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Arab Company for Paint Products earns pretax income of JD0.48 million in the first nine months of 2011

2011-10-17

The Palestine Exchange (PEX) received the unaudited interim condensed financial statements from Arab Paint Products (APC). The PEX disclosure rules in place give all of the PEX listed companies a period of one month to report their third quarter interim financial statements as reviewed by the company’s internal 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.  

APC is the fourth listed company to disclose its interim financial statements for the first nine months of 2011.

The disclosed information includes: the Interim Balance Sheet, the Income Statement, Changes in Equity Ownership, the Statement of Cash Flows, and notes to the interim financial statements. The company also provided its interim financial statements via the approved electronic form of disclosure applicable to the Industry Sector. The interim report should also include information required by Article (37/2) of the PEX disclosure rules in place. The company included information regarding management, issued shares, material changes and significant events that may have affected financial performances during the first nine months of the year.

According to company data for the first nine months of the year, net profit before taxes reached 482,239 JOD, compared with a net profit before taxes of 517,689 JOD from the first nine months of 2010, a net decrease of 6.8%. Total assets of the company have reached 3,766,084 JOD as of September 30th, 2011, compared to total assets of 3,653,567 JOD as of December 31st, 2010, a net increase of 3.1%. Total liabilities of the company have reached 1,489,005 JOD as of September 30th, 2011, compared to total liabilities of 1,300,447 JOD as of December 31st, 2010, a net increase of 14.5%. Net ownership equity of the company has reached 2,277,078 JOD as of September 30th, 2011, compared with a net ownership equity of 2,353,120 JOD as of December 31st, 2010, a net decrease of 3.2% in the last nine months.