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 2007. 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, 2007 - SR
Year 2007 Year 2006
Assets    
Current Assets    
Cash and Bank Balances 2,558,812 9,717,871
Investments - Short Term 469,300,000 215,561,601   
Accounts Receivable 19,021,630 7,780,473 
Inventory 106,264,154 97,153,348
Total Current Assets 597,144,596 330,213,293
Non-Current Assets    
Investments 67,499,990 67,499,990
Fixed Assets - Net 689,313,542 741,536,291  
Capital Works Under Construction 4,242,302 2,338,484  
Deferred Charges - Net 8,147,745 12,601,418  
Total Non-Current Assets 769,203,579 823,976,183  
Total Assets 1,366,348,175 1,154,189,476
Liabilities and Shareholders' Equity    
Current Liabilities    
Accounts Payable 25,106,942 27,594,650  
Dividends & Other Shareholders' Dues 72,540,207 76,048,247  
Dividends Proposed 225,000,000 200,000,000  
SIDF Loan - Current Installments -- --
Provision for Zakat and Income Tax 5,836,840 5,816,548
Total Current Liabilities 328,483,989 309,459,445  
Non-Current Liabilities    
SIDF Loan -- --
End of Service Benefit 7,135,799 6,297,023  
Total Non-Current Liabilities 7,135,799 6,297,023  
Total Liabilities 335,619,788 315,756,468
Shareholders' Equity    
Capital 900,000,000 700,000,000
Statutory Reserve 104,793,326 82,754,119  
Retained Earnings 25,935,061 55,678,889  
Total Shareholders' Equity 1,030,728,387 838,433,008
Total Liabilities and Shareholders' Equity 1,366,348,175 1,154,189,476

Statement of Income - Dec 31, 2007 - SR
  Year 2007 Year 2006
Sales - Net 341,158,466 380,077,489
Cost of Sales 122,981,016 153,859,773
Gross Income 218,177,450 226,217,716
Selling & Marketing Expenses 2,020,344 1,650,050  
General and Administrative Expenses 11,591,315 11,314,376  
Total Expenses 13,611,659 12,964,426
Net Income from Operation 204,565,791 213,253,290
Other Income (Expenses) 21,614,106 9,918,360  
Total - Other Income (Expenses)    
Net Income - Before Zakat 226,179,897 223,171,650
Provision for Zakat 5,787,825 5,623,218
Net Income 220,392,072  217,548,432
Regular Share's Revenue    


Statement of Cash Flows - Dec 31, 2007 - SR
  Year 2007 Year 2006
Cash Flows from Operating Activities    
Net Income 226,179,897 223,171,650
Adjustment to Reconcile Net Income to Net Cash Provided by Operating Activities    
Depreciation of Fixed Assets 53,903,615 58,519,037  
Amortization of Deferred Charges 4,781,708 4,554,136  
Losses (Earnings) on Sale of Fixed Assets    
End of Service Benefits 2,214,067 1,757,048  
Provision for Zakat and Income Tax -- --
     
Changes in Assets & Liabilities
(Increase) Decrease: 		   
Investments - Short Term -- --
Accounts Receivable (11,241,157) 1,642,274
Inventory (9,110,806) 12,124,667  
(Decrease) