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AL-Wataniah Towers Company achieved a pretax income of $0.23 million in the year of 2012

2013-02-13

The Palestine Exchange (PEX) received unaudited year-end preliminary financial statements from Al-Wataniah Towers Company ( ABRAJ). 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.

ABRAJ is the first company within the Service 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 Income Statement, the Statement of Comprehensive Income, Changes in Equity Ownership, the Statement of Cash Flows. Notes to the financial statements were not included.

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 Service 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 234,375 USD, compared with a net profit before taxes of 578,392 USD in the audited data for 2011, a net decrease of 59.5%. Total assets of the company reached 13,445,002 USD as of December 31st, 2012, compared to total assets of 12,094,002 USD as of December 31^st, 2011, a net increase of 11.2%. Total liabilities of the company reached 1,354,599 USD as of December 31st, 2012, compared to total liabilities of 300,319 USD as of December 31^st, 2011, a net increase of 351.1%. Net ownership equity of the company reached 12,090,403 USD as of December 31st, 2012, compared with a net ownership equity of 11,793,683 USD as of December 31^st, 2011, a net increase of 2.5%. Furthermore, paid-in capital increased from 10,000,000 USD on December 31^st, 2011 to 11,000,000 USD  by December 31^st, 2012, an increase of 10.0%.