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The Palestine Exchange (PEX) received the annual report of Arab Company for Paints Products Company (APC). It includes audited financial statement for the fiscal year 2012. The PEX disclosure rules in place give all of PEX listed companies a period of 3 months from the date of the end of the fiscal year of the company to report their annual financial statements audited by the companies’ independent external auditor. This disclosure was published on the PEX website (www.pex.ps) and emailed to PEX member securities firms in addition to this press release.
APC is the first listed company to disclose its annual report for the year 2012. APC disclosed its audited financial statements before the end of the statutory period to disclose the unaudited year-end preliminary financial statement.
The disclosed information includes:
1) Summary of the Year-End Financial Statement Form for PEX.
2) The company also provided its financials via the approved electronic form of disclosure applicable to the Industry Sector.
In addition to the non-financial data, the annual report included audited financial statements for the fiscal year 2012, which included: an Independent Auditors’ 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 financial statements (21 notes).
Within the conclusion in the Independent Auditors’ Report (Tarifi Establish), the following was conveyed: In our opinion, the financial statements present fairly, in all material respects, the financial position of Arab Company for Paints Products as of December, 2012 and its financial performance and its cash flow for the year then ended in conformity with International Financial Reporting Standards.
According to the audited financial statements for year 2012, net profit before tax reached 540,798 JOD (515,983 JOD after tax), compared with a net profit before tax of 431,570 JOD (395,270 JOD after tax) in 2011, a net increase of 25.3%. Total assets of the company reached 3,986,331 JOD as of December 31st, 2012, compared to total assets of 3,725,271 JOD as of December 31st, 2011, a net increase of 7.0%. Total liabilities of the company reached 1,455,577 JOD as of December 31st, 2012, compared to total liabilities of 1,429,076 JOD as of December 31st, 2011, a net increase of 1.9%. Net ownership equity of the company reached 2,530,754 JOD as of December 31st, 2012, compared with a net ownership equity of 2,296,195 JOD as of December 31st, 2011, a net increase of 10.2%.