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The Palestine Exchange (PEX) received reviewed interim condensed financial statements from Global United Insurance (GUI). 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 (18 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, but did not include information regarding 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 585,448 USD. GUI was listed on the PEX on March 30th, 2011, and income for the prior similar reporting period has not been disclosed. Total assets of the company have reached 14,115,754 USD as of June 30th, 2011, compared to total assets of 10,929,008 USD as of December 31st, 2010, a net increase of 29.2%. Total liabilities of the company have reached 8,706,034 USD as of June 30, 2011, compared to total liabilities of 5,890,812 USD as of December 31st, 2010, a net increase of 47.8%. Net ownership equity of the company has reached 5,409,720 USD as of June 30th, 2011, compared with a net ownership equity of 5,038,196 USD as of December 31st, 2010, a net increase of 7.4% 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 changes that should be made to the accompanying interim financial statements for them to be, in all material aspects, representing fairly the financial position of the Global United 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).