Tabuk Cement Company



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Financial Statements & Independent Auditor's Report
Tabuk Cement Company has announced its final financial statements for the year 2006. 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, 2006 - SR
Year 2006 Year 2005
Assets    
Current Assets    
Cash and Bank Balances 9,717,871 8,991,869
Investments - Short Term 215,561,601    70,500,000  
Accounts Receivable 7,780,473  9,422,747
Inventory 97,153,348 109,278,015
Total Current Assets 330,213,293 198,192,631
Non-Current Assets    
Investments 67,499,990 27,614,998  
Fixed Assets - Net 741,536,290   792,038,122  
Capital Works Under Construction 2,338,484   255,823  
Deferred Charges - Net 12,601,418   16,635,650  
Total Non-Current Assets 823,976,183   836,544,593  
Total Assets 1,154,189,475 1,034,737,224
Liabilities and Shareholders' Equity    
Current Liabilities    
Accounts Payable 27,594,650   17,257,418  
Dividends & Other Shareholders' Dues 76,048,247   42,971,537  
Dividends Proposed 200,000,000   140,000,000  
SIDF Loan - Current Installments -- --
Provision for Zakat and Income Tax 5,816,548 4,193,918
Total Current Liabilities 309,459,445   204,422,873  
Non-Current Liabilities    
SIDF Loan -- --
End of Service Benefit 6,297,023   5,888,301  
Total Non-Current Liabilities 6,297,023   5,888,301  
Total Liabilities 315,756,468 210,311,174
Shareholders' Equity    
Capital 700,000,000 700,000,000
Statutory Reserve 82,754,119   60,999,276  
Retained Earnings 55,678,889   63,225,415  
Unrealized gains from Investments --   201,359  
Total Shareholders' Equity 838,433,008   824,426,050  
Total Liabilities and Shareholders' Equity 1,154,189,475 1,034,737,224

Statement of Income - Dec 31, 2006 - SR
  Year 2006 Year 2005
Sales - Net 380,077,489 303,978,922
Cost of Sales (Minus) 153,859,773 133,089,247 
Gross Income 226,217,716 170,889,675
Selling & Marketing Expenses 1,650,050   1,735,654  
General and Administrative Expenses 11,314,376   13,325,958  
Financing Expenses --   2,540,000  
Total Expenses 12,964,426 17,601,612
Net Income from Operation 213,253,290 153,288,063 
Other Income (Expenses) 9,918,360   5,537,870  
Net Income - Before Zakat 223,171,650 158,825,933 
Provision for Zakat 5,623,218 4,000,588
Net Income 217,548,432  154,825,345
Regular Share's Revenue    


Statement of Cash Flows - Dec 31, 2006 - SR
  Year 2006 Year 2005
Cash Flows from Operating Activities    
Net Income 223,171,650 154,825,345 
Adjustment to Reconcile Net Income to Net Cash Provided by Operating Activities    
Depreciation of Fixed Assets 58,519,037   60,254,267  
Amortization of Deferred Charges 4,554,136   3,306,415  
Losses (Earnings) on Sale of Fixed Assets    
End of Service Benefits 1,757,048   1,164,230  
Provision for Zakat and Income Tax -- --
     
Changes in Assets & Liabilities
(Increase) Decrease: 		   
Accounts Receivable 1,642,274 19,235,577
Inventory 12,124,667   5,342,726  
(Decrease) Increase:    
Accounts Payable 8,137,232 1,945,892
Provision for Zakat and Income Tax (4,000,588) (3,600,032)
End of Service Benefits (1,348,326) (743,001)
Net Cash Flow - Operating Activities 304,557,130 231,154,771
Investments    
Long Term (185,147,952) 47,386,361  
Profits of Sales of Fixed Assets (8,017,206) (80,136,453)
Capital Works Under Construction (2,082,661) 42,346,078  
Deferred Charges (519,904) (2,606,719)
Net Flow (used in) Investment Activities (195,767,723) 6,989,267
Cash Flows - Financing Activities    
Distribute Profits (108,063,405) (90,497,332)
SIID Loan --   (145,000,000)
Net Cash Flow (used in) Financing Activities (108063,405) (235,497,332 
Net Increase in Cash Balances 726,002   2,646,706  
Cash and Bank Balances - Beginning of Year 8,991,869 6,345,163
Cash and Bank Balances - End of Year 9,717,871 8,991,869
Capital Works Under Construction Transferred to Fixed Assets    

Independent Auditor's Report