|
|
Balance Sheet as at 31 December , 2008
|
CURRENT ASSETS |
Notes |
2008 |
2007 |
Cash in hand and bank balances |
|
1,011,210 |
1,017,179 |
Short-term deposits |
|
6,330,595 |
3,895,004 |
Trade Receivables |
|
924,915 |
947,414 |
Inventory |
|
54,649 |
62,777 |
Prepayments and other receivables |
|
194,167 |
174,962 |
TOTAL CURRENT ASSETS |
|
8,515,536 |
6,097,336 |
NON-CURRENT ASSETS |
|
|
|
Available-for-sale investments |
|
3,992,719 |
4,289,056 |
Investment in associate company |
|
2,666,311 |
2,262,312 |
Investment property |
|
1,287,665 |
1,320,073 |
Property and equipment |
|
12,058,570 |
12,112,142 |
|
Total non-current assets |
|
20,005,265 |
19,983,583 |
|
TOTAL ASSETS |
|
28,520,801 |
26,080,919 |
|
CURRENT LIABILITIES |
|
|
|
Trade payables |
|
515,903 |
355,833 |
Accrued expenses and other payables |
|
1,101,039 |
1,066,880 |
Dividends payable |
|
246,757 |
231,757 |
|
TOTAL CURRENT LIABILITIES |
|
1,863,699 |
1,654,470 |
|
NON-CURRENT LIABILITIES |
|
|
|
Provision for leaving indemnities |
|
220,665 |
172,274 |
| TOTAL LIABILITIES |
|
2,084,364 |
1,826,744 |
|
TOTAL NET ASSETS |
|
26,436,437 |
24,254,175 |
EQUITY |
|
|
|
Share capital (gross) |
|
7,200,000 |
7,200,000 |
| Treasury shares |
|
(844,008) |
(704,756) |
Statutory reserve |
|
3,241,705 |
2,818,357 |
| Capital and development reserves |
|
5,729,932 |
5,729,932 |
| Fair value reserve |
|
2,374,822 |
2,878,483 |
Retained earnings |
|
8,733,986 |
6,332,159 |
TOTAL EQUITY |
|
26,436,437 |
24,254,175 |
|
|
|
|
|
|
|
Bahraini Dinars |
HOTEL ACTIVITIES |
Notes |
2008 |
2007 |
Revenue |
|
9,528,653 |
8,042,688 |
Operating costs |
|
(5,332,252) |
(4,749,035) |
|
PROFIT BEFORE DEPRECIATION |
|
4,196,401 |
3,293,653 |
Depreciation of hotel and conference centre |
|
(1,138,324) |
(1,074,174) |
NET INCOME FROM HOTEL OPERATIONS |
|
3,058,077 |
2,219,479 |
INVESTMENT ACTIVITIES |
|
|
|
Dividend income |
|
236,634 |
219,924 |
Profit ( Loss) on sale of investments |
|
18,280 |
11,003 |
Provision for impairment of investments |
|
(117,057) |
(19,634) |
Provision for bad and doubtful receivables |
|
- |
(8,550) |
Share of profit from associate |
|
1,074,665 |
954,074 |
Property income (net) |
|
231,187 |
209,908 |
Depreciation of investment property |
|
(49,730) |
(57,515) |
Other income |
|
74,530 |
65,397 |
| Foreign exchange (loss) / gain |
|
(87,541) |
509 |
| Interest on short-term deposits |
|
141,084 |
161,374 |
|
|
|
|
| NET INVESTMENT INCOME |
|
1,522,052 |
1,536,490 |
General and administrative expenses |
|
(346,654) |
(267,784) |
|
|
(346,654) |
(267,784) |
| |
|
|
|
|
|
|
|
NET PROFIT FOR THE YEAR |
|
4,233,475 |
3,488,185 |
| Earnings per 100 fils share |
|
63.7 fils |
52.4 fils |
|
| |
|
|
|
