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Birzeit Pharmaceuticals earns a pretax income of JD4.44; up by 27.9% million in the year of 2012

2013-02-13

The Palestine Exchange (PEX) received consolidated unaudited year-end preliminary financial statements from Birzeit Pharmaceuticals Company (BPC). 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:

2)       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.

3)       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.

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

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 4,442,479 JOD, compared with a net profit before taxes of 3,473,510 JOD in the audited data for 2011, a net increase of 27.9%. Total assets of the company reached 42,450,744 JOD as of December 31st, 2012, compared to total assets of 40,228,844 JOD as of December 31st, 2011, a net increase of 5.5%. Total liabilities of the company reached 8,309,675 JOD as of December 31st, 2012, compared to total liabilities of 8,297,885 JOD as of December 31st, 2011, a net increase of 0.1%. Net ownership equity of the company reached 34,141,069 JOD (including 237,902 JOD in Non-controlling interest) as of December 31st, 2012, compared with a net ownership equity of 31,930,959 JOD (including 195,558 JOD in Non-controlling interest) as of December 31st, 2011, a net increase of 6.9%. Furthermore, paid-in capital increased from 13,066,145 JOD on December 31st, 2011 to 13,091,045 JOD December 31st, 2012, an increase of 0.2%.