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ANNUAL REPORT
Download The 12th Annual Report 2005
Download The 13th Annual Report 2006
Download The 14th Annual Report 2007
Download The 15th Annual Report 2008
Download The 16th Annual Report 2009
FINANCIAL STATEMENTS
Balance Sheets as of December 31, 2009 and 2008
Statements of income
for 2009 vs. 2008
Statements of
changes in
shareholders' equity
for 2009 vs. 2008
Statements of cash flows for 2009
vs. 2008
BALANCE SHEETS
AS
AT DECEMBER 31,
2009
|
ASSETS |
2008
JD |
2009
JD |
|
Cash on hand and at banks |
6,309,786 |
8,986,537 |
|
Restricted bank deposits |
5,793,550 |
6,047,575 |
|
Trading investments |
6,822,051 |
2,208,751 |
|
Available-for-sale investments |
1,960,461 |
826,380 |
|
Held to maturity investments |
1,649,640 |
1,444,640 |
| Property and equipment |
149,977 |
283,173 |
Deferred tax assets |
431,771 |
609,212 |
|
Accounts receivable and other debit balances |
355,791 |
3,170,132 |
Total Assets |
23,473,027 |
23,576,400 |
|
LIABILITIES AND EQUITY |
|
Liabilities: |
|
Income tax provision |
300,816 |
3,091,219 |
|
Central Bank of Jordan Loan |
5,160,695 |
5,160,695 |
|
Provisions for loan guarantee |
2,547,585 |
382,247 |
|
Accounts payable and other liabilities |
330,928 |
164,402 |
|
Total Liabilities |
8,340,024 |
8,798,563 |
|
|
|
Equity: |
|
Paid in capital |
10,000,000 |
10,000,000 |
|
Statutory reserve |
1,149,391 |
1,244,852 |
|
Voluntary reserve |
1,874,190 |
2,065,112 |
|
Cumulative change in fair value |
890,655 |
167,075 |
|
Retained earnings |
1,218,767 |
1,300,798 |
|
Total Equity |
15,133,003 |
14,777,837 |
|
Total Liabilities and Equity |
23,473,027 |
23,576,400 |
|
STATEMENTS OF INCOME
FOR THE YEAR ENDED DECEMBER 31, 2009
|
Revenues
|
2008
JD |
2009
JD |
|
Interest income |
737,708 |
490,125 |
|
Commissions on guaranteed loans |
372,831 |
367,276 |
|
Commissions on guaranteed industrial
loans and financial leasing |
53,777 |
136,234 |
|
Commissions on guaranteed export loans and domestic buyers |
224,770 |
62,498 |
|
Dividends income |
77,027 |
749,261 |
|
Gain on sale of trading Investment |
77,414 |
141,345 |
|
Bonds interest income |
129,152 |
113,567 |
|
Gain on sale of available for sale investment |
10,170 |
55,015 |
|
Other income |
29,419 |
11,589 |
|
Total revenues |
1,712,268 |
2,126,910 |
|
|
|
|
|
Less: |
|
|
|
Administrative expenses |
1,007,429 |
903,182 |
|
Special provision |
208,894 |
260,612 |
|
General provision |
29,198 |
- |
|
Provision for end of service indemnity |
10,263 |
8,509 |
|
Fees and other expenses |
1,060 |
60,472 |
|
Total Expenses |
1,256,844 |
1,232,775 |
|
Profit (Loss) for the year before income tax |
1,206,545 |
894,135 |
|
Income tax (expenses) benefits |
(159,675) |
( 25,721) |
|
Profit for the year |
(1,046,870) |
868,414 |
|
Earnings per share |
( 0.105) |
0.087 |
|
Profit (loss) for the year |
(1,046,870) |
868,414 |
|
Other comprehensive income |
|
Available for sale financial asset valuation |
(232,327) |
(723,580) |
|
Total comprehensive income for the year |
(1,279,197) |
144,834 |
STATEMENTS OF CHANGES IN
SHAREHOLDERS’ EQUITY
FOR THE YEAR ENDED DECEMBER 31, 2009
| |
Paid in capital |
Reserves |
Fair value adjustments |
Retained
Earnings |
Total |
Statutory |
Voluntary |
| Balance as at 1 January 2009 |
10,000,000 |
1,149,391 |
1,874,190 |
890,655 |
1,218,767 |
15,133,003 |
| Divided paid |
- |
- |
- |
- |
(500,000) |
(500,000) |
| Total comprehensive income for the year |
- |
- |
- |
(723,580) |
868,414 |
144,834 |
| Reserves |
- |
95,461 |
190,922 |
- |
(286,383) |
- |
| Balance as at 31 December 2009 |
10,000,000 |
1,244,852 |
2,065,112 |
167,075 |
1,300,798 |
14,777,837 |
| Balance as at 1 January 2008 |
10,000,000 |
1,149,391 |
1,874,190 |
1,122,982 |
2,865,637 |
17,012,200 |
| Dividends paid |
- |
- |
- |
- |
(600,000) |
(600,000) |
| Total comprehensive income for the year |
- |
- |
- |
( 232,327) |
( 1,046,870) |
( 1,279,197) |
| Balance as at 31 December 2008 |
10,000,000 |
1,149,391 |
1,874,190 |
890,655 |
1,218,767 |
15,133,003 |
STATEMENTS OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31, 2008
CASH FLOWS FROM OPERATING ACTIVITIES |
2008
JD |
2009
JD |
Profit (loss) for the year before tax |
( 1,206,545 ) |
894,135 |
Depreciation |
27,202 |
29,590 |
Change in fair value of trading investments |
1,356,419 |
(141,345 ) |
Gain on sale of financial assets available for sale |
(10,170 ) |
(700,442 ) |
Provision for end of service indemnity |
10,263 |
8,509 |
Provisions for loan guarantee |
543,642 |
614,952 |
Change in working capital |
Trading investments |
327,119 |
4,754,645 |
Accounts and other receivables |
166,067 |
( 21,930 ) |
Accounts and other payables |
(100,343 ) |
42,810 |
Net payments of loan guarantee |
(368,550 ) |
( 71,318 ) |
Income taxes paid |
( 155,861 ) |
(196,789 ) |
Net Cash from Operating Activities |
589,243 |
5,212,817 |
Cash Flows From Investing Activities |
Redemption of held to maturity investments |
298,680 |
205,000 |
Property & equipment |
(68,194 ) |
( 3,049,745 ) |
Available for sale securities |
14,526 |
1,062,704 |
Net Cash Flows From Investing Activities |
245,012 |
( 1,782,041 ) |
Cash Flows From Financing Activities |
Increase in restricted loan deposits |
(111,812 ) |
(254,025 ) |
Dividends paid |
(600,000 ) |
( 500,000 ) |
Net Flows From Financing Activities |
(711,812 ) |
( 754,025 ) |
Change in cash & cash equivalents |
122,443 |
2,676,751 |
Cash & cash equivalents at beginning of the year |
6,187,343 |
6,309,786 |
Cash & cash equivalents at end of the year |
6,309,786 |
8,986,537 |
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