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The Vegetable Oil Industries earns a pretax income of JD 1.91 million for year 2011

2012-02-09

The Palestine Exchange (PEX) received unaudited year-end preliminary financial statements from The Vegetable Oil Industries Company ( VOIC). The PEX disclosure rules in place give all of PEX listed companies a period of 45 days to report their preliminary annual financial statements reviewed by the company’s internal auditor. This disclosure was published on the PEX website (www.pex.ps) and emailed to PEX member securities firms in addition to this press release.

VOIC is the second listed company, and the first company within the Industry Sector to disclose its year-end preliminary financial statements for the year 2011.

The disclosed information includes:          

1) A copy of the year-end financial statements audited by the internal auditor, and signed by the General Manager, Acting CFO of the company. The disclosed information includes: The Balance Sheet, the Income Statement, and Changes in Equity Ownership, the Statement of Cash Flows, and Notes to the interim financial statements ( 13 notes).

2) The company attached with the disclosure “the summary of year-end preliminary financial statements” form for PEX, and it include: basic information about the company, the date for the convening of the annual ordinary General Assembly meeting, the date of publication of the annual report, the distribution plan for the annual report, in addition to a summary of preliminary results for the year 2011 compared with the audited results of 2010.

3) The company also provided its interim financial statements via the approved electronic form of disclosure applicable to the Industry Sector.

4) A copy of this disclosure was sent to the Palestinian Capital Market Authority (PCMA) simultaneously.

According to company data for year-end preliminary financial statements for year 2011, net profit before taxes reached 1,910,466 JOD, compared with a net profit before taxes of 2,002,050 JOD in the audited data for 2010, a net decrease of 4.6%. Total assets of the company reached 12,617,708 JOD as of December 31st, 2011, compared to total assets of 12,059,884 JOD as of December 31st, 2010, a net increase of 4.6%. Total liabilities of the company reached 849,050 JOD as of December 31st, 2011, compared to total liabilities of 1,514,947 JOD as of December 31st, 2010, a net decrease of 44.0%. Net ownership equity of the company reached 11,768,658 JOD as of December 31st, 2011, compared with a net ownership equity of 10,544,937 JOD as of December 31st, 2010, a net increase of 11.6%.


 

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