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Press release by the PSE : NIC's disclosure of preliminary financials of 2007.

2008-02-02

Palestine securities exchange received the preliminary revised financial statements from the external auditors of National insurance company, as of December 31, 2007. This disclosure came within the applied disclosures system, which grants every listed company a month and a half as utmost period for disclosing the preliminary financial results of 2007. It is revealed by the in formations presented by the NIC that, it had been disclosed using the electronic reporting standard, and a signed paper copy of the external audited preliminary financials was sent to be verified from the board of directors parallel with another copy that had been sent to the CMA and PSE. Also the annual report of the NIC will be published after the auditing and convening the general assembly meeting. As for the general assembly meeting it will be held in March 27, 2008 to discuss these financial results. This preliminary financials were published on the PSE website as soon as it released by the NIC. Also NIC is considered the first listed company in insurance sector that disclosed its financials completely and according to the common basis. NIC"s financial results pointed out to gross income of $ 3,275,300 to the year 2007 versus $1,073,131 in 2006. Total assets amounted $46,941,571 in 2007 after amounting $45,906,560 in the year 2006. It is also noticed that the total liabilities had dropped to amount $33,780,926 versus $34,035,432 in the same period of 2006. Shareholders" equity raised in 2007 to $13,160,645 after it had amounted $11,871,128 in 2006. NIC board of directors recommended in its meeting that had been held in January, 29 to convert the company"s capital to USD currency by granting 1.41 shares (USD par value) to every one share (JD par value) holding in the company. This will make the NIC capital to amount $7,614,000 instead of 5,400,000JD, also the BOD recommended to increase the capital to $8,000,000 through stock dividends of $386,000.

 

 

 


 

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