Al Kout

Financial report Q3 2011

Interim Condensed Consolidated Statement of Financial position (Unaudited) as on 30th September 2011

			(Audited)
		30 September 2011	31 December 2010	30 September 2010
	Notes	KD	KD	KD
ASSETS
Non-current assets
Investment in an associate	4	7,840,000	8,800,000	9,582,114
Advance payment	5	4,220,200	-	-
Property, plant and equipment		9,525,992	9,558,775	9,644,878
Total non-current assets		21,586,192	18,358,775	19,226,992

Current assets
Inventories		2,159,575	1,970,930	2,006,584
Trade receivables		3,094,841	2,801,357	3,575,985
Other receivables		427,451	365,796	349,386
Investments at fair value through statement of income	6	260,159	360,158	410,158
Cash and bank balances	7	2,857,289	2,368,735	430,482
Total current assets		8,799,315	7,866,976	6,772,595
Total assets		30,385,507	26,225,751	25,999,587

EQUITY AND LIABILITIES
Equity
Share capital	8	8,820,000	8,820,000	8,820,000
Statutory reserve		2,680,069	2,680,069	2,388,080
Voluntary reserve		2,642,062	2,642,062	2,350,073
Group’s share of associate’s reserves		(10,984)	5,457	28,484
Retained earnings		7,787,409	6,568,871	7,042,389
Total equity		21,918,556	20,716,459	20,629,026

Non-current liabilities
Term loans	9	5,504,900	2,250,000	2,400,000
Provision for staff indemnity		751,545	657,588	650,964
Total non-current liabilities		6,256,445	2,907,588	3,050,964

Current liabilities
Trade and other payables		1,310,506	1,551,704	1,191,227
Current portion of term loans	9	900,000	1,050,000	1,050,000
Short-term borrowings	10	-	-	78,370
Total current liabilities		2,210,506	2,601,704	2,319,597
Total liabilities		8,466,951	5,509,292	5,370,561
Total equity and liabilities		30,385,507	26,225,751	25,999,587

Interim Condensed Consolidated Statement of Income (Unaudited) as on 30th September 2011

		Three months ended 30 September		Nine months ended 30 September
		2011	2010	2011	2010
	Notes	KD	KD	KD	KD
Sales		3,226,995	2,878,698	9,407,916	8,137,740
Cost of sales		(1,426,997)	(1,356,413)	(4,320,212)	(4,281,082)
Gross profit		1,799,998	1,522,285	5,087,704	3,856,658

Unrealized loss on investments at fair value through statement of income		(25,000)	-	(100,000)	(50,000)
Share of results of an associate	4	(400,000)	(196,578)	(943,559)	(331,842)
Dividend income		20,401	1,386	22,305	21,705
Other income		26,867	44,097	93,895	299,402
General and administrative expenses		(213,213)	(144,835)	(551,160)	(493,330)
Sales and marketing expenses		(14,905)	(93,888)	(296,030)	(300,519)
Finance costs		(98,917)	(45,039)	(158,257)	(194,230)
Profit before contribution to Kuwait Foundation for the Advancement of Sciences (“KFAS”), National Labour Support Tax (NLST), Zakat and Board of Directors’ remuneration		1,095,231	1,087,428	3,154,898	2,807,844
Contribution to KFAS		(9,857)	(9,788)	(28,394)	(25,272)
NLST		(28,010)	(27,955)	(80,333)	(83,282)
Zakat		(11,204)	(13,070)	(32,133)	(32,166)
Board of Directors’ remuneration		(10,500)	(10,500)	(31,500)	(31,500)
Profit for the period		1,035,660	1,026,115	2,982,538	2,635,624

Earnings per share (fils)	11	11.74	11.63	33.82	29.88

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