PALESTINE ELECTRIC(PEC) disclosed its financial statements for the third quarter of the year 2019.
| Disclosure Year | 2019 | 2018 | ||
| Disclosure Period | End of 3009 | End of 3009 | ||
| Disclosure Start Date | 01/01/2019 | 01/01/2018 | ||
| Disclosure End Date | 29/09/2019 | 29/09/2018 | ||
| 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 | 31/10/2019 | 31/10/2018 | ||
| Actual Disclosure Date | 16/10/2019 11:22:00 AM | 18/10/2018 10:13:00 AM | ||
| Hard Copy Disclosure | ||||
| Consolidation Status | Consolidated | Consolidated | ||
| Notes Display Source | Note ID Only | Note ID Only | ||
| Auditing Status | Unaudited | Unaudited | ||
| Net income in Cash Flow Statement | Income Before Tax | Income Before Tax |
The attached notes form part of these financial statements
| - | 2019 | 2018 | ||
| - | USD | USD | ||
| - | As a 29/09/2019 | As a 31/12/2018 | ||
| Note | Unaudited | Audited | ||
| Property, plant and equipment | 21,205,252 | 25,910,123 | ||
| Intangible assets | 1,670,325 | 1,193,962 | ||
| Available-for-sale financial assets | 1,000,000 | 1,000,000 | ||
| Total Fixed Assets | 23,875,577 | 28,104,085 | ||
| Inventory | 8,901,115 | 7,976,208 | ||
| Accounts Receivable | 37,769,924 | 32,243,691 | ||
| Other Current Assets | 2,964,081 | 18,153,111 | ||
| Cash and cash equivalents | 33,701,915 | 15,857,501 | ||
| Total Current Assets | 83,337,035 | 74,230,511 | ||
| Total assets | 107,212,612 | 102,334,596 | ||
| Paid-in Capital | 60,000,000 | 60,000,000 | ||
| Statutory reserve | 12,418,182 | 11,485,658 | ||
| Retained earnings | 21,340,035 | 18,947,320 | ||
| Total Owners' Equity | 93,758,217 | 90,432,978 | ||
| Provision for employees' indemnity | 4,456,780 | 4,106,681 | ||
| Total non-current liabilities | 4,456,780 | 4,106,681 | ||
| Other current liabilities | 8,997,615 | 7,794,937 | ||
| Total Current Liabilities | 8,997,615 | 7,794,937 | ||
| Total Liabilities | 13,454,395 | 11,901,618 | ||
| Total Liabilities & Owners' Equity | 107,212,612 | 102,334,596 |
| - | 2019 | 2018 | ||
| - | USD | USD | ||
| - | End of 30092019 | End of 30092018 | ||
| Note | Unaudited | Unaudited | ||
| Capacity Charges | 24,242,544 | 23,987,952 | ||
| Discount on invoices | (1,350,000) | (1,350,000) | ||
| Operating expenses | (12,883,225) | (13,172,610) | ||
| Finance Expenses | (695,505) | (350,026) | ||
| Credit losses | (621,266) | (600,792) | ||
| Other revenues (expenses) | 632,691 | 508,459 | ||
| Net Income before tax | 9,325,239 | 9,022,983 | ||
| Net Income after tax | 9,325,239 | 9,022,983 | ||
| Basic and diluted earnings (loss) per share | 0.155 | 0.150 | ||
| Net Comprehensive Income | 9,325,239 | 9,022,983 |
| Owners' Equity |
| - | 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
|
- | - | 9,325,239 | 9,325,239 | |
|
Total Comprehensive Income for the Period
|
0 | 0 | 9,325,239 | 9,325,239 | |
|
Transferred to Statutory Reserve
|
- | 932,524 | (932,524) | 0 | |
|
Cash Dividends Paid
|
- | - | (6,000,000) | (6,000,000) | |
|
Balance - End of the period
|
60,000,000 | 12,418,182 | 21,340,035 | 93,758,217 | |
| 2018 | - | - | - | - | - |
| Balance - Beginning of the period | 60,000,000 | 10,606,960 | 17,039,037 | 87,645,997 | |
| Net Income and Other Comprehensive Income | - | - | 9,022,983 | 9,022,983 | |
| Total Comprehensive Income for the Period | 0 | 0 | 9,022,983 | 9,022,983 | |
| Transferred to Statutory Reserve | - | 902,298 | (902,298) | 0 | |
| Cash Dividends Paid | - | - | (6,000,000) | (6,000,000) | |
| Balance - End of the period | 60,000,000 | 11,509,258 | 19,159,722 | 90,668,980 |
| Cash Flow |
| - | 2019 | 2018 | ||
| - | USD | USD | ||
| - | End of 30092019 | End of 30092018 | ||
| Note | Unaudited | Unaudited | ||
| Net Income before/after tax | 9,325,239 | 9,022,983 | ||
| Depreciation and Amortization expense | 4,709,746 | 4,721,563 | ||
| Amortization expense | 288,272 | 166,187 | ||
| Finance Expenses | 695,505 | 350,026 | ||
| Credit losses | 621,266 | 0 | ||
| Change in end of service allowance payments | 350,099 | 416,331 | ||
| Change in Accounts Receivable | (6,147,499) | (6,935,452) | ||
| Change in Other Current Assets | 15,183,246 | (14,555,981) | ||
| Change in inventory | (924,907) | (1,124,563) | ||
| Change in Other Current Liabilities | 443,830 | (508,014) | ||
| Net Cash Flow from Operating Activities | 24,544,797 | (8,446,920) | ||
| Purchase of Property, Plant and Equipment | (4,877) | (24,105) | ||
| Net Cash Flow from Investing Activities | (4,877) | (24,105) | ||
| Finance Expenses paid | (695,505) | (350,026) | ||
| Cash dividend paid | (6,000,000) | (6,000,000) | ||
| Net Cash Flow from Financing Activities | (6,695,505) | (6,350,026) | ||
| Net change in cash and cash equivalents | 17,844,415 | (14,821,051) | ||
| Cash and cash equivalents, beginning of Period | 15,857,500 | 25,627,320 | ||
| Cash and cash equivalents, end of period | 33,701,915 | 10,806,269 |
| Press Release |
Palestine Exchange: Received Disclosed Interim Financial Statements of PALESTINE ELECTRIC(PEC) for the first nine months ended 30092019
The Palestine Exchange (PEX) received the Unaudited & Consolidated interim financial statements for first nine months of 2019 from PALESTINE ELECTRIC(PEC).
According to financial statements for first nine months of 2019, Net profit after tax of the period reached 9,325,239 USD Compared with Net profit after tax 9,022,983 USD for 2018, a net increase in profit of 3.35%.Total assets of the company reached 107,212,612 USD compared with total assets of 102,334,596 USD at the end of year 2018, a net increase of 4.77%.Total liabilities of the company reached 13,454,395 USD compared with total liabilities of 11,901,618 USD at the end of year 2018, a net increase of 13.04%. Net ownership equity of the company reached 93,758,217 USD compared with total owner equity of 90,432,978 USD at the end of year 2018, a net increase of 3.68%.
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