PALESTINE ELECTRIC(PEC) disclosed its financial statements for the second quarter of the year 2019.
| Disclosure Year | 2019 | 2018 | ||
| Disclosure Period | End of 3006 | End of 3006 | ||
| Disclosure Start Date | 01/01/2019 | 01/01/2018 | ||
| Disclosure End Date | 29/06/2019 | 29/06/2018 | ||
| Disclosure Type | Financial Disclosure | Financial Disclosure | ||
| Company Name | PALESTINE ELECTRIC | PALESTINE ELECTRIC | ||
| Company Symbol | PEC | PEC | ||
| Sector | Service Sector | Service Sector | ||
| Currency | USD | USD | ||
| End date of legal disclosure period | 21/08/2019 | 31/08/2018 | ||
| Actual Disclosure Date | 10/08/2019 08:23:00 AM | 15/08/2018 01:29:00 PM | ||
| Hard Copy Disclosure | ||||
| Consolidation Status | Consolidated | Consolidated | ||
| Notes Display Source | Note ID Only | Note ID Only | ||
| Auditing Status | Reviewed | Reviewed | ||
| Net income in Cash Flow Statement | Income Before Tax | Income Before Tax |
The attached notes form part of these financial statements
Statement of Financial Position
Statement of Financial Position
| - | 2019 | 2018 | ||
| - | USD | USD | ||
| - | As a 29/06/2019 | As a 31/12/2018 | ||
| Note | Reviewed | Audited | ||
| Property, plant and equipment | 22,775,169 | 25,910,123 | ||
| Intangible assets | 1,083,171 | 1,193,962 | ||
| Right of use assets | 673,148 | - | ||
| Available-for-sale financial assets | 1,000,000 | 1,000,000 | ||
| Total Fixed Assets | 25,531,488 | 28,104,085 | ||
| Inventory | 8,954,607 | 7,976,208 | ||
| Accounts Receivable | 30,000,715 | 32,243,691 | ||
| Other Current Assets | 2,474,951 | 18,153,111 | ||
| Cash and cash equivalents | 36,405,787 | 15,857,501 | ||
| Total Current Assets | 77,836,060 | 74,230,511 | ||
| Total assets | 103,367,548 | 102,334,596 | ||
| Paid-in Capital | 60,000,000 | 60,000,000 | ||
| Statutory reserve | 11,485,658 | 11,485,658 | ||
| Retained earnings | 18,086,397 | 18,947,320 | ||
| Total Owners' Equity | 89,572,055 | 90,432,978 | ||
| Provision for employees' indemnity | 4,380,559 | 4,106,681 | ||
| Non-current Portion of the right of use liabilities | 607,538 | - | ||
| Total non-current liabilities | 4,988,097 | 4,106,681 | ||
| Other current liabilities | 8,807,396 | 7,794,937 | ||
| Total Current Liabilities | 8,807,396 | 7,794,937 | ||
| Total Liabilities | 13,795,493 | 11,901,618 | ||
| Total Liabilities & Owners' Equity | 103,367,548 | 102,334,596 |
| - | 2019 | 2018 | ||
| - | USD | USD | ||
| - | End of 30062019 | End of 30062018 | ||
| Note | Reviewed | Reviewed | ||
| Capacity Charges | 16,133,136 | 15,964,224 | ||
| Discount on invoices | (900,000) | (900,000) | ||
| Operating expenses | (9,279,797) | (8,334,488) | ||
| Finance Expenses | (692,357) | (212,361) | ||
| Credit losses | (621,266) | (600,792) | ||
| Other revenues (expenses) | 499,361 | 392,038 | ||
| Net Income before tax | 5,139,077 | 6,308,621 | ||
| Net Income after tax | 5,139,077 | 6,308,621 | ||
| Basic and diluted earnings (loss) per share | 0.09 | 0.11 | ||
| Net Comprehensive Income | 5,139,077 | 6,308,621 |
| - | Paid-in Capital | Statutory Reserve | Retained Earnings | Total Owners' Equity | |
| Note | USD | USD | USD | USD | |
