Tabuk Cement Company



Home Page
Arabic Language
Latest News
Subscribe

Financial Statements & Independent Auditor's Report
Tabuk Cement Company has announced its final financial statements for the year 2005. The following is a detailed presentation of these statements along with the Independent Auditor's report. (Negative values are in red):

Balance Sheet for the year ended Dec 31, 2005 - SR
Year 2005 Year 2004
Assets    
Current Assets    
Cash and Bank Balances 8,991,869 6,345,163
Investments - Short Term 70,500,000   127,300,000
Accounts Receivable 9,422,747 28,658,324
Inventory 109,278,015 103,935,289
Total Current Assets 198,192,631 266,238,776
Non-Current Assets    
Investments 27,614,998   18,000,000
Fixed Assets - Net 792,038,122   772,155,936
Capital Works Under Construction 255,823   42,601,901
Deferred Charges - Net 16,635,650   17,335,346
Total Non-Current Assets 836,544,593   850,093,183
Total Assets 1,034,737,224 1,116,331,959
Liabilities and Shareholders' Equity    
Current Liabilities    
Accounts Payable 17,257,418   17,003,310
Dividends & Other Shareholders' Dues 42,971,537   28,468,869
Dividends Proposed 140,000,000   105,000,000
SIDF Loan - Current Installments -- 105,000,000
Provision for Zakat and Income Tax 4,193,918 3,793,362
Total Current Liabilities 204,422,873   259,265,541
Non-Current Liabilities    
SIDF Loan -- 40,000,000
End of Service Benefit 5,888,301   5,467,072
Total Non-Current Liabilities 5,888,301   45,467,072  
Total Liabilities    
Shareholders' Equity    
Capital 700,000,000 700,000,000
Statutory Reserve 60,999,276   45,516,741
Retained Earnings 63,225,415   66,082,605
Unrealized gains from Investments 201,359    
Total Shareholders' Equity 824,426,050   811,599,346  
Total Liabilities and Shareholders' Equity 1,034,737,224 1,116,331,959 

Statement of Income - Dec 31, 2005 - SR
  Year 2005 Year 2004
Sales - Net 303,978,922 284,113,326
Cost of Sales (Minus) (133,089,247) 141,856,088
Gross Income 170,889,675 142,257,238
Selling & Marketing Expenses 1,735,654   1,649,210
General and Administrative Expenses 13,325,958   13,705,297
Financing Expenses 2,540,000   2,566,000
Total Expenses 17,601,612 17,920,507
Net Income from Operation 153,288,063 124,336,731
Other Income (Revision) 5,537,870   7,579,973
Net Income - Before Zakat 158,825,933 131,916,704
Provision for Zakat 4,000,588 3,326,472
Net Income 154,825,345 128,590,232
Regular Share's Revenue    


Statement of Cash Flows - Dec 31, 2005 - SR
  Year 2005 Year 2004
Cash Flows from Operating Activities    
Net Income 154,825,345 128,590,232
Adjustment to Reconcile Net Income to Net Cash Provided by Operating Activities    
Depreciation of Fixed Assets 60,254,267   56,536,639
Amortization of Deferred Charges 3,306,415   3,235,441
Losses (Earnings) on Sale of Fixed Assets    
End of Service Benefits 1,164,230   1,505,005
Provision for Zakat and Income Tax 4,000,588   3,326,472
     
Changes in Assets & Liabilities
(Increase) Decrease: 		   
Accounts Receivable 19,235,577 (20,844,591)
Inventory (5,342,726) 6,269,846
(Decrease) Increase:    
Accounts Payable (1,945,892) (2,161,494)
Provision for Zakat and Income Tax (3,600,032) (2,375,944)
End of Service Benefits (743,001) (362,845)
Net Cash Flow - Operating Activities 231,154,771 173,718,761
Investments    
Long Term 47,386,361   (1,760,000)
Profits of Sales of Fixed Assets (80,136,453) (1,323,260)
Capital Works Under Construction 42,346,078   (18,514,669)
Deferred Charges (2,606,719) (746,500)
Net Flow (used in) Investment Activities 6,989,267 (38,184,429)
Cash Flows - Financing Activities    
Distribute Profits (90,497,332) (62,378,033)
SIID Loan (145,000,000) (70,000,000)
Net Cash Flow (used in) Financing Activities (235,497,332) (132,378,033)
Net Increase in Cash Balances 2,646,706   3,156,299
Cash and Bank Balances - Beginning of Year 6,345,163 3,188,864
Cash and Bank Balances - End of Year 8,991,869 6,345,163
Capital Works Under Construction Transferred to Fixed Assets    

Independent Auditor's Report