The Palestine Exchange (PEX) received the annual report of Al-Shark Electrode Company ( ELECTRODE). It includes audited financial statement for the fiscal year 2012. PEX disclosure rules give all PEX listed companies three months from the date of the end of the company's fiscal year to report their annual financial statements audited by the companies' 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.
In addition to the non-financial data, the annual report included audited financial statements for the fiscal year 2012, which included: The Independent Auditors' 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 financial statements ( 23 notes). The company also provided its financials via the approved electronic form of disclosure applicable to the Industry Sector.
Within the conclusion in the Independent Auditors' Report ( Al-Qaisi Group), the following was conveyed: In our opinion, the financial statements present fairly, in all material respects, the financial position of Al-Shark Electrode Company as of December 31, 2012 and its financial performance and its cash flows for the year then ended in conformity with International Financial Reporting Standards. The Auditor also stated other Matters at the end of the report.
According to the audited financial statements for year 2012, net profit after tax reached 99,454 JOD, compared with a net profit after tax of 129,043 JOD in 2011, a net decrease of 22.9%. Total assets of the company reached 3,481,896 JOD as of December 31st, 2012, compared to total assets of 3,647,666 JOD as of December 31st, 2011, a net decrease of 4.5%. Total liabilities of the company reached 267,685 JOD as of December 31st, 2012, compared to total liabilities of 427,391 JOD as of December 31st, 2011, a net decrease of 37.4%. Net ownership equity of the company reached 3,214,211 JOD as of December 31st, 2012, compared with a net ownership equity of 3,220,274 JOD as of December 31st, 2011, a net decrease of 0.2%.
In accordance with Article (18/2) of the Disclosure Regulations, ELECTRODE stated the differences between the accompanying audited financial statements and the preliminary unaudited financial statements disclosed previously for the same financial period, with reasons for these differences.
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© Press Release 2013
