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Jerusalem Cigarettes earns a pretax income of JD1.09 million in 1H 2011

2011-08-15

Palestine Exchange (PEX) received reviewed interim condensed financial statements from Jerusalem Cigarettes (JCC). 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 (6 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 1,094,623 JOD, compared with a net profit before taxes of 628,084 JOD from the first half of 2010, a net increase of 74.3%. Total assets of the company have reached 43,926,613 JOD as of June 30th, 2011, compared to total assets of 39,862,633 JOD as of December 31st, 2010, a net increase of 10.2%. Total liabilities of the company have reached 25,669,004 JOD as of June 30, 2011, compared to total liabilities of 25,489,140 JOD as of December 31st, 2010, a net increase of 0.7%. Net ownership equity of the company has reached 18,257,609 JOD as of June 30th, 2011, compared with a net ownership equity of 14,373,493 JOD as of December 31st, 2010, a net increase of 27.0% in the last six months. Furthermore, paid-in capital increased from 7,000,000 JOD on December 31st, 2010 to 10,000,000 JOD on June 30th, 2011, an increase of 42.9%.

Within the conclusion in the Independent Auditors’ Review Report (Maayah & 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, representing fairly the financial position of the Jerusalem Cigarettes PLC as of June 30, 2011 and its financial performance, and cash flows for the six month period then ended in accordance with International Accounting Standard No. (34).