United Gulf Investment Corporation BSC
(Formerly United Gulf Industries Corporation BSC)
Reviewed Interim balance sheet at 31 December 2007
(Expressed in
Bahrain
Dinars)
| |
2007 |
2006 |
ASSETS |
|
|
Non-current assets |
|
|
Plant and equipment |
57,402 |
68,414 |
Investment in associated undertakings |
8,511,390 |
6,940,965 |
Available-for-sale investments |
13,078,086 |
6,365,955 |
| |
|
|
| |
21,646,878 |
13,375,334 |
Current assets |
|
|
Financial assets at fair value through profit or loss |
3,473,193 |
421,145 |
Trade and other receivables |
94,603 |
4,613 |
Cash and cash equivalents |
6,367,352 |
9,407,519 |
| |
|
|
| |
9,935,148 |
9,833,277 |
| |
|
|
| Total
assets |
31,582,026 |
23,208,611 |
| |
|
|
EQUITY AND LIABILITIES |
|
|
Capital and reserves |
|
|
Share capital |
20,000,000 |
20,000,000 |
Treasury shares |
(17,728) |
(17,728) |
| |
|
|
| |
19,982,272 |
19,982,272 |
Share premium |
111,093 |
111,093 |
Statutory reserve |
544,295 |
305,143 |
Fair value reserve |
9,986,956 |
4,029,825 |
(Accumulated losses)/retained earnings |
924,528 |
(1,227,840) |
| |
|
|
| |
31,549,144 |
23,200,493 |
| |
|
|
Non Current liabilities |
|
|
Employees terminal benefits |
9,632 |
- |
| |
|
|
Current liabilities |
|
|
Accruals and other payables |
23,250 |
8,118 |
| |
|
|
Total equity and liabilities |
31,582,026 |
23,208,611 |
These financial statements were approved by the Board of Directors on 20 th February 2008 and signed on its behalf by:
_____________________ ____________________
Salah Rashid Al Rashid Abdulkarim H. Al Mojil
Chairman Managing Director
United Gulf Investment Corporation BSC
(Formerly United Gulf Industries Corporation BSC)
Statement of income for the year ended 31 December 2007
(Expressed in
Bahrain
Dinars)
| |
|
|
|
|
| |
2007 |
2006 |
30 September 2007 |
30 September 2006 |
| |
|
|
|
|
Income |
|
|
|
|
| |
|
|
|
|
Realised (losses)/gains on sale of financial
assets at fair value through profit or loss |
98,257 |
(25,006) |
(55,331) |
- |
Net unrealised fair value losses on financial
assets at fair value through profit or loss |
747,649 |
(3,187,562) |
164,853 |
14,318 |
Divided income |
139,847 |
164,428 |
- |
(77,265) |
Bank interest income |
214,963 |
111,271 |
(3,399) |
48,903 |
Realised gains on sale of available-for-sale |
- |
- |
- |
- |
| Investments |
- |
442,198 |
|
|
| Other income |
1,697 |
260 |
|
|
| |
|
|
|
|
| |
1,202,413 |
(2,494,411) |
106,123 |
(14,044) |
| |
|
|
|
|
Expenses |
|
|
|
|
| |
|
|
|
|
Staff costs |
(254,402) |
(128,673) |
(41,883) |
(38,948) |
General and administrative expenses |
(100,239) |
(145,861) |
(26,453) |
(23,270) |
Depreciation |
(19,935) |
(9,261) |
(5,322) |
(3,472) |
Directors’ attendance fees |
(4,656) |
(3,379) |
(1,544) |
- |
Financial Charges |
(317) |
(2,447) |
- |
- |
| |
|
|
|
|
| |
(381,318) |
(293,051) |
(75,202) |
(65,690) |
| |
|
|
|
|
Net profit/(losses) in associated
undertakings |
821,095 |
(2,787,462) |
30,921 |
(79,734) |
| |
|
|
|
|
Net share of profits/(loss) in associated undertakings |
1,570,425 |
(562,843) |
844,479 |
259,128 |
| |
|
|
|
|
Net profit/(loss) for the period transferred to retained earnings/(accumulated losses) |
2,391,520 |
(3,350,305) |
875,400 |
179,394 |
| |
|
|
|
|
Earnings per share |
12 fils |
(16.7 fils) |
4 fils |
1 fils |
These interim condensed financial statements were approved by the Board of Directors on 20 th February 2008 and signed on its behalf by:
_____________________ ____________________
Salah Rashid Al Rashid Abdulkarim H. Al Mojil
Chairman Managing Director
|
