Financial Report 2009
Consolidated statement of Financial position as on 31st December 2009
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2009 |
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2008 |
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Notes |
KD |
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KD |
| Assets | ||||
| Non-current assets | ||||
| Investment in associates | 6 | 10,000,000 | 15,808,316 | |
| Property, plant and equipment | 7 | 9,673,786 | 9,800,164 | |
| 19,673,786 | 25,608,480 | |||
| Current assets | ||||
| Inventories | 8 | 2,310,285 | 2,285,059 | |
| Trade receivables | 9 | 2,893,137 | 3,191,940 | |
| Other receivables | 10 | 270,181 | 358,749 | |
| Investments at fair value through statement of income | 11 | 459,086 | 1,120,753 | |
| Bank balances and cash | 12 | 5,774,389 | 588,041 | |
| 11,707,078 | 7,544,542 | |||
| Total assets | 31,380,864 | 33,153,022 | ||
| Equity and liabilities | ||||
| Equity | ||||
| Share capital | 13 | 8,820,000 | 8,820,000 | |
| Statutory reserve | 14 | 2,388,080 | 2,130,716 | |
| Voluntary reserve | 15 | 2,350,073 | 2,092,709 | |
| Foreign currency translation reserve | - | 153,970 | ||
| Changes in associate’s reserves | 114,529 | - | ||
| Retained earnings | 5,729,765 | 3,829,229 | ||
| Total equity | 19,402,447 | 17,026,624 | ||
| Non-current liabilities | ||||
| Term loans | 16 | 6,064,498 | 7,197,773 | |
| Provision for staff indemnity | 569,607 | 533,686 | ||
| 6,634,105 | 7,731,459 | |||
| Current liabilities | ||||
| Trade and other payables | 17 | 2,156,251 | 1,703,317 | |
| Current portion of term loans | 16 | 1,720,061 | 2,210,088 | |
| Short-term borrowings | 18 | 1,468,000 | 4,481,534 | |
| 5,344,312 | 8,394,939 | |||
| Total liabilities | 11,978,417 | 16,126,398 | ||
| Total equity and liabilities | 31,380,864 | 33,153,022 | ||
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______________________________ |
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| Fahed Y. Al-Jouan | ||||
| Chairman | ||||
Consolidated Statement of Income as on 31st December 2009
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2009 |
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2008 |
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Notes |
KD |
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KD |
| Revenue |
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11,807,695 | 10,926,872 | |
| Cost of sales |
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(5,616,440) | (5,429,449) | |
| Gross profit |
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6,191,255 | 5,497,423 | |
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| Unrealised loss from investments at fair value through statement of income |
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(113,951) |
(452,638) |
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| Realized (loss) / gain from investments at fair value through statement of income |
(153,110) |
57,419 |
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| Share of results of associate | 6 | (118,082) | (766,464) | |
| Profit on disposal of an associate | 6 | 230,698 | - | |
| Dividend income | 60,748 | 139,866 | ||
| Other income | 260,702 | 238,248 | ||
| Impairment of investment in associates | 6 | (1,579,491) | - | |
| General and administrative expenses | 19 | (1,065,437) | (939,814) | |
| Selling and distribution expenses | (484,943) | (585,411) | ||
| Finance costs | (654,753) | (423,591) | ||
| Profit for the year before contribution to Kuwait Foundation for the Advancement of Sciences (KFAS), National Labour Support Tax (NLST), Zakat and Directors’ remuneration | 2,573,636 |
2,765,038 |
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| Contribution to KFAS | (23,163) | (24,885) | ||
| NLST | (67,293) | (66,626) | ||
| Zakat | (25,916) | (35,984) | ||
| Board of directors’ remuneration | (42,000) | (42,000) | ||
| Profit for the year | 20 | 2,415,264 | 2,595,543 | |
| Basic and diluted earning per share (fils) | 21 | 27.38 | 29.43 |