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The Vegetable Oil Industries earns a pretax income of JD 0.90 million in the first half of 2012

2012-07-29

The Palestine Exchange (PEX) received the reviewed interim condensed financial statements from The Vegetable Oil Industries Company ( VOIC). PEX disclosure rules give all PEX listed companies 45 days to report their first half interim financial statements as reviewed by their independent external auditor. In addition to this press release, this disclosure was published on the PEX website (www.pex.ps) and emailed to PEX member securities firms.

VOIC is the fourth listed company, and the first company within the Industry Sector to disclose its interim financial statements for the first half of 2012.

The disclosed information includes: an Independent Accountants" Review Report, 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 ( 5 notes). The company also provided its interim financial statements via the approved electronic form of disclosure applicable to the Industry Sector. The interim report also should include information required by Article (38/2) 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 half of the year.

According to company data for the first six months of the year, net profit before taxes reached 896,244 JOD, compared with a net profit before taxes of 1,088,032 JOD from the first six months of 2011, a net decrease of 17.6%. Total assets of the company reached 12,664,463 JOD as of June 30^th, 2012, compared to total assets of 12,594,307 JOD as of December 31^st, 2011, a net increase of 0.6%. Total liabilities of the company reached 892,885 JOD as of June 30^th, 2012, compared to total liabilities of 849,045 JOD as of December 31^st, 2011, a net increase of 5.2%. Net ownership equity of the company reached 11,771,578 JOD as of June 30^th, 2012, compared with a net ownership equity of 11,745,262 JOD as of December 31^st, 2011, a net increase of 0.2% in the last six months.

An explanatory paragraph (The Basis of Qualification) was added to explain the reason for the qualification in the opinion paragraph. Within the opinion paragraph of the Independent Auditors’ Review Report ( Ernst & Young), the following opinion was conveyed: Based on our review, except for the effects mentioned in “Basis for Qualification”, if any, nothing has come to our attention that causes us to believe that the accompanying interim condensed financial statements are not prepared, in all material respects, in accordance with International Accounting Standard No. (34) .