5th Feb 2016 13:26
5 February 2016
Tejoori Limited
("Tejoori" or the "Company")
Interim results for the six months ended 31 December 2015
The Board of Tejoori (AIM: TJI), the Dubai-based Shari'a-compliant investment company, is pleased to announce its unaudited interim results for the six months 31 December 2015.
For further information:
Tejoori Limited | Tel: +971 4 2839316 |
Abdullah Lootah, CEO | |
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Allenby Capital Limited | Tel: +44 (0)203 328 5656 |
(Nominated Adviser and Broker) |
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Nick Athanas/James Reeve |
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Chairman's Statement
Welcome to the results of Tejoori Limited, the Dubai-based Shari'a compliant investment company, for the six month period ending 31 December 2015.
Financial Performance during the Period
As at 31 December 2015, the Company had cash available for investment of USD 3,518,716 (31 December 2014: USD 3,598,746). As at 31 December 2015, USD 2,800,825 of the cash available for investment was placed on short term wakala deposits which carry a profit rate of 5% per annum. During the period under review Tejoori generated income of USD 53,205 from these wakala deposits (six months ended 31 December 2014: USD 77,226) and recorded a net loss of USD 29,296 (six months ended 31 December 2014: net profit of USD 26,481).
Existing Investments
Arjan Plots
The Board has continued to assess its options for the Group's interest in three plots in Arjan. These include the potential of selling the assets or initiating developments on the plots. The Board is seeking to evaluate and select the option which would provide maximum returns for shareholders and hopes to be in a position to update the shareholders in the future.
BekonAs at 31 December 2015 Tejoori retained a 10.1% shareholding in BEKON Holding AG ("BEKON"). BEKON specialises in the construction and operation of batch biogas plants for the generation of electricity from waste, as well as the production of compost and organic fertilizer. Despite all the challenges that BEKON has faced, the Board remains confident of the future prospects of this investment.
We will keep our shareholders updated on our developments.
Outlook
With positive outlook we hope to be able to continue improving the performance of Company. Any future investment by Tejoori will be made with a view to have higher potential returns for the shareholders.
Khalid Al NasserChairman of Board
5 February 2016
Consolidated Statement of Financial Position
as at December 31 2015
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| December |
| December |
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| Notes |
| 2015 |
| 2014 |
Assets |
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| USD |
| USD |
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Cash and bank balances |
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| 1 |
| 717,890 |
| 8,716 |
Wakala deposits |
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| 2 |
| 2,800,825 |
| 3,590,030 |
Trade and other receivables |
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| 3 |
| 3,741,500 |
| 3,741,500 |
Other assets |
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| 4 |
| 19,452 |
| 28,225 |
Available-for-Sale Investment |
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| 5 |
| 3,350,000 |
| 4,500,000 |
Investment in properties |
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| 6 |
| 13,912,681 |
| 16,460,040 |
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Total assets |
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| 24,542,348 |
| 28,328,511 |
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Current liabilities |
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Due to a shareholder |
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| 7 |
| 877,200 |
| 877,200 |
Trade and other payables |
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| 8 |
| 514,482 |
| 532,182 |
Total current liabilities |
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| 1,390,420 |
| 1,409,382 |
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Equity and liabilities |
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equity |
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Share Capital |
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| 9 |
| 277,089 |
| 277,089 |
Share premium |
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| 9.1 |
| 41,286,207 |
| 41,286,207 |
Fair value reserve |
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| 0 |
| 460,000 |
Accumulated losses |
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| (18,412,630) |
| (15,089,167) |
Total equity |
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| 23,150,666 |
| 26,919,129 |
Total equity and liabilities |
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| 24,542,348 |
| 28,328,511 |
These financial statements were approved for issue by the Board of Directors of the company on 5 February 2016 and signed on its behalf by:
________________ ________________
Director Director
Consolidated Statement of Comprehensive Income
as at December 31 2015
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| December |
| December |
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| Notes |
| 2015 |
| 2014 |
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| USD |
| USD |
Return On Wakala deposits |
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| 10 |
| 53,205 |
| 77,226 |
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Total Income |
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| 53,205 |
| 77,226 |
Administrative and other operating expenses |
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| 11 |
| (82,500) |
