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Al-Takaful Palestinian Insurance earns a pretax income of $0.57 million in H1 2012

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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