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TIC reports net income of $2.06 million at the end of 2014

2015-02-17

According to Al-Takaful Palestinian Insurance Company TIC’s  data for year-end preliminary financial statements for year 2014, net profit after tax reached 2,059,418 USD, compared with a net profit after tax of 755,334 USD in the audited data for 2013, a net increase of 172.6%. Total assets of the company reached 27,190,901 USD as of December 31^st, 2014, compared to total assets of 24,002,235 USD as of December 31^st, 2013, a net increase of 13.3%. Total liabilities of the company reached 16,547,724 USD as of December 31^st, 2014, compared to total liabilities of 13,558,676 USD as of December 31^st, 2013, a net increase of 22.0%. Net ownership equity of the company reached 10,643,177 USD as of December 31^st, 2014, compared with a net ownership equity of 10,443,559 USD as of December 31^st, 2013, a net increase of 1.9%. TIC failed to disclose its year-end preliminary financials within the statutory period ended on February 15^th, 2015. PEX received TIC disclosure on February 17^th, 2015.