Day: August 13, 2024

Ramallah – Ma’an – Arkan Real Estate disclosed its business results and consolidated financial statements for the first half of 2024, where the profit attributable to the company’s shareholders amounted to $9.2 million compared to $9.7 million for the same period in 2023, a decrease of 5%.

This decline in the company’s profits comes due to the sharp and significant decline witnessed by the Palestinian economy and the impact it has had on the operational activities of the company and its subsidiaries. It is expected that the impact of this decline on the company’s operational performance will continue until the end of this year.

The company’s assets decreased by 1%, while liabilities decreased by 4% compared to the end of 2023, while the book value per share amounted to approximately $3 as of the end of the first half of this year.

It is worth noting that Arkan Real Estate is a public shareholding company that emerged from the Palestine Telecommunications Company/Jawwal with a capital of $131.6 million and
an asset base of nearly half a billion dollars. The company owns a strategic real estate portfolio in the West Bank and Gaza Strip that qualifies it to implement quality real estate projects.

Source: Maan News Agency

Manama, Bahrain All Share Index has closed at 1,934.15 points, marking a decrease of 1.63 points below the previous closing.

This decrease was due to the drop in the communication services sector, the industrial sector and the material sector.

Bahrain Islamic Index has closed at 801.11 points, marking a decrease of 2.60 points below the previous closing.

Results indicated that 58 equity transactions took place with a volume of 951,084 worth BD 245,501.

Investors traded mainly in the financial sector, representing 52.49% of the total value of securities traded.

Source: Bahrain News Agency

Manama, Aluminium Bahrain B.S.C. (Alba) (Ticker Code: ALBH), one of the world’s largest aluminium smelters, has reported a Profit of BD68.5 million (US$182.2 million) for the second quarter of 2024, up by 129.2% Year-over-Year (YoY), versus a Profit of BD29.9 million (US$79.5 million) for the same period in 2023. The Company reported Basic and Diluted Earnings per Share of fils 48 for Q2 2024 versus Basic and Diluted Earnings per Share of fils 21 in Q2 2023. The Total Comprehensive Income for Q2 2024 stood at BD66.7 million (US$177.4 million) versus Total Comprehensive Income for the second quarter of 2023 of BD32.6 million (US$86.8 million) – up by 104.5% YoY. Gross Profit for Q2 2024 was BD102 million (US$271.2 million) versus BD67.9 million (US$180.6 million) for the same period in 2023 – up by 50.1% YoY. With regards to the Revenue from contracts with customers in Q2 2024, Alba generated BD407 million (US$1,082.3 million) versus BD387 million (US$1,029.4 million) in Q2 2023 – up by 5.2% YoY.

For the Firs
t Half of 2024, Alba has reported a Profit of BD93 million (US$247.3 million), up by 20.2% YoY versus a Profit of BD77.4 million (US$205.7 million) for the same period in 2023. The Company reported Basic and Diluted Earnings per Share of fils 66 for H1 2024 versus Basic and Diluted Earnings per Share of fils 55 for the same period in 2023. Alba’s Total Comprehensive Income for H1 2024 was BD94.4 million (US$251 million), up by 35.4% YoY, compared to a Total Comprehensive Income of BD69.7 million (US$185.4 million) in H1 2023. Gross Profit for the First Half of 2024 was BD159.2 million (US$423.5 million) versus BD147.8 million (US$393 million) in H1 2023 – up by 7.7% YoY. Alba generated in H1 2024 Revenue from contracts with customers of BD741.5 million (US$1,972.1 million) versus BD757 million (US$2,013.2 million) in H1 2023 – a drop by 2% YoY.

The Board of Directors of Aluminium Bahrain B.S.C. (Alba) resolved during the virtual Board meeting on Tuesday 13 August 2024, to recommend the distribution of Interi
m Dividend as at 30 June 2024 to the shareholders whose names are registered on the Company’s register on the Record Date. The cash interim dividend is 18.59% of the share nominal value, equivalent to Fils 18.59 per share amounting to BD26,320,150 (US$70 million).

Source: Bahrain News Agency