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The Palestine Exchange (PEX) received the unaudited year-end preliminary financial statements from Al-Shark Electrode Company ( ELECTRODE). PEX disclosure rules give all PEX listed companies 45 days to report their preliminary annual 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.
ELECTRODE is the fourth company to disclose its year-end preliminary financial statements for year 2012.
The disclosed information includes:
1) A copy of the year-end preliminary financial statements. The disclosed information includes: The Balance Sheet, the Income Statement, the Statement of Comprehensive Income, and Changes in Equity Ownership, the Statement of Cash Flows, and notes to the financial statements.
2) The company attached with the disclosure “the summary of year-end preliminary financial statements” form for PEX, and it includes: basic information about the company, the date for the convening of the annual ordinary General Assembly meeting, the date of publication of the annual report, the distribution plan for the annual report, in addition to a summary of preliminary results for the year 2012 compared with the audited results of 2011.
3) The company also provided its financial statements via the approved electronic form of disclosure applicable to the Industry Sector.
4) A copy of this disclosure was sent to the Palestinian Capital Market Authority (PCMA) simultaneously.
According to company data for year-end preliminary financial statements for year 2012, net profit before taxes reached 117,018 JOD, compared with a net profit before taxes of 151,816 JOD in the audited data for 2011, a net decrease of 22.9%. Total assets of the company reached 3,481,902 JOD as of December 31st, 2012, compared to total assets of 3,647,666 JOD as of December 31st, 2011, a net decrease of 4.5%. Total liabilities of the company reached 267,687 JOD as of December 31st, 2012, compared to total liabilities of 427,391 JOD as of December 31st, 2011, a net decrease of 37.4%. Net ownership equity of the company reached 3,214,215 JOD as of December 31st, 2012, compared with a net ownership equity of 3,220,275 JOD as of December 31st, 2011, a net decrease of 0.2%.