Nablus-(BNEWS)-The Palestine Stock Exchange Company has disclosed its preliminary (unaudited) annual financial results for the year 2024, reporting a net profit of $336,667. This reflects a 59% decline compared to the previous year's profit of $829,762.
The company's total operating revenues for the year 2024 amounted to approximately $1.7 million, compared to $2.4 million in 2023, reflecting a 29% decline. The primary reason for this decrease is the drop in trading value, which stood at $164 million in 2024, compared to $331 million in 2023—a decline of nearly 50%. Meanwhile, the Al-Quds Index fell by 90 points, marking a 15% decrease from its closing level of 498 points at the end of 2023.
The Chairman of the Palestine Stock Exchange, Mr. Samir Hulileh, affirmed that 2024 was one of the most challenging periods for the Palestinian economy in all its sectors. This was due to the ongoing Israeli aggression on the beloved Gaza Strip, which lasted for more than 14 consecutive months, causing widespread devastation to all aspects of life there. Additionally, the persistent restrictions and closures in the West Bank and their consequences further exacerbated the situation.
He added that this situation has resulted in unprecedented and shocking figures for the Palestinian economy, including a dramatic surge in unemployment across both parts of the country that reached 51% and a significant decline in GDP to 11 billion dollar compared to 14.8 billion in 2023 representing 28% decline. This has been accompanied by a state of stagnation in the west bank and an inability to swiftly manage these crises, making recovery and resurgence a challenging prospect in the near future.
Hulileh concluded that these factors are sufficient to explain the decline in market liquidity, which stems from the overall impact on the Palestinian economic system. This is particularly evident in the most vital sectors and companies within the financial market ecosystem. Despite the challenges and difficulties, these entities have demonstrated remarkable adaptability and development capabilities, offering a competitive level of services and products that align with the expectations of clients and investors.
It is worth noting that the Palestine Stock Exchange was established in 1995 and became listed in 2012 after transforming into a public shareholding company. It aims to be a financial market with global standards, providing innovative services to participants in an environment characterized by fairness, transparency, and security. The Palestine Stock Exchange is also included in major global financial indices: among the "Frontier Markets" and the "FTSE Global Financial Times" indices, as well as in a dedicated "Palestine" index in both Morgan Stanley and Standard & Poor's.
