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AL-Wataniah Towers Company achieved a pretax income of $0.16 million in the first nine months of 2012

2012-10-23

The Palestine Exchange (PEX) received the unaudited interim condensed financial statements from Al-Wataniah Towers Company ( ABRAJ). PEX disclosure rules give all PEX listed companies one month to report their third quarter interim financial statements as reviewed by the company’s internal 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 disclosed information includes: 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 ( 9 notes). The company also provided its interim financial statements via the approved electronic form of disclosure applicable to the Service Sector. The interim report should also include information required by Article (37/2) 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 nine months of the year.

According to company data for the first nine months of the year, net profit before taxes reached 156,298 USD, compared with a net profit before taxes of 211,932 USD from the first nine months of 2011, a net decrease of 26.3%. Total assets of the company reached 12,282,578 USD as of September 30^th, 2012, compared to total assets of 12,094,002 USD as of December 31^st, 2011, a net increase of 1.6%. Total liabilities of the company reached 332,829 USD as of September 30^th, 2012, compared to total liabilities of 300,319 USD as of December 31^st, 2011, a net increase of 10.8%. Net ownership equity of the company reached 11,949,749 USD as of September 30^th, 2012, compared with net ownership equity of 11,793,683 USD as of December 31^st, 2011, a net increase of 1.3% in the first nine months. Furthermore, paid-in capital increased from 10,000,000 USD on December 31^st, 2011 to 11,000,000 USD  by September 30^th, 2012, an increase of 10.0%.