AL MASHRIQ INSURANCE(MIC) 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 | AL MASHRIQ INSURANCE | AL MASHRIQ INSURANCE | ||
| Company Symbol | MIC | MIC | ||
| Sector | Insurance Sector | Insurance Sector | ||
| Currency | USD | USD | ||
| End date of legal disclosure period | 16/05/2020 | 29/04/2019 | ||
| Actual Disclosure Date | 18/05/2020 12:23:00 PM | 30/04/2019 01:34:00 PM | ||
| Hard Copy Disclosure | ||||
| Consolidation Status | Consolidated | Consolidated | ||
| Notes Display Source | Note ID Only | Note ID Only | ||
| Auditing Status | Unaudited | Reviewed | ||
| 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 | 5,169,662 | 5,175,041 | ||
| Property Investments | 16,550,500 | 16,160,237 | ||
| Right Of Use Assets - Long Term | 219,678 | 188,510 | ||
| Financial assets at fair value through other comprehensive income | 2,175,007 | 2,167,332 | ||
| Mandatory Deposit | 250,000 | 250,000 | ||
| Differed Tax Assets | 736,531 | 736,531 | ||
| Checks under collection, long term | 1,840,269 | 1,421,684 | ||
| Total Fixed Assets | 26,941,647 | 26,099,335 | ||
| Accounts Receivable | 11,017,226 | 9,574,885 | ||
| Accounts Payable - Insurance and Reinsurance companies | 453,055 | 392,971 | ||
| Right Of Use Assets - Short Term | 14,229 | 14,682 | ||
| Reinsurance contract assets | 4,745,416 | 4,579,250 | ||
| Held for trading financial assets through profit and loss | 1,098,968 | 1,159,947 | ||
| Real estate stocks | 1,118,263 | 1,186,725 | ||
| Other accounts receivable | 313,606 | 150,673 | ||
| Cheques under collection | 10,100,197 | 11,079,332 | ||
| Balances at banks and financial institutions | 2,745,794 | 2,746,313 | ||
| Cash and cash equivalents | 2,212,012 | 3,641,030 | ||
| Total Current Assets | 33,818,766 | 34,525,808 | ||
| Total assets | 60,760,413 | 60,625,143 | ||
| Paid-in Capital | 5,200,000 | 5,200,000 | ||
| Statutory reserve | 1,012,728 | 1,012,728 | ||
| Accumulated Change in Fair Value of Investments | 1,527,251 | 1,545,042 | ||
| Foreign currency translation differences | (177,447) | (481,014) | ||
| Retained earnings | 2,644,214 | 2,115,227 | ||
| Non-controlling interests | 5,689,356 | 5,665,382 | ||
| Total Owners' Equity | 15,896,102 | 15,057,365 | ||
| Provision for employees' indemnity | 1,277,452 | 1,256,058 | ||
| Long term loans | 2,654,151 | 2,062,801 | ||
| Financial lease payable - long term | 224,655 | 192,083 | ||
| Total non-current liabilities | 4,156,258 | 3,510,942 | ||
| Accounts Payable | 5,403,711 | 5,971,125 | ||
| Accounts Payable - Insurance and Reinsurance companies | 1,348,910 | 1,104,357 | ||
| Other credit balances | 1,350,182 | 1,178,336 | ||
| Sundry Provisions | 1,724,701 | 1,909,926 | ||
| Insurance contracts liabilities | 28,874,216 | 30,367,384 | ||
| Post dated Cheques | 1,369,646 | 716,779 | ||
| Short term loans | 609,502 | 793,138 | ||
| Financial lease payable - short term | 27,185 | 15,791 | ||
| Total Current Liabilities | 40,708,053 | 42,056,836 | ||
| Total Liabilities | 44,864,311 | 45,567,778 | ||
| Total Liabilities & Owners' Equity | 60,760,413 | 60,625,143 |
The attached notes form part of these financial statements
| - | 2020 | 2019 | ||
| - | USD | USD | ||
| - | End of 31032020 | End of 31032019 | ||
| Note | Unaudited | Reviewed | ||
| Gross premiums written | 7,337,948 | 7,776,499 | ||
| Change in Unearned Premium Provision | 296,043 | (962,247) | ||
| Earned Insurance Revenues | 7,633,991 | 6,814,252 | ||
