Financial Report 2010
Consolidated statement of Financial position as on 31st December 2010
| 2010 |
|
2009 |
||||
|
|
Notes |
KD |
|
KD |
||
| Assets | ||||||
| Non-current assets | ||||||
| Investment in associate | 5 | 8,800,000 | 10,000,000 | |||
| Property, plant and equipment | 6 | 9,558,775 | 9,673,786 | |||
| 18,358,775 | 19,673,786 | |||||
| Current assets | ||||||
| Inventories | 7 | 1,970,930 | 2,310,285 | |||
| Trade receivables | 8 | 2,801,357 | 2,893,137 | |||
| Other receivables | 9 | 365,796 | 270,181 | |||
| Investments at fair value through statement of income | 10 | 360,158 | 459,086 | |||
| Cash and cash equivalents | 11 | 2,368,735 | 5,774,389 | |||
| 7,866,976 | 11,707,078 | |||||
| Total assets | 26,225,751 | 31,380,864 | ||||
| Equity and liabilities | ||||||
| Equity | ||||||
| Share capital | 12 | 8,820,000 | 8,820,000 | |||
| Statutory reserve | 13 | 2,680,069 | 2,388,080 | |||
| Voluntary reserve | 14 | 2,642,062 | 2,350,073 | |||
| Changes in associate’s reserves | 5,457 | 114,529 | ||||
| Retained earnings | 6,568,871 | 5,729,765 | ||||
| Total equity | 20,716,459 | 19,402,447 | ||||
| Non-current liabilities | ||||||
| Term loans | 15 | 2,250,000 | 6,064,498 | |||
| Provision for staff indemnity | 657,588 | 569,607 | ||||
| 2,907,588 | 6,634,105 | |||||
| Current liabilities | ||||||
| Trade and other payables | 16 | 1,551,704 | 2,156,251 | |||
| Current portion of term loans | 15 | 1,050,000 | 1,720,061 | |||
| Short-term borrowings | 17 | - | 1,468,000 | |||
| 2,601,704 | 5,344,312 | |||||
| Total liabilities | 5,509,292 | 11,978,417 | ||||
| Total equity and liabilities | 26,225,751 | 31,380,864 | ||||
Consolidated statement of Income as on 31st December 2010
| 2010 | 2009 | |||
| Notes | KD | KD | ||
| Revenue | 11,038,126 | 11,807,695 | ||
| Cost of sales | (5,755,278) | (5,616,440) | ||
| Gross profit | 5,282,848 | 6,191,255 | ||
| Unrealised loss on investments at fair value through statement of income |
(100,000) |
(113,951) |
||
| Realized loss on investments at fair value through statement of income |
- |
(153,110) |
||
| Share of results of an associate | 5 | (119,761) | (118,082) | |
| Profit on disposal of an associate | - | 230,698 | ||
| Dividend income | 21,705 | 60,748 | ||
| Other income | 371,110 | 260,702 | ||
| Impairment loss on investment in an associate | 5 | (971,167) | (1,579,491) | |
| General and administrative expenses | 18 | (944,093) | (1,065,437) | |
| Selling and distribution expenses | (391,000) | (484,943) | ||
| Finance costs | (229,750) | (654,753) | ||
| Profit before contribution to Kuwait Foundation for the Advancement of Sciences (KFAS), National Labour Support Tax (NLST), Zakat and Directors’ remuneration | 2,919,892 | 2,573,636 | ||
| Contribution to KFAS | (26,279) | (23,163) | ||
| NLST | (75,452) | (67,293) | ||
| Zakat | (30,077) | (25,916) | ||
| Board of directors’ remuneration | (42,000) | (42,000) | ||
| Profit for the year | 2,746,084 | 2,415,264 | ||
| Basic and diluted earning per share (fils) | 20 | 31.13 | 27.38 |
Fahed Al Jouan
Chairman