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Arab Real Estate Establishment earns a pretax income of JD0.02 million in 2012

2013-02-18

The Palestine Exchange (PEX) received unaudited year-end preliminary financial statements from Arab Real Estate Establishment Company ( ARE). 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, and notes to the interim financial statements ( 7 notes).

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 Service 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 17,796 JOD, compared with a net profit before taxes of 31,459 JOD in the audited data for 2011, a net decrease of 43.4%. Total assets of the company reached 2,736,593 JOD as of December 31^st, 2012, compared to total assets of 2,422,451 JOD as of December 31^st, 2011, a net increase of 13.0%. Total liabilities of the company reached 1,742,340 JOD as of December 31^st, 2012, compared to total liabilities of 1,400,328 JOD as of December 31^st, 2011, a net increase of 24.4%. Net ownership equity of the company reached 994,253 JOD as of December 31^st, 2012, compared with net ownership equity of 1,022,123 JOD as of December 31^st, 2011, a net decrease of 2.7%.