31st Dec 2009 10:02
31 December 2009
Tejoori Limited
Full Year results for the period ended 30 June 2009
Tejoori Limited ("the Company" or "Tejoori"), the Dubai-based, AIM-quoted investment company established to invest in Shari'a-compliant investments, announces its full year results for the period ended 30 June 2009 ("the Period").
Operational highlights
No new long term investments we have made during the period; existing investment portfolio continues to mature
Investment strategy was updated on December 18, 2009 to capitalize on current opportunities arising from the illiquidity and distressed valuation of assets
Continued belief in the long term growth prospects of environmental technologies
Strong cash position
Financial Highlights
Net Asset Value as at 30 June 2009 of USD 32.3 million (30 June 2008: USD 40.8 million) representing USD 1.18 per share (30 June 2008: USD 1.47 per share)
Losses before tax for the period of USD 8.5 million (2008: USD 1.1 million)
Basic losses per share of USD 0.31 for the period (2008: USD 0.04 per share)
Available cash and cash equivalents at 30 June 2009 of USD 7.9 million (30 June 2008: USD 0.16 million)
Commenting, Mahmood Al Mahmood, Chairman of Tejoori, said:
"As announced in our investment strategy, Tejoori is committed to achieving the highest rate of total return and capital preservation within prudent levels of risk and liquidity by diversifying its portfolio while maintaining a disciplined investment approach to include emerging and fast growing industries as well as established and traditional sectors. Tejoori's portfolio only contains investments in companies proactively seeking to make a positive contribution to society, the environment and the world around us.
For diversification and long term focus we continue to believe in the long term growth prospects of traditional investments such as real estate, alternative investments such as environmental technologies and treasury investments for management of cash.
All of Tejoori's investments are Shari'a-compliant and demonstrate social responsibility.
The markets in which we operate continue to remain extremely competitive but also continue to offer substantial opportunities. Our future outlook remains promising as our investment portfolio matures and our investment strategy facilitates creation of long term prosperity for all stakeholders."
Enquiries:
|
Tejoori Limited |
www.tejooriltd.ae |
|
Ilke Toklu Murad Hussein -Dubai, UAE |
+971 (0)4 330-0994 +971 (0)4 330-0994 |
|
Allenby Capital Limited Imran Ahmad James Reeve |
+44(0)20 3328 5656 |
Chairman's Statement
Welcome to Tejoori's final results for the year ended 30 June 2009.
The Board of Tejoori has been focused over the past year on improving the financial performance of the Company, strengthening the management team and managing the investment portfolio.
Today, we are pleased to report to our share holders that as a consequence of a global financial crisis, we have been able to bring Tejoori Limited to a conservative position with respect to its investments. In 2009 we have managed to improve the liquidity of the company by reducing the exposure to Dubai real-estate and exiting one of the Lagoons plots. Our decision to stay vested in BEKON has proved to be a crises resilient investment as the company reported a higher valuation compared to the previous year.
We have also recruited a capable management team to oversee the day to day operations and ensuring compliance with UK's Alternative Investment Market (AIM) regulations. The newly launched web-site www.tejooriltd.ae offers more information about the company and recent enhancements.