| Gross premiums ceded to reinsurers | (910,079) | (725,326) | ||
| Reinsurers' share of change in unearned premiums provision | 187,465 | 250,598 | ||
| Net premiums ceded to reinsurers | (722,614) | (474,728) | ||
| Net premium revenue | 6,911,377 | 6,339,524 | ||
| Gross commissions income from reinsurers | 99,991 | 108,260 | ||
| Commissions paid | (324,718) | (374,698) | ||
| Net premium revenues after commissions | 6,686,650 | 6,073,086 | ||
| Gross Claims incurred | (4,831,078) | (3,408,272) | ||
| Reinsurers' share of premium | 263,692 | (119,454) | ||
| Net claims incurred | (4,567,386) | (3,527,726) | ||
| Net Insurance profit before investment income and general and administrative expenses | 2,119,264 | 2,545,360 | ||
| General and administrative expenses relating to underwriting activities | (1,302,690) | (1,299,434) | ||
| Banks interest and commission expenses | (8,062) | (8,111) | ||
| Net insurance profit (losses) after general and administrative expenses | 842,887 | 0 | ||
| Investments Income | 26,314 | 27,551 | ||
| Gains/Losses of foreign currency translation differences | 152,295 | (190,115) | ||
| Unallocated general and administrative expenses to insurance segments | (229,183) | (198,562) | ||
| Unallocated Other revenues | 168,024 | (18,203) | ||
| Revaluation gain of investments through Profit and Loss | (89,457) | 43,719 | ||
| Net Income before tax | 836,505 | 902,205 | ||
| Income tax expense | (180,256) | (78,504) | ||
| Value Added Tax (VAT) | (100,000) | (104,065) | ||
| Deferred taxes Benefits | 0 | 8,219 | ||
| Net Income after tax | 556,249 | 727,855 | ||
| Basic and diluted earnings (loss) per share | 0.1 | 0.15 | ||
| Change in fair value of available-for-sale-financial assets through other comprehensive income | (17,791) | (144,405) | ||
| Translation Difference | 303,567 | (180,232) | ||
| Net Comprehensive Income | 842,025 | 403,218 |
The attached notes form part of these financial statements
| - | Paid-in Capital | Statutory Reserve | Fair Value Reserve | Translation Difference | Retained Earnings | Owners' Equity | Non-controlling interests | Total Owners' Equity | |
| Note | USD | USD | USD | USD | USD | USD | USD | USD | |
| 2020 | - | - | - | - | - | - | - | - | - |
|
Balance - Beginning of the period
|
5,200,000 | 1,012,728 | 1,545,042 | (481,014) | 2,115,227 | 9,391,983 | 5,665,382 | 15,057,365 | |
|
Net profit or (loss) for the period after tax
|
0 | - | - | - | 528,987 | 528,987 | 27,262 | 556,249 | |
|
Other Comprehensive Income
|
- | - | (17,791) | 303,567 | - | 285,776 | 0 | 285,776 | |
|
Total Comprehensive Income for the Period
|
0 | 0 | (17,791) | 303,567 | 528,987 | 814,763 | 27,262 | 842,025 | |
|
Change in Non-controlling Interests
|
- | - | - | - | - | 0 | (3,288) | (3,288) | |
|
Balance - End of the period
|
5,200,000 | 1,012,728 | 1,527,251 | (177,447) | 2,644,214 | 10,206,746 | 5,689,356 | 15,896,102 | |
| 2019 | - | - | - | - | - | - | - | - | - |
| Balance - Beginning of the period | 5,200,000 | 890,930 | 1,362,000 | 155,263 | 1,139,047 | 8,747,240 | 5,208,759 | 13,955,999 | |
| Net profit or (loss) for the period after tax | 0 | - | - | - | 754,096 | 754,096 | (26,241) | 727,855 | |
| Other Comprehensive Income | - | - | (144,405) | (180,230) | - | (324,635) | 0 | (324,635) | |
| Total Comprehensive Income for the Period | 0 | 0 | (144,405) | (180,230) | 754,096 | 429,461 | (26,241) | 403,220 | |
| Change in Non-controlling Interests | - | - | - | - | - | 0 | (51,539) | (51,539) | |
