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PICO posts net income of $2.50 million at the end of 2014

2015-02-17

According to Palestine Insurance Company PICO’s consolidated data for year-end preliminary financial statements for year 2014, net profit after tax reached 2,504,279 USD, compared with a net profit after tax of 36,381 USD in the audited data for 2013, a net increase of 6783.5%. Total assets of the company reached 32,587,161 USD as of December 31^st, 2014, compared to total assets of 32,349,449 USD as of December 31^st, 2013, a net increase of 0.7%. Total liabilities of the company reached 26,874,888 USD as of December 31^st, 2014, compared to total liabilities of 28,543,367 USD as of December 31^st, 2013, a net decrease of 5.8%. Net ownership equity of the company reached 5,712,273 USD as of December 31^st, 2014, compared with a net ownership equity of 3,806,082 USD as of December 31^st, 2013, a net increase of 50.1%. PICO failed to disclose its year-end preliminary financials within the statutory period ended on February 15^th, 2015. PEX received PICO disclosure on February 17^th, 2015.