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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Tejoori | LSE:TJI | London | Ordinary Share | VGG8739M1133 | ORD USD0.01 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.485 | 0.46 | 0.51 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMTJI
RNS Number : 2617O
Tejoori Limited
05 February 2016
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 ceo@tejooriltd.ae Allenby Capital Limited Tel: +44 (0)203 328 5656 (Nominated Adviser and Broker) Nick Athanas/James Reeve
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.
Bekon
As 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 Nasser
Chairman of Board
5 February 2016
Consolidated Statement of Financial Position
as at December 31 2015
December December ------ ------------- ------------- Notes 2015 2014 ------ ------------- ------------- Assets USD USD Cash and bank balances 1 717,890 8,716 Wakala deposits 2 2,800,825 3,590,030 Trade and other receivables 3 3,741,500 3,741,500 Other assets 4 19,452 28,225 Available-for-Sale Investment 5 3,350,000 4,500,000 Investment in properties 6 13,912,681 16,460,040 Total assets 24,542,348 28,328,511 ============= ============= Current liabilities Due to a shareholder 7 877,200 877,200 Trade and other payables 8 514,482 532,182 Total current liabilities 1,390,420 1,409,382 ------------- ------------- Equity and liabilities equity Share Capital 9 277,089 277,089 Share premium 9.1 41,286,207 41,286,207 Fair value reserve 0 460,000 Accumulated losses (18,412,630) (15,089,167) Total equity 23,150,666 26,919,129 ------------- ------------- Total equity and liabilities 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
December December ------ --------- --------- Notes 2015 2014 ------ --------- --------- USD USD Return On Wakala deposits 10 53,205 77,226 Total Income 53,205 77,226 ========= ========= Administrative and other operating expenses 11 (82,500) (50,745) (82,500) (50,745) --------- --------- (Loss) for the year (29,296) 26,481 Total comprehensive loss for the year (29,296) 26,481 ========= ========= Earning per share-basic 0.0015 0.0015 Earning per share-diluted 0.0015 0.0015
Statement of changes in shareholders' equity
Share Share Fair value Accumulated Total capital premium reserve losses Equity USD USD USD USD USD Balance at 1 Jul 2014 277,089 41,286,207 460,000 -15,131,648 26,892,648 Total comprehensive income for the year Profit for the year - - - -3,251,686 -3,251,686 Total other comprehensive income for the year -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 ======== ======== ======== ======== ======== Balance at 1 Jun 2015 277,089 41,286,207 0 -18,383,334 23,180,962 Total comprehensive income for the year Profit for the year - - - -29,296 -29,296 Total other comprehensive income for the year Change in the fair value of available for sale financial assets - - 0 - 0 Net amount transferred to profit or loss 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 ======== ======== ========= ========= ========
February 05, 2016 08:26 ET (13:26 GMT)
Statement of Cash Flows
December December ---------- ------------ Cash flows from operating activities 2015 2014 Net profit for the year (29,296) 26,481 Adjustments for: Cash from operating activities before changes in working capital (29,296) (1,346,799) Change in due to related parties (23,882) 67,143 Change in Wakala Deposits 457,654 Change in prepayments (8,773) 77,873 Change in other Assets (556) Change in trade and other payables (16,640) 270,342 Net Cash (used in) investing activities 0 (489,343) ---------- ------------ Net (decrease) in cash and cash equivalents -78,590 (489,343) Cash and cash equivalents, beginning of the year 3,598,746 4,058,089 ---------- ------------ Cash and cash equivalents, end of the year 3,518,716 3,568,746 ========== ============
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 - --------- 717,890 8,716 ========= ========= 2 Wakala Deposits December December 2015 2014 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 December December 2015 2014 USD USD Prepayments 19,452 28,225 --------- --------- 19,452 28,225 ========= ========= 5 Available-for-sale investment December December 2015 2014 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.
December December 2015 2014 USD USD Balance as at 1 Jul 2015 13,913,682 15,071,760.00 Fair value loss 1,388,280.02 13,913,682 16,460,040 7 Due to a shareholder December December 2015 2014 USD USD Opening balance 877,200 877,200 Repayments during the year 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 December December 2015 2014 USD 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).
December December 2015 2014 USD 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 December 2015 2014 USD USD Return on Islamic investments 53,174 77,226 --------- --------- 53,174 77,226 ========= ========= 11 Administrative and other operating expenses December December 2015 2014 USD 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 Others 401 5,934 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.
Dec 2015 Dec 2014 ----------- ----------- Basis 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:
Dec 2015 Dec 2014 --------- --------- Transactions Key management remuneration - Directors' fees and other remuneration 13,692 15,000 Related party transactions and balances (continued) Due to related parties Due to a shareholder 877,200 877,200 Key management remuneration 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR SSFFDIFMSEEE
(END) Dow Jones Newswires
February 05, 2016 08:26 ET (13:26 GMT)
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