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Weak trading amid a continuation in the annual data disclosures for 2023

2024-03-07

 Sahem weekly trading report (03-07)-03-2024

With the start of March, Al-Quds Index recorded a decline of 0.48% than the previous week, closing at the level of 548.51 points after trading in a relatively narrow range. While the trading on the leading companies with heaviest weights in the Index and other companies was weak and lacked any momentum. On the other hand, the listed companies continued to disclose their annual financial data for the year 2023.

Regarding the leading companies’ financial and operational data disclosures for the year 2023, Palestine Telecommunications PALTEL disclosed posting net income attributable to the shareholders of the parent company of JD43.35 million in 2023 compared to JD65.87 million in 2022. This mainly resulted from a decline in the company’s revenues and an increase in the expected credit facilities provisions. Based on the disclosed figures, PALTEL records book value BV of JD1.63 and P/BV of 2.90x. In the same context, Palestine Development and Investment Company disclosed realizing net income attributable to the shareholders of the parent company of $11.56 million in 2023 compared to net income attributable to the shareholders of the parent company of $24.89 million in 2022. This mainly resulted from a decline in the company’s revenues and an increase in its provisions and other expenses to records $26.55 million. Based on the disclosed figures, PADICO records BV of $1.33 and P/BV of 0.83x.

On the other hand, Arkaan Real Estate Company ARKAAN disclosed realizing net loss attributable to the shareholders of the parent company of $8.12 million in 2023 compared to net income attributable to the shareholders of the parent company of $7.26 million in 2022. This resulted from allocating $25.52 million provisions. Based on the disclosed figures, ARKAAN records BV of $3.00 and P/BV of 0.47x. On the other hand, Palestine Real Estate Investment Company PRICO disclosed realizing net loss attributable to the shareholders of the parent company of JD10.22 million in 2023 compared to net income attributable to the shareholders of the parent company of JD0.21 million in 2022. Based on the disclosed figures, PRICO records BV of JD0.33 and P/BV of 1x.