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The Palestine Exchange (PEX) received reviewed interim condensed financial statements from Al-Aqariya Trading Investment ( AQARIYA). The PEX disclosure rules in place give all of the PEX listed companies a period of 45 days to report their first half interim financial statements as reviewed by their independent external auditor. Their disclosure has been published on the PEX website (www.pex.ps) and emailed to PEX member securities firms in conjunction with this press release.
AQARIYA is the third listed company, and the first company within the Investment Sector to disclose its interim financial statements for the first half of 2011.
The disclosed information includes: Independent Accountants" Review Report, the Statement of Financial Position, the Income Statement, the Statement of Comprehensive Income, Changes in Equity Ownership, the Statement of Cash Flows and Notes to the interim financial statements ( 21 notes). The company also provided its interim financial statements via the approved electronic form of disclosure applicable to the Investment Sector. The interim report also includes the additional information required by Article (38/2) of the PEX disclosure rules in place concerning management, issued shares, material changes and significant events that may have affected financial performance during the first half of the year.
According to company data for the first half of this year, net profit before taxes reached 84,837 JOD, compared with a net profit before taxes of 57,766 JOD from the first half of 2010, a net increase of 46.9%. Total assets of the company have reached 6,199,413 JOD as of June 30th, 2011, compared to total assets of 6,802,258 JOD as of December 31st, 2010, a net decrease of 8.9%. Total liabilities of the company have reached 700,504 JOD as of June 30, 2011, compared to total liabilities of 1,280,653 JOD as of December 31st, 2010, a net decrease of 45.3%. Net ownership equity of the company has reached 5,498,909 JOD as of June 30th, 2011, compared with a net ownership equity of 5,521,605 JOD as of December 31st, 2010, a net decrease of 0.4% in the last six months.
Within the opinion paragraph in the Independent Auditors’ Review Report ( Palestine Auditing & Accounting/Abassi & Co.), the following was conveyed: Based on our limited review, nothing has come to our attention that causes us to believe that the accompanying interim financial statements are not, in all material aspects, presented in accordance with International Accounting Standard No. (34) .