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2012-08-15
The Palestine Exchange (PEX) received the reviewed
interim condensed financial statements from
Al-Takaful Palestinian Insurance Company (
TIC). 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.
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, Changes in Equity Ownership, the Statement of Cash Flows and Notes to the interim financial statements (
15 notes). 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 571,033
USD, compared with a net profit before taxes of 404,154
USD from the first six months of
2011, a net
increase of
41.3%. Total assets of the company reached 19,035,353
USD as of June 30th,
2012, compared to total assets of 17,634,237
USD as of December 31st,
2011, a net
increase of
7.9%. Total liabilities of the company reached 10,314,505
USD as of June 30th,
2012, compared to total liabilities of 9,176,092
USD as of December 31st,
2011, a net
increase of
12.4%. Net ownership equity of the company reached 8,720,848
USD as of June 30th,
2012, compared with a net ownership equity of 8,458,145
USD as of December 31st,
2011, a net
increase of
3.1% in the last six months.
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