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The Palestine Exchange (PEX) received unaudited year-end preliminary financial statements from Palestine Commercial Bank (PCB). The PEX disclosure rules in place give all of PEX listed companies a period of 45 days to report their preliminary annual financial statements reviewed by the company’s internal 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.
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 Banking & Financial Services 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 62,167 USD, compared with a net profit before taxes of 832,514 USD in the audited data for 2011, a net decrease of 92.5%. Total assets of the company reached 186,169,212 USD as of December 31st, 2012, compared to total assets of 168,803,636 USD as of December 31st, 2011, a net increase of 10.3%. Total liabilities of the company reached 158,100,562 USD as of December 31st, 2012, compared to total liabilities of 140,737,181 USD as of December 31st, 2011, a net increase of 12.3%. Net ownership equity of the company reached 28,068,650 USD as of December 31st, 2012, compared with net ownership equity of 28,066,455 USD as of December 31st, 2011, a net increase of 0.01%.