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Several transactions raise the trading value significantly at the end of November

2023-11-30

 Sahem weekly trading report (26-30)-11-2023

With the end of November, Al-Quds Index traded around its last week closing level, at 580.47 points; up by 0.18% than the previous week. While Palestine Stock Exchange PEX witnessed executing several transactions on leading stocks and others, leading trading value to increase significantly. Whereby, a transaction of 8.63 million shares was executed on the stocks of Wataniya Palestine Mobile Telecommunications OOREDOO, and a transaction of 3.70 million shares was executed on the stocks of the Arab Islamic Bank AIB, also, a transaction of 0.56 million shares was executed on the stocks of the Arab Palestinian Investment Company APIC, in addition, a transaction of 0.09 million shares was executed on the stocks of the National Insurance Company NIC. On another hand, the listed companies continued to disclose their 9M 2023 financial data. While the anticipation increases for the last month of the year for forming a vision on the listed companies’ final data disclosures for the end of 2023.

Regarding the leading companies’ financial data disclosures for 9M 2023, Palestine Development and Investment Company PADICO disclosed posting net income attributable to the shareholders of the parent company of $10.64 million in 9M 2023 compared to $17.79 million in the same period a year earlier. This mainly resulted from a decline in PADICO’s stake from its affiliates and joint project, in addition to the increase in finance expenses. Whereby, through the period, PADICO’s subsidiaries and affiliates’ recorded provisions in response to the current damages caused by the Israeli aggression on Gaza Strip. PADICO’s stake of these provisions reached $11.50 million.  Based on the disclosed figures, PADICO records book value BV of $1.43 and P/BV of 0.76x. Also, Palestine Real Estate Investment Company PRICO- the investment arm of PADICO Holding in the real estate sector- noted realizing net loss attributable to the shareholders of the parent company of JD5.77 million in 9M 2023 compared to net income of JD0.21 million in 9M 2022. This mainly resulted from recorded impairment losses on property and equipment, intangible assets and ready-to-sell properties. Based on the disclosed figures, PRICO records book value BV of JD0.43 and P/BV of 0.84x.

Regarding the leading stocks’ disclosures as well, Palestine Telecommunications PALTEL disclosed posting net income attributable to the shareholders of the parent company of JD37.12 million in 9M 2023, compared to JD51.23 million in 9M 2022. This mainly came due to a decline in the company’s revenues due to negative impact of the exchange rate of the Shekels to the Jordanian Dinars, in addition to recording JD6.00 million preliminary provisions for the damages caused by Gaza War. Based on the disclosed figures, PALTEL records book value BV of JD1.59 and P/BV of 2.95x. In addition, Arkaan Real Estate Company- ARKAAN emerged from PALTEL- noted posting net income attributable to the shareholders of the parent company of $9.01 million in 9M 2023. Whereby, the performance of the company was impacted negatively in the 3rd quarter of 2023 compared to the first half of the year 2023. This came due to the decline in the revenues of ARKAAN’s subsidiary – Jericho Gate Real Estate Development Company- due to the closures imposed on Jericho during this period by the Israeli Occupation, which caused delays in construction work and led to a decline in the sales of land and villas. Based on the disclosed figures, ARKAAN records book value BV of $3.06 and P/BV of 0.51x.