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The Palestine Exchange (PEX) received unaudited year-end preliminary financial statements from Al-Mashriq Insurance Company ( MIC). 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) The company also provided its interim financial statements via the approved electronic form of disclosure applicable to the Insurance Sector.
5) 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 loss reached (847,672) USD, compared with a net loss of (1,113,489) USD in the audited data for 2011, a net decrease in loss of 23.9%. Total assets of the company reached 14,996,048 USD as of December 31st, 2012, compared to total assets of 13,768,815 USD as of December 31st, 2011, a net increase of 8.9%. Total liabilities of the company reached 14,674,977 USD as of December 31st, 2012, compared to total liabilities of 14,533,178 USD as of December 31st, 2011, a net increase of 1.0%. Net ownership equity of the company reached 321,071 USD as of December 31st, 2012, compared with a deficit in net ownership equity of (764,363) USD as of December 31st, 2011.