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Palestine Development & Investment (PADICO) Company earns a pretax profit of $26.93 million in the year of 2011


The Palestine Exchange (PEX) received consolidated unaudited year-end preliminary financial statements from Palestine Development & Investment Company ( PADICO). The PEX disclosure rules in place give all of PEX listed companies a period of 45 days to report their preliminary annual financial statements reviewed by the company’s internal auditor. This disclosure was published on the PEX website ( and emailed to PEX member securities firms in addition to this press release.

The disclosed information includes:            

1) A copy of the year-end preliminary financial statements signed by the CEO and CFO of the company. The disclosed information includes: a summary report of financial performance for 2011, the Balance Sheet, the Income Statement, the Statement of Comprehensive Income, Changes in Equity Ownership, and the Statement of Cash Flows. Notes to the financial statements were not included.

2) The company attached with the disclosure “the summary of year-end preliminary financial statements” form for PEX, and it include: 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 2011 compared with the audited results of 2010.

3) The company also provided its interim financial statements via the approved electronic form of disclosure applicable to the Investment 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 2011, net profit before taxes reached 26,933,000 USD, compared with a net profit before taxes of 40,096,000 USD in the audited data for 2010, a net decrease of 32.8%. Total assets of the company reached 732,018,000 USD as of December 31st, 2011, compared to total assets of 637,979,000 USD as of December 31st, 2010, a net increase of 14.7%. Total liabilities of the company reached 248,571,000 USD as of December 31st, 2011, compared to total liabilities of 174,459,000 USD as of December 31st, 2010, a net increase of 42.5%. Net ownership equity of the company reached 483,447,000 USD (including 81,586,000 USD in Minority Rights) as of December 31st, 2011, compared with a net ownership equity of 463,520,000 USD (including 63,783,000 USD in Minority Rights) as of December 31st, 2010, a net increase of 4.3%. All figures in the financial statements appeared in thousands of USD.






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