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Trust International Insurance earns pretax income of $1.86 million in 1H 2011

2011-08-15

The Palestine Exchange (PEX) received reviewed interim consolidated condensed financial statements from Trust International Insurance (TRUST). 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 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 (22 notes). The company also provided its interim financial statements via the approved electronic form of disclosure applicable to the Insurance 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 1,863,101 USD, compared with a net profit before taxes of 968,466 USD from the first half of 2010, a net increase of 92.4%. Total assets of the company have reached 73,527,058 USD as of June 30th, 2011, compared to total assets of 61,934,482 USD as of December 31st, 2010, a net increase of 18.7%. Total liabilities of the company have reached 49,607,698 USD as of June 30, 2011, compared to total liabilities of 38,631,077 USD as of December 31st, 2010, a net increase of 28.4%. Net ownership equity of the company has reached 23,919,360 USD as of June 30th, 2011, compared with a net ownership equity of 23,303,405 USD as of December 31st, 2010, a net increase of 2.6% in the last six months. Furthermore, paid-in capital increased from 8,250,000 USD on December 31st, 2010 to 10,000,000 USD on June 30th, 2011, an increase of 21.2%.

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