send to a friend by email

National Insurance NIC earns a net profit before tax of $ 4.56 million; up by 61.4% in the first nine months of 2012

2012-10-23

The Palestine Exchange (PEX) received the unaudited interim consolidated condensed financial statements from National Insurance Company ( NIC). 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.

NIC is the first company within the Insurance Sector to disclose its interim financial statements for the first nine months of 2012.

The disclosure included an initial approval from the Insurance Directorate Department within the Palestine Capital Markets Authority (PCMA) to disclose financial information. The Insurance Directorate will issue later a final approval.  The disclosed information includes: Unsigned draft of the Independent Accountants" 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 ( 28 notes). The company also provided its interim financial statements via the approved electronic form of disclosure applicable to the Insurance 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 4,565,395 USD, compared with a net profit before taxes of 2,828,199 USD from the first nine months of 2011, a net increase of 61.4%. Total assets of the company reached 74,972,710 USD as of September 30^th, 2012, compared to total assets of 72,879,376 USD as of December 31^st, 2011, a net increase of 2.9%. Total liabilities of the company reached 51,364,758 USD as of September 30^th, 2012, compared to total liabilities of 51,145,055 USD as of December 31^st, 2011, a net increase of 0.4%. Net ownership equity of the company reached 23,607.952 USD (including 1,367.305 USD in Minority Rights) as of September 30^th, 2012, compared with a net ownership equity of 21,734,321 USD (including 1,321,354 USD in Minority Rights) as of December 31^st, 2011, a net increase of 8.6% in the first nine months. Furthermore, paid-in capital increased from 10,000,000 USD on December 31^st, 2011 to 12,000,000 USD  by September 30^th, 2012, an increase of 20.0%.