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The Palestine Exchange (PEX) received unaudited year-end preliminary financial statements from Al-Takaful Palestinian Insurance Company ( TIC). 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 Statement of Financial Position, 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 disclosure included an approval from the Insurance Directorate Department within the Palestine Capital Markets Authority (PCMA) to disclose financial information.
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 1,184,400 USD, compared with a net profit before taxes of 335,127 USD in the audited data for 2011, a net increase of 253.4%. Total assets of the company reached 19,276,704 USD as of December 31st, 2012, compared to total assets of 17,634,237 USD as of December 31st, 2011, a net increase of 9.3%. Total liabilities of the company reached 10,136,307 USD as of December 31st, 2012, compared to total liabilities of 9,176,092 USD as of December 31st, 2011, a net increase of 10.5%. Net ownership equity of the company reached 9,140,397 USD as of December 31st, 2012, compared with net ownership equity of 8,458,145 USD as of December 31st, 2011, a net increase of 8.1%.