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Al-Takaful Palestinian Insurance earns a pretax income of $0.38 million in 1H 2011

2011-08-16

The Palestine Exchange (PEX) received reviewed interim condensed financial statements from Al-Takaful Palestinian Insurance (TIC). 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 (15 notes). 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 377,454 USD, compared with a net profit before taxes of 538,226 USD from the first half of 2010, a net decrease of 29.9%. Total assets of the company have reached 17,082,352 USD as of June 30th, 2011, compared to total assets of 14,114,653 USD as of December 31st, 2010, a net increase of 21.0%. Total liabilities of the company have reached 8,274,520 USD as of June 30, 2011, compared to total liabilities of 6,379,967 USD as of December 31st, 2010, a net increase of 29.7%. Net ownership equity of the company has reached 8,807,832 USD as of June 30th, 2011, compared with a net ownership equity of 7,734,686 USD as of December 31st, 2010, a net increase of 13.9% in the last six months.

Within the conclusion in the Independent Auditors’ Review Report (Saba & Co.), the following was conveyed: Based on our limited review, we are not aware of any  material modifications that need to be made to the accompanying interim financial statements for them to be, in all material respects, representing fairly the financial position of the Al-Takaful Palestinian Insurance 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) and the accounting policies discussed in note #3.