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The Palestine Exchange (PEX) received reviewed interim consolidated financial statements from National Insurance (NIC). 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 (29 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 2,350, 844 USD, compared with a net profit before taxes of 1,549,084 USD from the first half of 2010, a net increase of 51.8%. Total assets of the company have reached 73,088,371 USD as of June 30th, 2011, compared to total assets of 70,360,122 USD as of December 31st, 2010, a net increase of 3.5%. Total liabilities of the company have reached 53,094,844 USD as of June 30, 2011, compared to total liabilities of 49,732,114 USD as of December 31st, 2010, a net increase of 6.8%. Net ownership equity of the company 19,993,527 USD (including 1,273,149 USD in minority rights) as of June 30th, 2011, compared with a net ownership equity of 20,898,008 USD (including 1,238,977 USD in minority rights) as of December 31st, 2010, a net decrease of 4.3% in the last six months.
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 financial statements are not, in all material respects, prepared in accordance with International Accounting Standard No. (34) .