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Al-Takaful Palestinian Insurance earns a pretax income of $0.34 million in the year of 2011

2012-02-15

The Palestine Exchange (PEX) received unaudited year-end preliminary financial statements from Al-Takaful Palestinian Insurance Company ( TIC). 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 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) 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 335,127 USD, compared with a net profit before taxes of 1,076,280 USD in the audited data for 2010, a net decrease of 68.9%. Total assets of the company reached 17,625,084 USD as of December 31st, 2011, compared to total assets of 14,114,653 USD as of December 31st, 2010, a net increase of 24.9%. Total liabilities of the company reached 9,176,092 USD as of December 31st, 2011, compared to total liabilities of 6,353,157 USD as of December 31st, 2010, a net increase of 44.4%. Net ownership equity of the company reached 8,448,992 USD as of December 31st, 2011, compared with a net ownership equity of 7,761,496 USD as of December 31st, 2010, a net increase of 8.9%. Furthermore, paid-in capital increased from 7,435,507 USD on December 31st, 2010 to 8,500,000 USD  by December 31st, 2011, an increase of 14.3%.

 

 

 


 

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