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Ahliea Insurance Group earns a pretax income of $0.24 million in 1H 2011

2011-08-16

The Palestine Exchange (PEX) received reviewed interim condensed financial statements from Ahliea Insurance Group (AIG). 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 Statement of Comprehensive Income, Changes in Equity Ownership, the Statement of Cash Flows and Notes to the interim financial statements (34 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.

The disclosure included an approval from the Insurance Directorate Department within the Palestine Capital Markets Authority (PCMA) to disclose financial information.

According to company data for the first half of this year, net profit before taxes reached 238,395 USD, compared with a net profit before taxes of 1,002,113 USD from the first half of 2010, a net decrease of 76.2%. Total assets of the company have reached 49,065,929 USD as of June 30th, 2011, compared to total assets of 48,938,110 USD as of December 31st, 2010, a net increase of 0.3%. Total liabilities of the company have reached 37,104,331 USD as of June 30, 2011, compared to total liabilities of 37,185,200 USD as of December 31st, 2010, a net decrease of 0.2%. Net ownership equity of the company 11,961,598 USD as of June 30th, 2011, compared with a net ownership equity of 11,752,910 USD as of December 31st, 2010, a net increase of 1.8% in the last six months.

Within the conclusion in the Independent Auditors’ Review Report (Talal Abu-Ghazzaleh), the following was conveyed: Based on our limited review, nothing has come to our attention that would require material changes to the financial statements in order for them to be, in all material aspects, prepared in conformity with International Accounting Standards.