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Trust International Insurance earns pretax income of $2.52 million in the year of 2011

2012-02-13

The Palestine Exchange (PEX) received consolidated unaudited year-end preliminary financial statements from Trust International Insurance Company ( TRUST). 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.

The disclosed information includes:          

1) A copy of the year-end preliminary financial statements signed by the General Manager and CFO, and Internal Auditor 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 2,522,411 USD, compared with a net profit before taxes of 2,132,015 USD in the audited data for 2010, a net increase of 18.3%. Total assets of the company reached 74,733,162 USD as of December 31st, 2011, compared to total assets of 61,934,482 USD as of December 31^st, 2010, a net increase of 20.7%. Total liabilities of the company reached 48,963,214 USD as of December 31st, 2011, compared to total liabilities of 38,631,077 USD as of December 31^st, 2010, a net increase of 26.7%. Net ownership equity of the company reached 25,769,948 USD as of December 31st, 2011, compared with a net ownership equity of 23,303,405 USD as of December 31^st, 2010, a net increase of 10.6%. Furthermore, paid-in capital increased from 8,250,000 USD  on December 31^st, 2010 to 10,000,000 USD  by December 31st, 2011, an increase of 21.2%.