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National Insurance NIC earns a net profit before tax of $ 2.68 million in H1 2012

2012-07-31

The Palestine Exchange (PEX) received the reviewed interim consolidated financial statements from National Insurance Company ( NIC). PEX disclosure rules give all PEX listed companies 45 days to report their first half interim financial statements as reviewed by their independent external 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 fifth listed company, and the first company within the Insurance Sector to disclose its interim financial statements for the first half 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: an Independent Auditors’ Review Report, the Statement of Financial Position, the Income Statement, the Statement of Comprehensive Income, and Changes in Equity Ownership, the Statement of Cash Flows and Notes to the interim financial statements ( 28 notes). The company also provided its interim financial statements via the approved electronic form of disclosure applicable to the Insurance Sector. The interim report also should include information required by Article (38/2) 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 half of the year.

According to company data for the first six months of the year, net profit before taxes reached 2,676,574 USD, compared with a net profit before taxes of 2,350,844 USD from the first six months of 2011, a net increase of 13.9%. Total assets of the company reached 74,772,564 USD as of June 30^th, 2012, compared to total assets of 72,879,376 USD as of December 31^st, 2011, a net increase of 2.6%. Total liabilities of the company reached 52,682,842 USD as of June 30^th, 2012, compared to total liabilities of 51,145,055 USD as of December 31^st, 2011, a net increase of 3.0%. Net ownership equity of the company reached 22,089,722 USD (including 1,371,675 USD in Minority Rights) as of June 30^th, 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 1.6% in the last six months. Furthermore, paid-in capital increased from 10,000,000 USD on December 31^st, 2011 to 12,000,000 USD  by June 30^th, 2012, an increase of 20.0%.

Within the conclusion in the Independent Auditors’ Review Report ( Ernst & Young), the following opinion was conveyed: Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim consolidated financial statements are not prepared, in all material respects, in accordance with   International Accounting Standard No. (34) .