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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