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Arab Company for Paint Products earns pretax income of JD0.43 million in the year 2011

2012-02-12

The Palestine Exchange (PEX) received unaudited year-end preliminary financial statements from Arab Company for Paints Products ( APC). 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. 

APC is the fifth listed company, 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 and CFO of the company. The disclosed information includes: The Balance Sheet, the Income Statement, Changes in Equity Ownership, the Statement of Cash Flows, and notes to the interim financial statements.

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 431,570 JOD, compared with a net profit before taxes of 698,622 JOD in the audited data for 2010, a net decrease of 38.2%. Total assets of the company reached 3,727,462 JOD as of December 31st, 2011, compared to total assets of 3,653,563 JOD as of December 31st, 2010, a net increase of 2.0%. Total liabilities of the company reached 1,429,076 JOD as of December 31st, 2011, compared to total liabilities of 1,300,447 JOD as of December 31st, 2010, a net increase of 9.9%. Net ownership equity of the company reached 2,298,386 JOD as of December 31st, 2011, compared with a net ownership equity of 2,353,116 JOD as of December 31st, 2010, a net decrease of 2.3%.

 

 


 

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