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Global United Insurance earns a pretax income of $3.39 million; up by 263.9% in the year of 2012

2013-02-13

The Palestine Exchange (PEX) received consolidated unaudited year-end preliminary financial statements from Global United Insurance Company ( GUI). 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.

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, 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 disclosure included an approval from the Insurance Directorate Department within the Palestine Capital Markets Authority (PCMA) to disclose financial information.

4) The company also provided its interim financial statements via the approved electronic form of disclosure applicable to the Insurance Sector.

5) A copy of this disclosure was sent to the Palestinian Capital Market Authority (PCMA) simultaneously.

GUI consolidated preliminary financial statements for year 2012, shows net profit before taxes 3,388,721 USD. Total assets of the company reached 29,788,304 USD. Total liabilities of the company reached 20,997,531 USD. Net ownership equity of the company reached 8,790,773 USD.

According to GUI unconsolidated preliminary financial statements for year 2012, net profit before taxes reached 3,388,721 USD, compared with a net profit before taxes of 931,279 USD in the audited data for 2011, a net increase of 263.9%. Total assets of the company reached 30,925,508 USD as of December 31st, 2012, compared to total assets of 19,006,070 USD as of December 31^st, 2011, a net increase of 62.7%. Total liabilities of the company reached 22,096,229 USD as of December 31st, 2012, compared to total liabilities of 13,154,034 USD as of December 31^st, 2011, a net increase of 68.0%. Net ownership equity of the company reached 8,829,279 USD as of December 31st, 2012, compared with a net ownership equity of 5,852,036 USD as of December 31^st, 2011, a net increase of 50.9%. Furthermore, paid-in capital increased from 5,000,000 USD on December 31^st, 2011 to 5,500,000 USD  December 31^st, 2012, an increase of 10.0%.