PALESTINE ELECTRIC(PEC) disclosed its financial statements for the first quarter of the year 2020.
| Disclosure Year | 2020 | 2019 | ||
| Disclosure Period | End of 3103 | End of 3103 | ||
| Disclosure Start Date | 01/01/2020 | 01/01/2019 | ||
| Disclosure End Date | 30/03/2020 | 30/03/2019 | ||
| Disclosure Type | Financial Disclosure | Financial Disclosure | ||
| Company's Name | PALESTINE ELECTRIC | PALESTINE ELECTRIC | ||
| Company Symbol | PEC | PEC | ||
| Sector | Service Sector | Service Sector | ||
| Currency | USD | USD | ||
| End date of legal disclosure period | 16/05/2020 | 29/04/2019 | ||
| Actual Disclosure Date | 10/05/2020 11:46:00 AM | 25/04/2019 10:37:00 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
| - | 2020 | 2019 | ||
| - | USD | USD | ||
| - | As a 30/03/2020 | As a 31/12/2019 | ||
| Note | Unaudited | Audited | ||
| Property, plant and equipment | 18,106,286 | 19,636,476 | ||
| Intangible assets | 898,518 | 972,379 | ||
| Right of use assets | 599,821 | 611,953 | ||
| Long term deposits | 10,000,000 | 10,000,000 | ||
| Available-for-sale financial assets | 1,000,000 | 1,000,000 | ||
| Total Fixed Assets | 30,604,625 | 32,220,808 | ||
| Inventory | 9,114,063 | 9,254,674 | ||
| Accounts Receivable | 33,179,767 | 25,453,953 | ||
| Other Current Assets | 4,935,194 | 3,386,384 | ||
| Cash and cash equivalents | 34,744,008 | 39,462,079 | ||
| Total Current Assets | 81,973,032 | 77,557,090 | ||
| Total assets | 112,577,657 | 109,777,898 | ||
| Paid-in Capital | 60,000,000 | 60,000,000 | ||
| Statutory reserve | 13,014,973 | 12,730,703 | ||
| Retained earnings | 26,711,148 | 24,152,723 | ||
| Total Owners' Equity | 99,726,121 | 96,883,426 | ||
| Provision for employees' indemnity | 4,482,330 | 4,453,520 | ||
| Non-current Portion of the right of use liabilities | 591,554 | 627,732 | ||
| Total non-current liabilities | 5,073,884 | 5,081,252 | ||
| Other current liabilities | 7,777,652 | 7,813,220 | ||
| Total Current Liabilities | 7,777,652 | 7,813,220 | ||
| Total Liabilities | 12,851,536 | 12,894,472 | ||
| Total Liabilities & Owners' Equity | 112,577,657 | 109,777,898 |
| - | 2020 | 2019 | ||
| - | USD | USD | ||
| - | End of 31032020 | End of 31032019 | ||
| Note | Unaudited | Unaudited | ||
| Capacity Charges | 8,109,408 | 8,023,728 | ||
| Discount on invoices | (450,000) | (450,000) | ||
| Operating expenses | (5,070,354) | (4,387,558) | ||
| Finance Expenses | 1,492 | (336,916) | ||
| Credit losses | 0 | (395,127) | ||
| Other revenues (expenses) | 255,133 | 208,386 | ||
| Net Income before tax | 2,845,679 | 2,662,513 | ||
| Net Income after tax | 2,845,679 | 2,662,513 | ||
| Basic and diluted earnings (loss) per share | 0.05 | 0.04 | ||
| Net Comprehensive Income | 2,845,679 | 2,662,513 |
| - | Paid-in Capital | Statutory Reserve | Retained Earnings | Total Owners' Equity | |
| Note | USD | USD | USD | USD | |
| 2020 | - | - | - | - | - |
|
Balance - Beginning of the period
|
60,000,000 | 12,730,703 | 24,152,723 | 96,883,426 | |
|
Net Income and Other Comprehensive Income
|
- | - | 2,842,695 | 2,842,695 | |
|
Total Comprehensive Income for the Period
|
0 | 0 | 2,842,695 | 2,842,695 | |
|
Transferred to Statutory Reserve
|
- | 284,270 | (284,270) | 0 | |
|
Balance - End of the period
|
60,000,000 | 13,014,973 | 26,711,148 | 99,726,121 | |
| 2019 | - | - | - | - | - |
| Balance - Beginning of the period | 60,000,000 | 11,485,658 | 18,947,320 | 90,432,978 | |
| Net Income and Other Comprehensive Income | - | - | 2,662,513 | 2,662,513 | |
| Total Comprehensive Income for the Period | 0 | 0 | 2,662,513 | 2,662,513 | |
| Transferred to Statutory Reserve | - | 266,251 | (266,251) | 0 | |
| Balance - End of the period | 60,000,000 | 11,751,909 | 21,343,582 | 93,095,491 |
| - | 2020 | 2019 | ||
| - | USD | USD | ||
| - | End of 31032020 | End of 31032019 | ||
| Note | Unaudited | Unaudited | ||
| Net Income before/after tax | 2,845,679 | 2,662,513 | ||
| Depreciation and Amortization expense | 1,570,412 | 1,569,896 | ||
| Amortization expense | 55,396 | 55,396 | ||
| Finance Expenses | 1,492 | 336,916 | ||
| Credit losses | 0 | 395,127 | ||
| Financing Cost | 39,228 | - | ||
| Change in end of service allowance payments | 0 | 197,492 | ||
| Change in Accounts Receivable | (7,725,814) | 2,311,042 | ||
| Change in Other Current Assets | (1,548,810) | (1,013,057) | ||
| Change in inventory | 140,611 | 59,264 | ||
| Change in Other Current Liabilities | (80,377) | 17,605 | ||
| Employees' indemnity paid | (45,475) | 0 | ||
| Net Cash Flow from Operating Activities | (4,747,658) | 6,592,194 | ||
| Purchase of Property, Plant and Equipment | (40,222) | (3,595) | ||
| Net Cash Flow from Investing Activities | (40,222) | (3,595) | ||
| Finance Expenses paid | (1,492) | (336,916) | ||
| Net Cash Flow from Financing Activities | (1,492) | (336,916) | ||
| Net change in cash and cash equivalents | (4,789,372) | 6,251,683 | ||
| Cash and cash equivalents, beginning of Period | 39,462,079 | 15,857,500 | ||
| Cash and cash equivalents, end of period | 34,672,707 | 22,109,183 |
Palestine Exchange: Received Disclosed Interim Financial Statements of PALESTINE ELECTRIC(PEC) for the 1st Quarter of 2020
The Palestine Exchange (PEX) received the Unaudited & Consolidated interim financial statements for 1st Quarter of 2020 from PALESTINE ELECTRIC(PEC).
According to financial statements for 1st Quarter of 2020, Net profit after tax of the period reached 2,845,679 USD Compared with Net profit after tax 2,662,513 USD for 2019, a net increase in profit of 6.88%.Total assets of the company reached 112,577,657 USD compared with total assets of 109,777,898 USD at the end of year 2019, a net increase of 2.55%.Total liabilities of the company reached 12,851,536 USD compared with total liabilities of 12,894,472 USD at the end of year 2019, a net decrease of 0.33%. Net ownership equity of the company reached 99,726,121 USD compared with total owner equity of 96,883,426 USD at the end of year 2019, a net increase of 2.93%.
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