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Global United Insurance earns a pretax income of $0.93 million in the year of 2011

2012-02-15

The Palestine Exchange (PEX) received unaudited year-end preliminary financial statements from Global United Insurance Company ( GUI). 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 Deputy General Manager for Administrative and Financial Affairs, CFO, and internal auditor of the company. The disclosed information includes: The Balance Sheet, 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 931,279 USD, compared with a net profit before taxes of 90,315 USD in the audited data for 2010, a net increase of 931.1%. Total assets of the company reached 19,006,070 USD as of December 31st, 2011, compared to total assets of 10,929,008 USD as of December 31st, 2010, a net increase of 73.9%. Total liabilities of the company reached 13,154,034 USD as of December 31st, 2011, compared to total liabilities of 5,890,812 USD as of December 31st, 2010, a net increase of 123.3%. Net ownership equity of the company reached 5,852,036 USD as of December 31st, 2011, compared with a net ownership equity of 5,038,196 USD as of December 31st, 2010, a net increase of 16.2%.

 

 

 

 


 

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