31st Dec 2008 12:35
Tejoori Limited
Preliminary results for the financial year ended 30 June 2008
Tejoori Limited ("the Company" or "Tejoori"), the Dubai based, AIM-quoted investment company established to make Shari'a compliant investments, announces its preliminary results for the financial year ended 30 June 2008 ("the Period").
Operational highlights
Following an Extraordinary General Meeting which was held in Dubai on Saturday 5th April 2008, shareholders holding a majority of the voting share capital of the Company approved the appointment with immediate effect of five new directors (the "New Board") to the existing board of the Company including:
- Mohammed Abdullah Al Zaabi
- Talal Ali Khouri
- Mahmoud Ibrahim Almahmoud
- Saad Abdulaziz Al Fozan
- Khalid Nasser Al Nasser
Following the New Board's appointment, the old board of directors (the "Old Board") resigned from the Company.
The Old Board stood down as they believe that the appointment of the New Board will better facilitate execution of Tejoori's investment strategy.
No new investments were made in the period
Financial highlights
Loss before tax for the Period of USD 1,141,297 (2007: profit of USD 3,536,309)
Basic loss per share of USD 0.04 (2007: earnings per share of USD 0.13)
Net Asset Value as at 30 June 2008 of USD 40.9 million (30 June 2007: USD 42.0 million) representing USD 1.47 per share (30 June 2007: USD 1.51 per share)
Available cash and cash equivalents at 30 June 2008 of USD 0.16 million (31 December 2007: USD 0.44 million)
Commenting, Mahmoud Al Mahmoud, Chairman of Tejoori, said:
"We are pleased with the shareholders vote of confidence in the new board which was appointed on 5 April 2008 and has been tasked with improving the performance of the Company in the coming years.
Given the Group's high exposure to the Dubai real estate market we have put in place plans to create a more balanced and diversified investment portfolio which we believe will deliver long term prosperity for all stakeholders."
Enquiries:
Tejoori Limited
Muhammad Al Zaabi -Dubai, UAE +971 (0)4 306 9500
www.tejoori.com
Chairman's Statement
Welcome to Tejoori's preliminary results for the year ended 30 June 2008.
It has been a challenging period for us as a new Board of Directors of the Company since we were appointed two months ago (5th April 2008). Since our appointment we have spent our time reviewing the Company and its investment portfolio as well as the market.
We have been tasked by the Company's shareholders to improve the performance of the Company during the coming years, a challenge which we look forward to facilitating. Our skills and experience will be employed in broadening the Company's investment portfolio away from a Dubai real estate focus to a more balanced investment portfolio.
Outlook
Having put in place a strong, committed management team, Tejoori is now re-aligning its investment portfolio. Tejoori is committed to achieving attractive returns within prudent levels of risk and liquidity. We strive to diversify our portfolio while maintaining a disciplined investment approach to include emerging and fast growing industries, as well as traditional and established sectors.
The markets in which we operate remain competitive but they continue to offer substantial opportunity. I am confident that this year will be one of further progress for Tejoori as we seek to deliver long term prosperity for all stakeholders.
Mahmoud Al Mahmoud,
Chairman of the Board
Tejoori Limited
Balance sheet
|
|
|
As at 30 June |
|||
|
|
Note |
2008 |
2007 |
||
|
|
|
USD |
USD |
||
|
ASSETS |
|
|
|
||
|
Cash and cash equivalents |
5 |
162,168 |
2,500,524 |
||
|
Available-for-sale investment |
6 |
7,570,187 |
7,570,187 |
||
|
Trade and other receivables |
7 |
1,915,064 |
4,038,919 |
||
|
Advance towards acquisition of investment property |
8 |
33,806,767 |
30,643,936 |
||
|
Property and equipment |
9 |
27,056 |
42,080 |
||
|
|
|
-------------------- |
-------------------- |
||
|
Total assets |
|
43,481,242 |
44,795,646 |
||
|
|
|
========== |
========== |
||
|
|
|
|
|
||
|
LIABILITIES AND EQUITY |
|
|
|
||
|
Liabilities |
|
|
|
||
|
Due to shareholders |
10 |
1,754,400 |
1,754,400 |
||
|
Trade and other payables |
11 |
860,754 |
1,033,861 |
||
|
|
|
------------------- |
------------------- |
||
|