| (50,745) |
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|
|
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| (82,500) |
| (50,745) |
(Loss) for the year |
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| (29,296) |
| 26,481 |
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Total comprehensive loss for the year |
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| (29,296) |
| 26,481 |
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Earning per share-basic |
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| 0.0015 |
| 0.0015 |
Earning per share-diluted |
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| 0.0015 |
| 0.0015 |
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Statement of changes in shareholders' equity
| Share capital | Share premium | Fair value reserve | Accumulated losses | Total Equity |
| USD | USD | USD | USD | USD |
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Balance at 1 Jul 2014 | 277,089 | 41,286,207 | 460,000 | -15,131,648 | 26,892,648 |
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Total comprehensive income for the year |
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Profit for the year | - | - | - | -3,251,686 | -3,251,686 |
Total other comprehensive income for the year |
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| -1150000 |
| -1150000 |
Change in the fair value of available for sale financial assets | - | - | 690,000 | - | 690,000 |
| ---------- | ------------ | -------------- | -------------- | ------------- |
Total other comprehensive income for the year | - | - | (460,000) | - | (460,000) |
| ---------- | ------------ | -------------- | -------------- | ------------- |
Total comprehensive income for the year | - | - | (460,000) | (3,251,686) | (3,711,686) |
| ------------ | ---------------- | ---------------- | ----------------- | --------------- |
Balance at 30 Jun 2015 | 277,089 | 41,286,207 | 0 | -18,383,334 | 23,180,962 |
| ======== | ======== | ======== | ======== | ======== |
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Balance at 1 Jun 2015 | 277,089 | 41,286,207 | 0 | -18,383,334 | 23,180,962 |
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Total comprehensive income for the year |
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Profit for the year | - | - | - | -29,296 | -29,296 |
Total other comprehensive income for the year |
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Change in the fair value of available for sale financial assets
| - | - | 0 | - | 0 |
Net amount transferred to profit or loss |
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| 0 |
| 0 |
| ----------- | ------------ | -------------- | -------------- | ------------- |
Total other comprehensive income for the year | 0 | 0 | 0 | 0 | 0 |
| ----------- | ------------ | -------------- | -------------- | ------------- |
Total comprehensive income for the year | - | - | - | (29,296) | (29,296) |
| ----------- | -------------- | --------------- | --------------- | ------------- |
Balance at 31 Dec 2015 | 277,089 | 41,286,207 | 0 | -18,412,630 | 23,151,666 |
| ======== | ======== | ========= | ========= | ======== |
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Statement of Cash Flows
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| December |
| December |
Cash flows from operating activities |
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| 2015 |
| 2014 |
Net profit for the year |
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| (29,296) |
| 26,481 |
Adjustments for: |
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Cash from operating activities before changes in working capital |
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| (29,296) |
| (1,346,799) |
Change in due to related parties |
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| (23,882) |
| 67,143 |
Change in Wakala Deposits |
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| 457,654 |
Change in prepayments |
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| (8,773) |
| 77,873 |
Change in other Assets |
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| (556) |
Change in trade and other payables |
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| (16,640) |
| 270,342 |
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Net Cash (used in) investing activities |
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| 0 |
| (489,343) |
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Net (decrease) in cash and cash equivalents |
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| -78,590 |
| (489,343) |
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Cash and cash equivalents, beginning of the year |
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| 3,598,746 |
| 4,058,089 |
Cash and cash equivalents, end of the year |
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| 3,518,716 |
| 3,568,746 |
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Notes to the interim financial information for the six months ended 31 December 2015
1 Cash and bank balances
| December | December | ||
| 2015 | 2014 | ||
| USD | USD | ||
Cash at banks | 717,890 |
| 8,716 | |
Cash in hand |
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| - | |
| 717,890 |
| 8,716 | |
2 Wakala Deposits
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| December | December | ||
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| 2015 | 2014 | ||
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| USD | USD | ||
Corporate deposit |
| 1,431,496 |
| 2,013,460 | |
Wakala Deposit |
| 1,385,702 |
| 1,576,570 | |
| 2,800,825 |
| 3,590,030 | ||
Cash at bank and investment in Wakala deposits are placed with reputable corporates based in the United Arab Emirates. The Wakala deposits carried a profit rate of 5%.
