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National Insurance (NIC) earns a net profit before tax of $ 2.83 million in the first nine months of 2011

2011-10-27

The Palestine Exchange (PEX) received reviewed interim consolidated condensed financial statements from National Insurance ( NIC). 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.

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

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

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 ( 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 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 2,828,199 USD, compared with a net profit before taxes of 2,655,049 USD from the first nine months of 2010, a net increase of 6.5%. Total assets of the company have reached 71,846,871 USD as of September 30th, 2011, compared to total assets of 70,630,122 USD as of December 31st, 2010, a net increase of 1.7%. Total liabilities of the company have reached 51,468,158 USD as of September 30th, 2011, compared to total liabilities of 49,732,114 USD as of December 31st, 2010, a net increase of 3.5%. Net ownership equity of the company has reached 20,378,713 USD (including 1,279,044 USD in minority rights) as of September 30th, 2011, compared with a net ownership equity of 20,898,008 USD (including 1,238,977 in minority rights) as of December 31^st, 2010, a net decrease of 2.5% in the last nine months.

A review report from the company’s independent external auditor was also included with the disclosure. 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) .