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National Insurance Company announces its results for 2008 and a recommendation to distribute cash dividends by 15%

2009-01-29

The board of directors of the National Insurance Company had held a meeting where it the final financial results of the company and its subsidiaries had been adopted, and decided to recommend to the general assembly that is decided to be convened in 26/03/2009 to distribute cash dividends to the shareholders by 15% of paid up capital, and thus the National Insurance Company is the first listed company that announces the results and profits for 2008. Aziz Abdeljawad the general manager of the company said that the National Insurance Company has achieved a new record of production and insurance profits in 2008, increasing the company"s production to more than 25 million U.S. dollars, a rise exceeded 52% of what it was in 2007, where the insurance profit has exceeded 4.6 million U.S. dollars in 2008 compared to 1.4 million in 2007. Mr. Aziz Abdeljawad added that the board of directors decided to download the general profit and loss account this year to all the losses to the company"s investment portfolio in the Palestine Securities Exchange and in the Arab and global capital markets that resulted from the collapse in these markets, and total of such losses reach about 1576 thousands U.S dollars. The board of directors also decided to continue to evaluate the company"s real estate investment are the historical cost, at the time where the reports of speculative experts indicated that the market value of these assets are over more than five million U.S. dollars over its par value. As a result of all that, the company and its subsidiaries achieved a net profit before tax of the amount of $3310 thousands compared to profits of $ 3275 last year.