| 2019 | - | - | - | - | - |
|
Balance - Beginning of the period
|
60,000,000 | 11,485,658 | 18,947,320 | 90,432,978 | |
|
Net Income and Other Comprehensive Income
|
- | - | 5,139,077 | 5,139,077 | |
|
Total Comprehensive Income for the Period
|
0 | 0 | 5,139,077 | 5,139,077 | |
|
Cash Dividends Paid
|
- | - | (6,000,000) | (6,000,000) | |
|
Balance - End of the period
|
60,000,000 | 11,485,658 | 18,086,397 | 89,572,055 | |
| 2018 | - | - | - | - | - |
| Balance - Beginning of the period | 60,000,000 | 10,606,960 | 17,039,037 | 87,645,997 | |
| Net Income and Other Comprehensive Income | - | - | 6,308,621 | 6,308,621 | |
| Total Comprehensive Income for the Period | 0 | 0 | 6,308,621 | 6,308,621 | |
| Cash Dividends Paid | 6 | - | - | (6,000,000) | (6,000,000) |
| Balance - End of the period | 60,000,000 | 10,606,960 | 17,347,658 | 87,954,618 |
| - | 2019 | 2018 | ||
| - | USD | USD | ||
| - | End of 30062019 | End of 30062018 | ||
| Note | Reviewed | Reviewed | ||
| Net Income before/after tax | 5,139,077 | 6,308,621 | ||
| Depreciation and Amortization expense | 3,201,026 | 3,148,419 | ||
| Amortization expense | 110,791 | 110,791 | ||
| Finance Expenses | 692,357 | 212,361 | ||
| Credit losses | 621,266 | 600,792 | ||
| Financing Cost | 20,195 | - | ||
| Change in end of service allowance payments | 273,878 | 343,362 | ||
| Change in Accounts Receivable | 1,621,710 | (7,698,309) | ||
| Change in Other Current Assets | 15,678,160 | (2,056,856) | ||
| Change in inventory | (978,399) | 95,248 | ||
| Change in Other Current Liabilities | 102,267 | 87,120 | ||
| Net Cash Flow from Operating Activities | 26,482,328 | 1,151,549 | ||
| Purchase of Property, Plant and Equipment | (4,877) | (17,205) | ||
| Net Cash Flow from Investing Activities | (4,877) | (17,205) | ||
| Finance Expenses paid | (692,357) | (212,361) | ||
| Cash dividend paid | (5,236,808) | (5,269,227) | ||
| Net Cash Flow from Financing Activities | (5,929,165) | (5,481,588) | ||
| Net change in cash and cash equivalents | 20,548,286 | (4,347,244) | ||
| Cash and cash equivalents, beginning of Period | 15,857,501 | 25,627,320 | ||
| Cash and cash equivalents, end of period | 36,405,787 | 21,280,076 |
Palestine Exchange: Received Disclosed Interim Financial Statements of PALESTINE ELECTRIC(PEC) for the First Half of 2019
The Palestine Exchange (PEX) received the Reviewed & Consolidated interim financial statements for first half of 2019 from PALESTINE ELECTRIC(PEC).
According to financial statements for first half of 2019, Net profit after tax of the period reached 5,139,077 USD Compared with Net profit after tax 6,308,621 USD for 2018, a net decrease in profit of 18.54%.Total assets of the company reached 103,367,548 USD compared with total assets of 102,334,596 USD at the end of year 2018, a net increase of 1.01%.Total liabilities of the company reached 13,795,493 USD compared with total liabilities of 11,901,618 USD at the end of year 2018, a net increase of 15.91%. Net ownership equity of the company reached 89,572,055 USD compared with total owner equity of 90,432,978 USD at the end of year 2018, a net decrease of 0.95%.
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