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Global United Insurance earns a pretax income of $1.74 million; up by 225.5% in the first nine months of 2012

2012-10-30

The Palestine Exchange (PEX) received the unaudited interim condensed financial statements from Global United Insurance Company ( GUI). 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 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: the Statement of Financial Position, a Statement of Income & Comprehensive Income, Changes in Equity Ownership, the Statement of Cash Flows and Notes to the interim financial statements ( 1 note). 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 1,741,216 USD, compared with a net profit before taxes of 534,892 USD from the first nine months of 2011, a net increase of 225.5%. Total assets of the company reached 24,404,259 USD as of September 30^th, 2012, compared to total assets of 19,006,070 USD as of December 31^st, 2011, a net increase of 28.4%. Total liabilities of the company reached 17,323,044 USD as of September 30^th, 2012, compared to total liabilities of 13,154,034 USD as of December 31^st, 2011, a net increase of 31.7%. Net ownership equity of the company reached 7,081,215 USD as of September 30^th, 2012, compared with a net ownership equity of 5,852,036 USD as of December 31^st, 2011, a net increase of 21.0% in the first nine months. Furthermore, paid-in capital increased from 5,000,000 USD on December 31^st, 2011 to 5,500,000 USD  by September 30^th, 2012, an increase of 10.0%.