send to a friend by email

AL-Wataniah Towers Company earns a pretax income of $0.21 million in the first nine months of 2011

2011-10-24

The Palestine Exchange (PEX) received the unaudited interim condensed financial statements from Al-Wataniah Towers (ABRAJ). 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.

ABRAJ is the first company within the Service Sector to disclose its interim financial statements for the first nine months of 2011.

The disclosed information includes: 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 (7 notes). The company also provided its interim financial statements via the approved electronic form of disclosure applicable to the Service 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 211,932 USD, compared with a net profit before taxes of 170,228 USD from the first nine months of 2010, a net increase of 24.5%. Total assets of the company have reached 11,769,766 USD as of September 30th, 2011, compared to total assets of 11,563,253 USD as of December 31st, 2010, a net increase of 1.8%. Total liabilities of the company have reached 319,092 USD as of September 30th, 2011, compared to total liabilities of 297,478 USD as of December 31st, 2010, a net increase of 7.3%. Net ownership equity of the company has reached 11,450,674 USD as of September 30th, 2011, compared with a net ownership equity of 11,265,775 USD as of December 31st, 2010, a net increase of 1.6% in the last nine months.