Total liabilities |
|
2,615,154 |
2,788,261 |
||
|
|
|
-------------------- |
-------------------- |
||
|
Equity |
|
|
|
||
|
Share capital |
12 |
277,089 |
277,089 |
||
|
Share premium |
13 |
41,286,207 |
41,286,207 |
||
|
Share warrants reserve |
12 |
1,370,000 |
1,370,000 |
||
|
Accumulated losses |
|
(2,067,208) |
(925,911) |
||
|
|
|
-------------------- |
-------------------- |
||
|
Total equity |
|
40,866,088 |
42,007,385 |
||
|
|
|
-------------------- |
-------------------- |
||
|
|
|
|
|
||
|
Total liabilities and equity |
|
43,481,242 |
44,795,646 |
||
|
|
|
========== |
========== |
||
Income statement
|
|
Note |
Year ended 30 June 2008 |
Year ended 30 June 2007 |
|
|
|
USD |
USD |
|
Income |
|
|
|
|
Return on Islamic investments |
|
- |
346,800 |
|
Gain on Musharaka agreement |
|
- |
8,706,435 |
|
Other income |
15 |
263,491 |
376,555 |
|
|
|
------------------- |
------------------- |
|
Total income |
|
263,491 |
9,429,790 |
|
|
|
|
|
|
Expenses |
|
|
|
|
Loss on write-off of property and equipment |
|
- |
(9,492) |
|
Write off of advance to Martin Hage |
7 |
- |
(396,592) |
|
Charge for share warrants |
12 |
- |
(1,370,000) |
|
Administrative and other expenses |
16 |
(1,404,788) |
(4,117,397) |
|
|
|
----------------- |
------------------ |
|
(Loss)/ profit for the year |
|
(1,141,297) |
3,536,309 |
|
|
|
========= |
========= |
|
|
|
|
|
|
|
|
|
|
|
Earnings per share - basic |
17 |
(0.04) |
0.13 |
|
Earnings per share - diluted |
17 |
(0.04) |
0.12 |
|
|
|
===== |
===== |
Statement of changes in shareholders' equity
|
|
Notes |
Share capital |
Share premium |
Share warrants reserve |
Accumulated losses |
Total |
|
|
|
|
USD |
USD |
USD |
USD |
USD |
|
|
|
|
|
|
|
|
|
|
|
At 1 July 2006 |
|
277,089 |
41,286,207 |
- |
(4,462,220) |
37,101,076 |
|
|
|
|
|
|
|
|
|
|
|
Share warrants reserve |
12 |
- |
- |
1,370,000 |
- |
1,370,000 |
|
|
|
|
|
|
|
|
|
|
|
Profit for the year |
|
- |
- |
- |
3,536,309 |
3,536,309 |
|
|
|
|
--------------- |
-------------------- |
------------------ |
--------------------- |
-------------------- |
|
|
At 30 June 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 |
|
|
|
|
======== |
=========== |
========== |
====-====== |
=========== |
|
Cash flow statement
|
|
|
Year ended 30 June 2008 |
Year ended 30 June 2007 |
|
|
Note |
USD |
USD |
|
Operating activities |
|
|
|
|
(loss)/profit for the year |
|
(1,141,297) |
3,536,309 |
|
Adjustments for: |
|
|
|
|
Gain on Musharaka agreement |
|
- |
(8,706,435) |
|
Share warrant provision |
|
- |
1,370,000 |
|
Depreciation |
|
15,024 |
12,462 |
|
Loss on write-off of property and equipment |
|
- |
9,492 |
|
|
|
---------------------------- |
----------------------------- |
|
Operating cash flows before changes in working capital |
|
(1,126,273) |
(3,778,172) |
|
Changes in working capital: |
|
|
|
|
Available-for- sale investment |
|
- |
(7,570,187) |
|
Islamic investments |
|
- |
5,010,924 |
|
Advance payment for investment property |
|
(3,162,831) |
(15,125,883) |
|
Trade and other receivables |
|
2,123,855 |
(4,001,163) |
|
Trade and other payables |
|
(173,107) |
541,184 |
|
|
|
---------------------------- |
----------------------------- |
|
Net cash used in operating activities |
|
(2,338,356) |
(24,923,297) |
|
|
|
---------------------------- |
----------------------------- |
|
Investing activities |
|
|
|
|
Purchase of property and equipment |
|
- |
(64,034) |
|
|
|
---------------------------- |
----------------------------- |
|
Financing activities |
|
|
|
|
Repayment of amount due to shareholders |
|
- |
(3,536,877) |
|
|
|
---------------------------- |
----------------------------- |
|
Net decrease in cash and cash equivalents |
|
(2,338,356) |
(28,524,208) |
|
Cash and cash equivalents, beginning of the year |
|
2,500,524 |
31,024,732 |
|
|
|
---------------------------- |
---------------------------- |
|
Cash and cash equivalents, end of the year |
5 |
162,168 |
2,500,524 |
|
|
|
========== |
========== |
The summarised financial statements appearing above should be read in conjunction with the audited financial statements, in respect of which PricewaterhouseCoopers expressed an unqualified audit opinion dated 31 December 2008, and from which the summarised financial statements have been extracted.
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