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Jerusalem Cigarette Company earns a pretax income of JD0.62 million in the year of 2011

2012-02-16

The Palestine Exchange (PEX) received unaudited year-end preliminary financial statements from Jerusalem Cigarette Company ( JCC). 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 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 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 618,446 JOD, compared with a net profit before taxes of 1,304,070 JOD in the audited data for 2010, a net decrease of 52.6%. Total assets of the company reached 43,201,830 JOD as of December 31st, 2011, compared to total assets of 39,862,633 JOD as of December 31^st, 2010, a net increase of 8.4%. Total liabilities of the company reached 24,200,678 JOD as of December 31st, 2011, compared to total liabilities of 25,489,140 JOD as of December 31^st, 2010, a net decrease of 5.1%. Net ownership equity of the company reached 19,001,152 JOD as of December 31st, 2011, compared with a net ownership equity of 14,373,493 JOD as of December 31^st, 2010, a net increase of 32.2%. Furthermore, paid-in capital increased from 7,000,000 JOD  on December 31^st, 2010 to 10,000,000 JOD  by December 31st, 2011, an increase of 42.9%.