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Palestine Development & Investment (PADICO) Company earns a pretax income of $20.42 million; down by 23.9% in 2012

2013-02-18

The Palestine Exchange (PEX) received consolidated unaudited year-end preliminary financial statements from Palestine Development & Investment Company ( PADICO). 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: a summary report of financial performance for 2012, the Statement of Financial Position, the Income Statement, the Statement of Comprehensive Income, Changes in Equity Ownership, and 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 Investment 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 20,425,000 USD, compared with a net profit before taxes of 26,847,000 USD in the audited data for 2011, a net decrease of 23.9%. Total assets of the company reached 777,445,000 USD as of December 31^st, 2012, compared to total assets of 728,074,000 USD as of December 31^st, 2011, a net increase of 6.8%. Total liabilities of the company reached 281,362,000 USD as of December 31^st, 2012, compared to total liabilities of 244,952,000 USD as of December 31^st, 2011, a net increase of 14.9%. Net ownership equity of the company reached 496,083,000 USD (including 97,580,000 USD in Non-controlling interest) as of December 31^st, 2012, compared with a net ownership equity of 483,122,000 USD (including 81,525,000 USD in Non-controlling interest) as of December 31^st, 2011, a net increase of 2.7%. All figures in the financial statements appeared in thousands of USD.