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Global United Insurance earns a pretax income of $0.53 million in the first nine months of 2011

2011-10-31

The Palestine Exchange (PEX) received the reviewed interim condensed financial statements from Global United Insurance ( GUI). 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 auditor’s review report, the Statement of Financial Position, the Statement of Comprehensive Income, Changes in Equity Ownership, the Statement of Cash Flows and Notes to the interim financial statements ( 18 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 534,892 USD, compared with a net loss of (471,457) USD from the first nine months of 2010. Total assets of the company have reached 16,193,115 USD as of September 30th, 2011, compared to total assets of 10,929,008 USD as of December 31st, 2010, a net increase of 48.2%. Total liabilities of the company have reached 10,740,163 USD as of September 30th, 2011, compared to total liabilities of 5,890,812 USD as of December 31st, 2010, a net increase of 82.3%. Net ownership equity of the company has reached 5,452,952 USD as of September 30th, 2011, compared with a net ownership equity of 5,038,196 USD as of December 31^st, 2010, a net increase of 8.2% in the last nine months.