Mahmoud Al Mahmoud,
Chairman of the Board
Tejoori Limited
31 December 2009
Balance sheet
|
As at 30 June |
|||||
|
Note |
2009 |
2008 |
|||
|
USD |
USD |
||||
|
ASSETS |
|||||
|
Cash and cash equivalents |
4 |
7,926,730 |
162,168 |
||
|
Available-for-sale investment |
5 |
7,570,187 |
7,570,187 |
||
|
Trade and other receivables |
6 |
3,251,258 |
1,915,064 |
||
|
Advance towards acquisition of investment property |
7 |
15,934,306 |
33,806,767 |
||
|
Property and equipment |
8 |
12,032 |
27,056 |
||
|
---------------- |
---------------- |
||||
|
Total assets |
34,694,513 |
43,481,242 |
|||
|
========== |
========== |
||||
|
LIABILITIES AND EQUITY |
|||||
|
Liabilities |
|||||
|
Due to shareholders |
9 |
1,754,400 |
1,754,400 |
||
|
Trade and other payables |
10 |
575,924 |
860,754 |
||
|
---------------- |
---------------- |
||||
|
Total liabilities |
2,330,324 |
2,615,154 |
|||
|
---------------- |
---------------- |
||||
|
Equity |
|||||
|
Share capital |
11 |
277,089 |
277,089 |
||
|
Share premium |
12 |
41,286,207 |
41,286,207 |
||
|
Share warrants reserve |
11 |
1,370,000 |
1,370,000 |
||
|
Accumulated losses |
(10,569,107) |
(2,067,208) |
|||
|
---------------- |
---------------- |
||||
|
Total equity |
32,364,189 |
40,866,088 |
|||
|
---------------- |
---------------- |
||||
|
Total liabilities and equity |
34,694,513 |
43,481,242 |
|||
|
========== |
========== |
||||
Income statement
|
Note |
Year ended 30 June |
||
|
2009 |
2008 |
||
|
USD |
USD |
||
|
Income |
|||
|
Return on Islamic investments |
86,839 |
- |
|
|
Gain from disposal of interest in investment property |
7 |
1,589,271 |
- |
|
Other (loss)/income |
14 |
(189,003) |
263,491 |
|
----------------- |
----------------- |
||
|
Total income |
1,487,107 |
263,491 |
|
|
Expenses |
|||
|
Administrative and operating expenses |
15 |
(1,474,425) |
(1,404,788) |
|
Impairment on advance to Martin Hage and advance towards acquisition of investment property |
6, 7 |
(8,514,581) |
- |
|
--------------- |
--------------- |
||
|
Loss for the year |
(8,501,899) |
(1,141,297) |
|
|
========= |
========= |
||
|
Loss per share - basic |
16 |
(0.31) |
(0.04) |
|
Loss per share - diluted |
16 |
(0.28) |
(0.04) |
|
===== |
===== |
||
Statement of changes in shareholders' equity
|
Share capital |
Share premium |
Share warrants reserve |
Accumulated losses |
Total |
|
|
USD |
USD |
USD |
USD |
USD |
|
|
At 1 July 2007 |
277,089 |
41,286,207 |
1,370,000 |
(925,911) |
42,007,385 |
|
Loss for the year |
- |
- |
- |
(1,141,297) |
(1,141,297) |
|
------------ |
---------------- |
---------------- |
---------------- |
--------------- |
|
|
At 30 June 2008 |
277,089 |
41,286,207 |
1,370,000 |
(2,067,208) |
40,866,088 |
|
Loss for the year |
- |
- |
- |
(8,501,899) |
(8,501,899) |
|
------------ |
---------------- |
---------------- |
---------------- |
--------------- |
|
|
At 30 June 2009 |
277,089 |
41,286,207 |
1,370,000 |
(10,569,107) |
32,364,189 |
|
======= |
========= |
======== |
====-==== |
======== |
Cash flow statement
|
Year ended 30 June |
|||
|
2009 |
2008 |
||
|
Notes |
USD |
USD |
|
|
Operating activities |
|||
|
Loss for the year |
(8,501,899) |
(1,141,297) |
|
|
Adjustments for: |
|||
|
Depreciation |
8 |
15,024 |
15,024 |
|
Employees' end of service benefit |
13 |
27,431 |
32,644 |
|
Foreign exchange loss/gain |
14 |
211,239 |
(263,491) |
|
Impairment loss |
6, 7 |
8,514,581 |
- |
|
--------------- |
---------------- |
||
|
Operating cash flows before changes in assets and liabilities and payment of employees' end of service benefits |
266,376 |
(1,357,120) |
|
|
Payment of employees' end of service benefit |
13 |
(54,184) |
(10,879) |
|
Changes in assets and liabilities: |
|||
|
Advance payment for investment property |
7 |
11,043,472 |
(3,162,831) |
|
Trade and other receivables |
6 |
(3,233,025) |
2,387,346 |
|
Trade and other payables |
10 |
(258,077) |
(194,872) |
|
---------------- |
----------------- |
||
|
Net cash generated from/(used in) operating activities |
7,764,562 |
(2,338,356) |
|
|
---------------- |
----------------- |
||
|
Net increase/(decrease) in cash and cash equivalents |
7,764,562 |
(2,338,356) |
|
|
Cash and cash equivalents, beginning of the year |
162,168 |
2,500,524 |
|
|
----------------- |
----------------- |
||
|
Cash and cash equivalents, end of the year |
4 |
7,926,730 |
162,168 |
|
========== |
========== |
||
The summarised financial statements appearing above should be read in conjunction with the audited financial statements, available from the Company's website, www.tejooriltd.ae and from which the summarised financial statements have been extracted.
Related Shares:
Tejoori