PALESTINE INSURANCE(PICO) discloses its Annual Report 2019.
Disclosure Year | 2019 | 2018 | ||
Disclosure Period | End of 3112 | End of 3112 | ||
Disclosure Start Date | 01/01/2019 | 01/01/2018 | ||
Disclosure End Date | 31/12/2019 | 31/12/2018 | ||
Disclosure Type | Financial Disclosure | Financial Disclosure | ||
Company's Name | PALESTINE INSURANCE | PALESTINE INSURANCE | ||
Company Symbol | PICO | PICO | ||
Sector | Insurance Sector | Insurance Sector | ||
Currency | USD | USD | ||
End date of legal disclosure period | 29/04/2020 | 30/03/2019 | ||
Actual Disclosure Date | 11/08/2020 09:53:00 AM | 24/04/2019 02:16:00 PM | ||
Hard Copy Disclosure | ||||
Consolidation Status | Consolidated | Consolidated | ||
Notes Display Source | Note ID Only | Note ID Only | ||
Preliminary or Annual? | Annual Report | Annual Report | ||
Auditing Status | Audited | Audited | ||
Net income in Cash Flow Statement | Income Before Tax | Income Before Tax | ||
Expected date to disclose the annual report | 09/08/2020 | 23/04/2019 | ||
Suggested date for the General Assembly meeting for the financial year | 23/09/2020 | 08/05/2019 | ||
Where the annual report will be placed as shareholders can have access on it | المركز الرئيسي وفروع الشركة | المركز الرئيسي وفروع الشركة |
- | 2019 | 2018 | ||
- | USD | USD | ||
- | As a 31/12/2019 | As a 31/12/2018 | ||
Note | Audited | Audited | ||
Property, plant and equipment | 4 | 4,740,792 | 3,818,847 | |
Property Investments | 5 | 13,894,215 | 12,785,633 | |
Available-for-sale financial assets | 6 | 297,495 | 311,999 | |
Total Fixed Assets | 18,932,502 | 16,916,479 | ||
Accounts Receivable | 7 | 7,588,272 | 4,558,260 | |
Accounts Payable - Insurance and Reinsurance companies | 8 | 1,149,994 | 111,597 | |
Reinsurance contract assets | 12 | 3,235,731 | 5,282,080 | |
Other accounts receivable | 9 | 1,460,715 | 656,689 | |
Cheques under collection | 7,838,899 | 3,555,662 | ||
Balances at banks and financial institutions | 10 | 250,000 | 250,000 | |
Cash and cash equivalents | 10 | 7,751,360 | 7,105,203 | |
Total Current Assets | 29,274,971 | 21,519,491 | ||
Total assets | 48,207,473 | 38,435,970 | ||
Paid-in Capital | 1 | 7,200,000 | 7,200,000 | |
Statutory reserve | 18 | 1,649,703 | 1,601,346 | |
Foreign currency translation differences | (86,154) | (821,327) | ||
Fair value adjustment reserve | 6 | (4,505) | 34,095 | |
Cumulative change in the fair value of buildings | 4 | 680,771 | - | |
Retained earnings | 756,844 | 321,633 | ||
Total Owners' Equity | 10,196,659 | 8,335,747 | ||
Provision for employees' indemnity | 11 | 1,500,820 | 1,208,608 | |
Total non-current liabilities | 1,500,820 | 1,208,608 | ||
Insurance contracts liabilities | 12 | 24,211,450 | 19,565,051 | |
Accounts Payable - Insurance and Reinsurance companies | 13 | 779,131 | 1,161,519 | |
Accounts Payable | 14 | 2,545,754 | 1,400,191 | |
Credit Facilities | 15 | 2,991,946 | 1,661,904 | |
Tax Provision | 16 | 1,170,008 | 810,510 | |
Other credit balances | 17 | 1,629,751 | 1,021,382 | |
Post dated Cheques | 3,181,954 | 3,271,058 | ||
Total Current Liabilities | 36,509,994 | 28,891,615 | ||
Total Liabilities | 38,010,814 | 30,100,223 | ||
Total Liabilities & Owners' Equity | 48,207,473 | 38,435,970 |
- | 2019 | 2018 | ||
- | USD | USD | ||
- | End of 31122019 | End of 31122018 | ||
Note | Audited | Audited | ||
Gross premiums written | 19 | 26,801,548 | 15,223,752 | |
Change in Unearned Premium Provision | 19 | (3,489,742) | (723,442) | |
Earned Insurance Revenues | 23,311,806 | 14,500,310 | ||
Gross premiums ceded to reinsurers | 19 | (1,836,545) | (1,538,178) | |
Net premiums ceded to reinsurers | (1,836,545) | (1,538,178) | ||
Net Premiums retained | 21,475,261 | 12,962,132 | ||
Insurance Fees | 0 | 4,156,435 | ||
Net premium revenue | 21,475,261 | 17,118,567 | ||
Gross commissions income from reinsurers | 19 | 161,549 | 147,107 | |
Commissions paid | 19 | (2,670,880) | (1,689,858) | |
Net premium revenues after commissions | 18,965,930 | 15,575,816 | ||
Claims paid | 19 | 13,151,628 | 12,097,620 | |
Claims ceded to reinsurers | (2,852,584) | (524,561) | ||
Net claims paid | 10,299,044 | 11,573,059 | ||
Change in reported outstanding claims | 2,300,736 | 1,161,199 | ||
Net claims incurred | 12,599,780 | 12,734,258 | ||
Net Insurance profit before investment income and general and administrative expenses | 19 | 6,366,150 | 2,841,558 | |
General and administrative expenses allocated to insurance segments | 22 | (4,705,549) | (4,209,378) | |
Net insurance profit (losses) after general and administrative expenses | 1,660,601 | (1,367,820) | ||
Investments Income | 20 | 22,180 | 184,160 | |
Change in fair value of investment properties | 0 | 1,760,316 | ||
Other Expenses | (650,763) | 466,584 | ||
