The Palestine Exchange (PEX) received the annual report of Al-Wataniah Towers Company ( ABRAJ). It includes audited financial statement for the fiscal year 2011. The PEX disclosure rules in place give all of PEX listed companies a period of 3 months from the date of the end of the fiscal year of the company to report their annual financial statements audited by the companies' independent external auditor. This disclosure was published on the PEX website (www.pex.ps) and emailed to PEX member securities firms in addition to this press release.
ABRAJ is the second listed company to disclose its annual report for the year 2011.
The disclosed information includes:
1) Approval from the Capital Markets Authority to print & publish the annual report.
2) The company also provided its financials via the approved electronic form of disclosure applicable to the Service Sector.
In addition to the non-financial data, the annual report included financial statements for the fiscal year 2011, which included: an 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 interim financial statements ( 23 notes).
Within the conclusion in the Independent Auditors' Report ( Ernst & Young), the following was conveyed: In our opinion, the financial statements present fairly, in all material respects, the financial position of Al-Wataniah Towers P. L. C. as of December, 31/12/ 2011 and its financial performance and its cash flow for the year then ended in conformity with International Financial Reporting Standards.
According to the audited financial statements for year 2011, net profit after tax reached 506,746 USD, compared with a net profit after tax of 195,453 USD in the audited data for 2010, a net increase of 159.3%. Total assets of the company reached 12,094,002 USD as of December 31st, 2011, compared to total assets of 11,563,253 USD as of December 31st, 2010, a net increase of 4.6%. Total liabilities of the company reached 300,319 USD as of December 31st, 2011, compared to total liabilities of 297,478 USD as of December 31st, 2010, a net increase of 1.0%. Net ownership equity of the company reached 11,793,683 USD as of December 31st, 2011, compared with a net ownership equity of 11,265,775 USD as of December 31st, 2010, a net increase of 4.7%.
ABRAJ stated that there were no differences between accompanying audited financial statements and the preliminary audited financial statements disclosed previously for the same period.
© Press Release 2012
