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Arab Company for Paint Products earns pretax income of JD0.47million in 1H 2011

2011-08-14

The Palestine Exchange (PEX) received reviewed interim condensed financial statements from Arab Paint Products ( APC). 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.

The disclosed information includes: Independent Accountants" Review Report, the Balance Sheet, the Income Statement, Changes in Equity Ownership, the Statement of Cash Flows and Notes to the interim financial statements ( 14 notes). The company also provided its interim financial statements via the approved electronic form of disclosure applicable to the Industry 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 470,198 JOD, compared with a net profit before taxes of 189,219 JOD from the first half of 2010, a net increase of 148.5%. Total assets of the company have reached 3,857,884 JOD as of June 30th, 2011, compared to total assets of 3,653,563 JOD as of December 31st, 2010, a net increase of 5.6%. Total liabilities of the company have reached 1,509,365 JOD as of June 30, 2011, compared to total liabilities of 1,300,447 JOD as of December 31st, 2010, a net increase of 16.1%. Net ownership equity of the company has reached 2,348,519 JOD as of June 30th, 2011, compared with a net ownership equity of 2,353,116 JOD as of December 31^st, 2010, a net decrease of 0.2% in the last six months.

Within the conclusion in the Independent Auditors’ Review Report ( Tarifi Establishment), the following was conveyed: Based on our limited review, nothing has come to our attention that causes us to believe that the accompanying interim condensed financial statements are not, in all material respects, prepared in accordance with International Accounting Standard No. (34) .