|
|
Balance Sheet as at 31 December , 2007
|
CURRENT ASSETS |
Notes |
2007 |
2006 |
Cash in hand and banks |
|
1,017,179 |
925,100 |
Short-term deposits |
|
3,895,004 |
1,916,025 |
Receivables |
3 |
947,414 |
807,901 |
Inventory |
4 |
62,777 |
73,984 |
Prepayments and other receivables |
|
174,962 |
171,703 |
TOTAL CURRENT ASSETS |
|
6,097,336 |
3,894,713 |
NON-CURRENT ASSETS |
|
|
|
Available-for-sale investments |
5 |
4,289,056 |
4,359,964 |
Investment in associate company |
6 |
2,262,312 |
1,678,238 |
Investment property |
7 |
1,320,073 |
1,377,588 |
Property and equipment |
8 |
12,112,142 |
12,207,771 |
TOTAL ASSETS |
|
26,080,919 |
23,518,274 |
CURRENT LIABILITIES |
|
|
|
Trade payables |
|
355,833 |
479,488 |
Accrued expenses and other payables |
|
1,066,880 |
877,365 |
Dividends payable |
|
231,757 |
189,821 |
TOTAL CURRENT LIABILITIES |
|
1,654,470 |
1,546,674 |
NON-CURRENT LIABILITIES |
|
|
|
Provision for leaving indemnities |
9 |
172,274 |
145,224 |
| TOTAL LIABILITIES |
|
1,826,744 |
1,691,898 |
TOTAL NET ASSETS |
|
24,254,175 |
21,826,376 |
EQUITY |
|
|
|
Share capital (gross) |
|
7,200,000
|
7,200,000
|
| Treasury shares |
10 |
(704,756) |
(654,791) |
Reserves and retained earnings |
|
17,758,931 |
15,281,167 |
TOTAL EQUITY |
|
24,254,175 |
21,826,376 |
|
|
|
|
|
|
|
Bahraini Dinars |
HOTEL ACTIVITIES |
Notes |
2007 |
2006 |
Revenue |
12 |
8,042,688 |
6,912,995 |
Operating costs |
|
(4,749,035) |
(4,234,915) |
|
PROFIT BEFORE DEPRECIATION |
|
3,293,653 |
2,678,080 |
Depreciation of hotel and conference centre |
8 |
(1,074,174) |
(983,716) |
NET INCOME FROM HOTEL OPERATIONS |
|
2,219,479 |
1,694,364 |
INVESTMENT ACTIVITIES |
|
|
|
Dividend income |
|
219,924 |
188,990 |
Profit ( Loss) on sale of investments |
|
11,003 |
(196,046) |
Provision for impairment of investment |
|
(19,634) |
- |
Provision for bad and doubtful receivables |
|
(8,550) |
- |
Share of profit from associate |
6 |
954,074 |
764,326 |
Property income (net) |
|
209,908 |
203,043 |
Depreciation of investment property |
7 |
(57,515) |
(57,523) |
Other income |
|
65,397 |
43,147 |
| Foreign exchange gain |
|
509 |
36,397 |
| Interest on short-term deposits |
|
161,374 |
63,758 |
|
|
|
|
| NET INVESTMENT INCOME |
|
1,536,490 |
1,046,092 |
General and administrative expenses |
|
(267,784) |
(258,166) |
|
|
(267,784) |
(258,166) |
|
|
|
|
|
|
|
|
NET PROFIT FOR THE YEAR |
|
3,488,185 |
2,482,290 |
| Earnings per 100 fils share |
10 |
52.4 fils |
37.2 fils |
|
| |
|
|
|
