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Palestine Investment and Development PID achieves a pretax income of JD0.28 million in the year of 2012

2013-02-13

The Palestine Exchange (PEX) received unaudited year-end preliminary financial statements from Palestine Investment & Development Company ( PID). 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.

PID is the first company within the Investment Sector 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 Statement of Comprehensive Income, Changes in Equity Ownership, the Statement of Cash Flows and Notes to the interim financial statements ( 1 note).

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 interim financial statements via the approved electronic form of disclosure applicable to the Investment 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 282,275 JOD, compared with a net loss of (87,757) JOD in the audited data for 2011. Total assets of the company reached 2,864,552 JOD as of December 31st, 2012, compared to total assets of 2,578,150 JOD as of December 31^st, 2011, a net increase of 11.1%. Total liabilities of the company reached 57,247 JOD as of December 31st, 2012, compared to total liabilities of 50,869 JOD as of December 31^st, 2011, a net increase of 12.5%. Net ownership equity of the company reached 2,807,305 JOD as of December 31st, 2012, compared with a net ownership equity of 2,527,281 JOD as of December 31^st, 2011, a net increase of 11.1%.