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Palestine Development & Investment (PADICO) Company earns a pretax profit of $25.86 million in the first nine months of 2011

2011-11-10

The Palestine Exchange (PEX) received the reviewed interim consolidated condensed financial statements from Palestine Development & Investment ( PADICO). 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 disclosed information includes: the independent auditor’s review report, a summary of financial performance, 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 ( 11 notes). The company also provided its interim financial statements via the approved electronic form of disclosure applicable to the Investment 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 25,860,000 USD, compared with a net profit before taxes of 29,944,000 USD from the first nine months of 2010, a net decrease of 13.6%. Total assets of the company have reached 730,286,000 USD as of September 30th, 2011, compared to total assets of 637,979,000 USD as of December 31st, 2010, a net increase of 14.5%. Total liabilities of the company have reached 267,569,000 USD as of September 30th, 2011, compared to total liabilities of 174,459,000 USD as of December 31st, 2010, a net increase of 53.4%. Net ownership equity of the company has reached 462,717,000 USD (including 61,902,000 USD in Minority Rights) as of September 30th, 2011, compared with a net ownership equity of 463,520,000 USD (including 63,783,000 USD in Minority Rights) as of December 31^st, 2010, a net decrease of 0.2% in the last nine months. All figures in the financial statements appeared in thousands of USD.