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2011-10-27
The Palestine Exchange (PEX) received reviewed
interim consolidated condensed financial statements from
National Insurance (
NIC). The PEX disclosure rules in place give all of the PEX listed companies a period of one month to report their third quarter interim financial statements as reviewed by the company’s internal auditor. Their disclosure has been published on the PEX website (www.pex.ps) and emailed to PEX member securities firms in conjunction with this press release.
NIC is the first company within the
Insurance Sector to disclose its interim financial statements for the first nine months of
2011.
The disclosure included an approval from the Insurance Directorate Department within the Palestine Capital Markets Authority (PCMA) to disclose financial information.
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 (
29 notes). The company also provided its interim financial statements via the approved electronic form of disclosure applicable to the
Insurance Sector. The interim report should also include information required by Article (37/2) of the PEX disclosure rules in place. The company
included information regarding management, issued shares, material changes and significant events that may have affected financial performances during the first nine months of the year.
According to company data for the first nine months of the year, net
profit before taxes reached 2,828,199
USD, compared with a net
profit before taxes of 2,655,049
USD from the first nine months of
2010, a net
increase of
6.5%. Total assets of the company have reached 71,846,871
USD as of September 30th,
2011, compared to total assets of 70,630,122
USD as of December 31st,
2010, a net
increase of
1.7%. Total liabilities of the company have reached 51,468,158
USD as of September 30th,
2011, compared to total liabilities of 49,732,114
USD as of December 31st,
2010, a net
increase of
3.5%. Net ownership equity of the company has reached 20,378,713
USD (including 1,279,044 USD in minority rights) as of September 30th,
2011, compared with a net ownership equity of 20,898,008
USD (including 1,238,977 in minority rights) as of December 31st,
2010, a net
decrease of
2.5% in the last nine months.
A review report from the company’s independent external auditor was also included with the disclosure. Within the
conclusion in the Independent Auditors’ Review Report (
Ernst & Young), the following was conveyed: Based on our limited review,
nothing has come to our attention that causes us to believe that the accompanying
interim consolidated financial statements
are not, in all material respects, prepared in accordance with
International Accounting Standard No. (34) .
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