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Ahliea Insurance Group earns a pretax income of $0.28 million in H1 2012

2012-08-16

The Palestine Exchange (PEX) received the reviewed interim consolidated financial statements from Ahliea Insurance Group Company ( AIG). 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 ( 35 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 278,177 USD, compared with a net profit before taxes of 238,395 USD from the first six months of 2011, a net increase of 16.7%. Total assets of the company reached 54,948,881 USD as of June 30^th, 2012, compared to total assets of 51,370,786 USD as of December 31^st, 2011, a net increase of 7.0%. Total liabilities of the company reached 41,387,773 USD as of June 30^th, 2012, compared to total liabilities of 38,058,120 USD as of December 31^st, 2011, a net increase of 8.7%. Net ownership equity of the company reached 13,561,108 USD as of June 30^th, 2012, compared with a net ownership equity of 13,312,666 USD as of December 31^st, 2011, a net increase of 1.9% in the last six months. Furthermore, paid-in capital increased from 8,374,837 USD on December 31^st, 2011 to 10,000,000 USD by June 30^th, 2012, an increase of 19.4%.