| Balance - End of the period | 5,200,000 | 890,930 | 1,217,595 | (24,967) | 1,893,143 | 9,176,701 | 5,130,979 | 14,307,680 |
The attached notes form part of these financial statements
| - | 2020 | 2019 | ||
| - | USD | USD | ||
| - | End of 31032020 | End of 31032019 | ||
| Note | Unaudited | Reviewed | ||
| Net Income before/after tax | 836,505 | 902,205 | ||
| Change in reinsurance contract assets | (166,166) | (203,329) | ||
| Change in reinsurance contracts liabilities | (1,493,168) | 1,574,954 | ||
| Foreign currency translation differences | 166,119 | (11,064) | ||
| Revaluation loss of investments | 89,456 | (43,719) | ||
| Gains/Losses of sale of held for trading financial assets through profit and loss | 18,160 | 3,061 | ||
| Depreciation and Amortization expense | 57,838 | 125,252 | ||
| Allowance of employees benefits | 28,398 | 55,974 | ||
| Change in end of service allowance payments | 0 | (35,260) | ||
| Change in Other Current Assets | (162,933) | (2,548,402) | ||
| Change in Other Current Liabilities | (567,414) | 476,421 | ||
| Employees' indemnity paid | 7,003 | 0 | ||
| Net Cash Flow from Operating Activities | (1,186,202) | 296,093 | ||
| Investment in shares | 53,306 | (3,345) | ||
| Proceeds from sale of held for trading financial assets | 0 | 243,125 | ||
| Disposal of financial assets | (3,535) | 0 | ||
| Increase (Decrease) in property investment | (390,263) | (593,463) | ||
| Change in Non-controlling Interests | (3,288) | (51,539) | ||
| Purchase of Property, Plant and Equipment | (51,492) | (152,840) | ||
| Net Cash Flow from Investing Activities | (395,272) | (558,062) | ||
| Increase/Decrease in due to banks and loans | 407,714 | (113,767) | ||
| Banks Deposits | 1,007 | (350,031) | ||
| Change in post dated Cheques | 652,867 | 71,517 | ||
| Net Cash Flow from Financing Activities | 1,061,588 | (392,281) | ||
| Net change in cash and cash equivalents | (519,886) | (654,250) | ||
| Translation Difference | 303,567 | (180,232) | ||
| Cash and cash equivalents, beginning of Period | 4,669,658 | 5,200,411 | ||
| Cash and cash equivalents, end of period | 4,453,339 | 4,365,929 |
The attached notes form part of these financial statements
Palestine Exchange: Received Disclosed Interim Financial Statements of AL MASHRIQ INSURANCE(MIC) for the 1st Quarter of 2020
The Palestine Exchange (PEX) received the Unaudited & Consolidated interim financial statements for 1st Quarter of 2020 from AL MASHRIQ INSURANCE(MIC).
According to financial statements for 1st Quarter of 2020, Net profit after tax of the period reached 556,249 USD Compared with Net profit after tax 727,855 USD for 2019, a net decrease in profit of 23.58%.Total assets of the company reached 60,760,413 USD compared with total assets of 60,625,143 USD at the end of year 2019, a net increase of 0.22%.Total liabilities of the company reached 44,864,311 USD compared with total liabilities of 45,567,778 USD at the end of year 2019, a net decrease of 1.54%. Net ownership equity of the company reached 15,896,102 USD (Including None-Controlling Interests of 5,689,356 USD) compared with total owner equity of 15,057,365 USD (Including None-Controlling Interests of 5,665,382 USD) at the end of year 2019, a net increase of 5.57%.
The attached notes form part of these financial statements
The disclosure statutory period ended on 16/05/2020
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