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National Insurance (NIC) earns a net profit before tax of $ 2.73 million in the first quarter of the year 2012

2012-04-17

The Palestine Exchange (PEX) received the unaudited interim consolidated financial statements from National Insurance Company ( NIC). PEX disclosure rules give all PEX listed companies one month to report their first quarter interim financial statements as reviewed by the company’s internal auditor. In addition to this press release, this disclosure was published on the PEX website (www.pex.ps) and emailed to PEX member securities firms.

NIC is the third listed company, and the first company within the Insurance Sector to disclose its interim financial statements for the first three months of   2012.

The disclosure included an approval from the Insurance Directorate Department within the Palestine Capital Markets Authority (PCMA) to disclose financial information.

The disclosed information includes: the Statement of Financial Position, the Income Statement, the Statement of Comprehensive Income, Changes in Equity Ownership and the Statement of Cash Flows. The company also provided its interim financial statements via the approved electronic form of disclosure applicable to the Insurance Sector. The interim report should also include information required by Article (37/2) of the PEX disclosure rules in place. The company included information regarding management, issued shares, material changes and significant events that may have affected financial performances during the first three months of the year.

According to company data for the first three months of the year, net profit before taxes reached 2,731,501 USD, compared with a net profit before taxes of 1,681,147 USD from the first three months of 2011, a net increase of 62.5%. Total assets of the company reached 76,243,614 USD as of March 31^st, 2012, compared to total assets of 72,879,376 USD as of December 31^st, 2011, a net increase of 4.6%. Total liabilities of the company reached 53,740,529 USD as of March 31^st, 2012, compared to total liabilities of 51,145,055 USD as of December 31^st, 2011, a net increase of 5.1%. Net ownership equity of the company reached 22,503,085 USD (including 1,360,948 USD in Minority Rights) as of March 31^st, 2012, compared with a net ownership equity of 21,734,321 USD (including 1,321,354 USD in Minority Rights) as of December 31^st, 2011, a net increase of 3.5% in the first three months.