3 Trade and other receivables
| December |
| December |
| 2015 |
| 2014 |
| USD |
| USD |
Other receivables | 3,741,500 |
| 3,741,499 |
| 3,741,500 |
| 3,741,499 |
4 Other Assets
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| December 2015 USD |
| December 2014 USD |
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Prepayments |
| 19,452 |
| 28,225 |
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| 19,452 |
| 28,225 |
5 Available-for-sale investment
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| December | December | ||
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| 2015 | 2014 | ||
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| USD | USD | ||
Opening Balance |
| 4,500,000 |
| 4,840,000 | |
Fair value (loss) / gain during the 6 Month Ended 31-12-15 |
| (1,150,000) |
| (340,000) | |
Balance at 31 December |
| 3,350,000 |
| 4,500,000 | |
The available-for-sale investment represents the 10.1% (31 December 2014: 10.1%) investment in Bekon Holding AG.
6 Investment in property
During the year ended 30 June 2013 an amount of USD 10.5 million was transferred from 'Advances towards acquisition of investment property' to 'Investment property'. The investment property pertains to two plots of land in the Arjan project, Dubai, United Arab Emirates.
The fair value of the investment property is USD 13.9 million.
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| December 2015 USD |
| December 2014 USD |
Balance as at 1 Jul 2015 |
| 13,913,682 |
| 15,071,760.00 |
Fair value loss |
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| 1,388,280.02 |
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| 13,913,682 |
| 16,460,040 |
7 Due to a shareholder
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| December 2015 USD |
| December 2014 USD |
Opening balance |
| 877,200 |
| 877,200 |
Repayments during the year |
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| 877,200 |
| 877,200 |
In accordance with the Company's placement document, the shareholding of individual investors cannot exceed eight percent of the issued and fully paid share capital. This balance represents funds received from a shareholder in excess of the eight percent limit and is refundable to the investors unless the Company is able to secure additional capital from the other shareholders.
8 Trade and other payables
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| December 2015 USD |
| December 2014 USD |
Trade payable |
| 816 |
| 17,012 |
Audit fee payable |
| 0 |
| 17,850 |
Other payables |
| 465,446 |
| 497,320 |
|
| 514,482 |
| 532,182 |
9 Share capital
The authorised share capital of the Company comprises 1 billion shares of USD 0.01 each (31 Dec 2014: 1 billion shares of USD 0.01 each).
The issued and fully paid share capital of the Company comprises 27,708,864 shares of USD 0.01 each (2014: 27,708,864 shares of USD 0.01 each).
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| December 2015 USD |
| December 2014 USD |
Opening Balance |
| 277,089 |
| 277,089 |
|
| 277,089 |
| 277,089 |
9.1 Share premium
Share premium represents amounts received from shareholders in excess of the nominal value of the shares allotted to them.
10 Revenue
|
| December 2015 USD |
| December 2014 USD |
Return on Islamic investments |
| 53,174 |
| 77,226 |
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| 53,174 |
| 77,226 |
11 Administrative and other operating expenses
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| December 2015 USD |
| December 2014 USD |
Legal and professional fees |
| 60,356 |
| 28,168 |
Administration fees |
| 551 |
| 1,643 |
Directors' remuneration and fees |
| 7,500 |
| 15,000 |
Salary expense for CEO |
| 13,692 |
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Others |
| 401 |
| 5,934 |
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| 82,500 |
| 50,745 |
12 (Loss) / Earnings per share
The basic earnings per share is calculated by dividing the net profit/loss attributable to shareholders by the weighted average number of ordinary shares in issue during the year.
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| Dec 2015 |
| Dec 2014 |
Basis |
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Profit/(loss) for the year in USD |
| (29,296) |
| 26,481 |
Weighted average number of shares in issue |
| 27,708,864 |
| 27,708,864 |
Basic earnings/(loss) per share in USD |
| (0.00106) |
| 0.0010 |
13 Related party transactions and balances
Related parties comprise key management, businesses controlled by shareholders and directors as well as businesses over which they exercise significant influence. During the year, the company entered into significant transactions with related parties in the ordinary course of business. In addition to the disclosure in note 1, following are the other transactions and balances arising from these transactions:
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| Dec 2015 |
| Dec 2014 |
Transactions |
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Key management remuneration |
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| - | ||
Directors' fees and other remuneration |
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| 13,692 |
| 15,000 | |||
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Related party transactions and balances (continued) |
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Due to related parties |
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Due to a shareholder |
|
|
|
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| 877,200 |
| 877,200 | |
Key management remuneration |
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|
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| 465,446 |
| 459,632 | ||
Due from Injaz Capital Investments LLC |
|
|
| 48,220 |
| 48,220 | |||
Related party balances are profit fee and payable/receivable on demand.
Related Shares:
Tejoori