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National Insurance (NIC) earns a net profit before tax of $ 5.21 million in the year of 2011

2012-02-13

The Palestine Exchange (PEX) received consolidated unaudited year-end preliminary financial statements from National Insurance Company ( NIC). 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.

NIC is the first company within the Insurance Sector to disclose its year-end preliminary financial statements for year 2011.

The disclosed information includes:          

1) A copy of the year-end preliminary financial statements signed by the General Manager and CFO of the company. The disclosed information includes: The Balance Sheet, the Income Statement, the Statement of Comprehensive Income, Changes in Equity Ownership, the Statement of Cash Flows. Notes to the financial statements were not included.

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 disclosure included an approval from the Insurance Directorate Department within the Palestine Capital Markets Authority (PCMA) to disclose financial information.

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

5) 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 5,206,640 USD, compared with a net profit before taxes of 7,200,004 USD in the audited data for 2010, a net decrease of 27.7%. Total assets of the company reached 72,879,376 USD as of December 31st, 2011, compared to total assets of 70,630,122 USD as of December 31^st, 2010, a net increase of 3.2%. Total liabilities of the company reached 51,145,055 USD as of December 31st, 2011, compared to total liabilities of 49,732,114 USD as of December 31^st, 2010, a net increase of 2.8%. Net ownership equity of the company reached 21,734,321 USD (including 1,321,354 USD in Minority Rights) as of December 31st, 2011, compared with a net ownership equity of 20,898,008 USD (including 1,238,977 USD in Minority Rights) as of December 31^st, 2010, a net increase of 4.0%.