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Global United Insurance earns a pretax income of $1.04 million in Q1 2012

2012-05-02

The Palestine Exchange (PEX) received the unaudited interim condensed financial statements from Global United Insurance Company ( GUI). 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.

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 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 1,037,371 USD, compared with a net profit before taxes of 372,217 USD from the first three months of 2011, a net increase of 178.7%. Total assets of the company reached 21,130,412 USD as of March 31^st, 2012, compared to total assets of 19,006,070 USD as of December 31^st, 2011, a net increase of 11.2%. Total liabilities of the company reached 14,524,886 USD as of March 31^st, 2012, compared to total liabilities of 13,154,034 USD as of December 31^st, 2011, a net increase of 10.4%. Net ownership equity of the company reached 6,605,526 USD as of March 31^st, 2012, compared with net ownership equity of 5,852,036 USD as of December 31^st, 2011, a net increase of 12.9% in the first three months.