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Trust International Insurance earns pretax income of $1.37 million in the first nine months of 2011

2011-10-31

The Palestine Exchange (PEX) received the reviewed interim consolidated condensed financial statements from Trust International Insurance ( TRUST). 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.

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 independent auditors 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 ( 22 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 1,372,493 USD, compared with a net profit before taxes of 1,480,688 USD from the first nine months of 2010, a net decrease of 7.3%. Total assets of the company have reached 74,491,635 USD as of September 30th, 2011, compared to total assets of 61,934,482 USD as of December 31st, 2010, a net increase of 20.3%. Total liabilities of the company have reached 50,735,147 USD as of September 30th, 2011, compared to total liabilities of 38,631,077 USD as of December 31st, 2010, a net increase of 31.3%. Net ownership equity of the company has reached 23,756,488 USD as of September 30th, 2011, compared with a net ownership equity of 23,303,405 USD as of December 31^st, 2010, a net increase of 1.9% in the last nine months. Furthermore, paid-in capital increased from 8,250,000 USD on December 31^st, 2010 to 10,000,000 USD  by September 30^th, 2011, an increase of 21.2%.