Allowance (Recovery) of doubtful accounts | 7 | 364,146 | (1,052,611) | |
Unallocated general and administrative expenses insurance segments | 22 | (570,436) | (628,618) | |
Net Income before tax | 825,728 | (637,989) | ||
Income tax expense | 16 | (342,160) | (653,334) | |
Net Income after tax | 483,568 | (1,291,323) | ||
Basic and diluted earnings (loss) per share | 0.067 | (0.19) | ||
Change in fair value of available-for-sale-financial assets through other comprehensive income | 6 | 642,171 | 8,086 | |
Foreign currency translation differences | 735,173 | (740,306) | ||
Total Other Comprehensive Income | 1,377,344 | (732,220) | ||
Net Comprehensive Income | 1,860,912 | (2,023,543) |
- | Paid-in Capital | Statutory Reserve | Available-for-sale financial assets reserve | Change in Translation Difference | Retained Earnings | Total Owners' Equity | |
Note | USD | USD | USD | USD | USD | USD | |
2019 | - | - | - | - | - | - | - |
Balance - Beginning of the period
|
7,200,000 | 1,601,346 | 34,095 | (821,327) | 321,633 | 8,335,747 | |
Net profit or (loss) for the period after tax
|
- | - | - | - | 483,568 | 483,568 | |
Other Comprehensive Income
|
- | - | 642,171 | 735,173 | - | 1,377,344 | |
Total Comprehensive Income for the Period
|
0 | 0 | 642,171 | 735,173 | 483,568 | 1,860,912 | |
Transferred to Statutory Reserve
|
- | 48,357 | - | - | (48,357) | 0 | |
Balance - End of the period
|
7,200,000 | 1,649,703 | 676,266 | (86,154) | 756,844 | 10,196,659 | |
2018 | - | - | - | - | - | - | - |
Balance - Beginning of the period | 6,000,000 | 1,601,346 | 26,009 | (81,021) | 5,792,173 | 13,338,507 | |
Net profit or (loss) for the period after tax | - | - | - | - | (1,291,323) | (1,291,323) | |
Other Comprehensive Income | - | - | 8,086 | (740,306) | - | (732,220) | |
Total Comprehensive Income for the Period | 0 | 0 | 8,086 | (740,306) | (1,291,323) | (2,023,543) | |
Cash Dividends Paid | - | - | - | - | (2,979,217) | (2,979,217) | |
Increase of paid-in capital | 1,200,000 | - | - | - | (1,200,000) | 0 | |
Balance - End of the period | 7,200,000 | 1,601,346 | 34,095 | (821,327) | 321,633 | 8,335,747 |
- | 2019 | 2018 | ||
- | USD | USD | ||
- | End of 31122019 | End of 31122018 | ||
Note | Audited | Audited | ||
Net Income before/after tax | 825,728 | (637,989) | ||
Depreciation and Amortization expense | 4 | 183,263 | 196,934 | |
Change in fair value of investment properties | 0 | (1,760,316) | ||
Gains/Losses of investments | (22,180) | (184,160) | ||
Change in end of service allowance payments | 11 | 424,148 | 350,566 | |
Change in allowance of doubtful accounts | 7 | (704,583) | 676,601 | |
Gains/Losses of Property, Plant and Equipment | 1,383 | 89,104 | ||
Change in Accounts Receivable | (8,760,535) | (367,318) | ||
Change in Accounts Payable | 1,282,440 | 838,448 | ||
change in insurance liabilities contracts | 6,692,748 | 1,130,888 | ||
Employees' indemnity paid | 11 | (242,503) | (143,265) | |
Tax paid | (62,048) | (738,596) | ||
Net Cash Flow from Operating Activities | (382,139) | (549,103) | ||
Purchase of Property, Plant and Equipment | (806,257) | (103,018) | ||
Sale of Property, Plant and Equipment | 30,778 | 44,319 | ||
Cumulative change in the fair value of buildings | 680,771 | - | ||
Dividends income | 22,180 | 184,160 | ||
Net Cash Flow from Investing Activities | (72,528) | 125,461 | ||
Collected credit facilities | 1,330,042 | 0 | ||
Increase of paid-in capital | 0 | 1,200,000 | ||
Dividends | 0 | (4,179,217) | ||
Net Cash Flow from Financing Activities | 1,330,042 | (2,979,217) | ||
Net change in cash and cash equivalents | 875,375 | (3,402,859) | ||
Foreign currency translation differences | (229,218) | 122,325 | ||
Cash and cash equivalents, beginning of Period | 7,105,203 | 10,385,737 | ||
Cash and cash equivalents, end of period | 7,751,360 | 7,105,203 |
Palestine Exchange: Received Final Financial Statement of PALESTINE INSURANCE(PICO) for the year 2019
The Palestine Exchange (PEX) received the Annual Report that includes the Audited & Consolidated financial statements of 2019 from PALESTINE INSURANCE(PICO).
According to financial statements for year 2019, Net profit after tax of the period reached 483,568 USD Compared with Net Loss after tax (1,291,323) USD for 2018.Total assets of the company reached 48,207,473 USD compared with total assets of 38,435,970 USD at the end of year 2018, a net increase of 25.42%.Total liabilities of the company reached 38,010,814 USD compared with total liabilities of 30,100,223 USD at the end of year 2018, a net increase of 26.28%. Net ownership equity of the company reached 10,196,659 USD compared with total owner equity of 8,335,747 USD at the end of year 2018, a net increase of 22.32%.
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