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Al Mashriq Insurance realizes a pretax income of $0.29 million in H1 2012

2012-08-16

The Palestine Exchange (PEX) received the reviewed interim condensed financial statements from Al-Mashriq Insurance Company ( MIC). 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 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 286,562 USD, compared with a net loss of (1,464,485) USD from the first six months of 2011. Total assets of the company reached 15,265,664 USD as of June 30^th, 2012, compared to total assets of 13,768,815 USD as of December 31^st, 2011, a net increase of 10.9%. Total liabilities of the company reached 13,853,107 USD as of June 30^th, 2012, compared to total liabilities of 14,533,178 USD as of December 31^st, 2011, a net decrease of 4.7%. Net ownership equity of the company reached 1,412,557 USD as of June 30^th, 2012, compared with a deficit in net ownership equity of (764,363) USD as of December 31^st, 2011.