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Birzeit Pharmaceuticals earns a pretax income of JD3.47million in the year of 2011

2012-02-15

The Palestine Exchange (PEX) received unaudited year-end preliminary financial statements from Birzeit Pharmaceuticals Company ( BPC). 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 Chairman/CEO of the company. The disclosed information includes: The Balance Sheet, the Statement of Comprehensive Income, Changes in Equity Ownership, the Statement of Cash Flows, and notes to the interim financial statements ( 1 note).

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 3,473,510 JOD, compared with a net profit before taxes of 4,633,737 JOD in the audited data for 2010, a net decrease of 25.0%. Total assets of the company reached 40,228,844 JOD as of December 31st, 2011, compared to total assets of 37,336,583 JOD as of December 31^st, 2010, a net increase of 7.7%. Total liabilities of the company reached 8,297,885 JOD as of December 31st, 2011, compared to total liabilities of 6,212,258 JOD as of December 31^st, 2010, a net increase of 33.6%. Net ownership equity of the company reached 31,930,959 JOD (including 195,558 JOD in Minority Rights) as of December 31st, 2011, compared with a net ownership equity of 31,124,325 JOD (including 226,625 JOD in Minority Rights) as of December 31^st, 2010, a net increase of 2.6%. Furthermore, paid-in capital increased from 12,100,000 JOD  on December 31^st, 2010 to 13,066,145 JOD  by December 31st, 2011, an increase of 8.0%.