mid-2022 after being listed on the Palestine Exchange (PEX). With a paid-in capital of $131.6 million and assets totaling approximately $500 million, it has become the largest company specializing in real estate management and development in Palestine. The company holds a strategic real estate portfolio in the West Bank and Gaza Strip, allowing for the implementation of high-quality, large-scale real estate projects and investments in new cities and neighborhoods, including the Jericho Gate Project.