(MENAFN) Against the backdrop of unprecedented political and economic challenges gripping Palestine, Arkan Real Estate Company recently convened its second annual General Assembly meeting, signaling a pivotal moment for the organization to assess its trajectory amidst a tumultuous landscape. Led by Chairman Samir Hulaila, the assembly commenced with a reflective acknowledgment of the profound impacts stemming from the events of 2023, which reverberated across various sectors of Palestinian life, including the business landscape and national economy. Despite these formidable obstacles, Hulaila underscored Arkan's unwavering financial fortitude, positioning the company to weather adversities and sustain profitability.
Central to the meeting's agenda was the thorough examination of the Board's report for the fiscal year 2023, which shed light on Arkan's commendable operating performance, culminating in a pre-tax operating profit of USD17.7 million. However, this promising figure was tempered by the recognition of financial provisions and other expenses/income totaling USD25.9 million, a consequence attributed to the economic repercussions stemming from the conflict in the Gaza Strip. Undeterred by these challenges, Arkan exhibited proactive resilience by forging ahead with the development of new investment projects in the West Bank and Gaza Strip, positioning the company for strategic growth and expansion.
Amidst a backdrop of uncertainty, the General Assembly demonstrated confidence and trust in Arkan's leadership by approving the Board of Directors' report and financial statements, absolving the Board members of liability for the fiscal year 2023. Additionally, Ernst & Young's appointment as the company's auditor for the fiscal year 2024 reaffirmed Arkan's commitment to transparency and accountability in its operations, instilling further investor confidence.
Moreover, the assembly convened an extraordinary session to deliberate and ratify amendments to the Memorandum of Association and Rules of Association, aligning with the evolving regulatory landscape and the provisions of the new Palestinian Companies Law. Furthermore, the endorsement of Arkan's remuneration policy for Board members, committees, and executive management underscored the company's dedication to adhering to regulatory standards and fostering a culture of corporate governance excellence.
In summary, Arkan Real Estate's General Assembly meeting served as a testament to the organization's resilience and adaptability amidst challenging economic conditions. By addressing critical agenda items and reaffirming its commitment to robust corporate governance practices, Arkan remains steadfast in its pursuit of sustainable growth and value creation for its stakeholders amidst the ever-evolving market dynamics.
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