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Al Mashriq Insurance realizes a loss of $0.94 million in the year of 2011

2012-02-15

The Palestine Exchange (PEX) received unaudited year-end preliminary financial statements from Al-Mashriq Insurance Company ( MIC). 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 Financial Affairs and internal auditor of the company. The disclosed information includes: The Balance Sheet, the Income Statement, 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 loss reached (937,510) USD, compared with a net loss of (1,673,157) USD in the audited data for 2010, a net decrease in loss of 44.0%. Total assets of the company reached 13,768,815 USD as of December 31st, 2011, compared to total assets of 15,333,062 USD as of December 31^st, 2010, a net decrease of 10.2%. Total liabilities of the company reached 14, 533,178 USD as of December 31st, 2011, compared to total liabilities of 16,209,928 USD as of December 31^st, 2010, a net decrease of 10.3%. Net ownership equity of the company reached a deficit of (764,363) USD as of December 31st, 2011, compared with a deficit in net ownership equity of (876,866) USD as of December 31^st, 2010, a net decrease in deficit of 12.8%. Furthermore, paid-in capital decreased from 7,200,000 USD  on December 31^st, 2010 to 5,200,000 USD  by December 31st, 2011, an decrease of 27.8%.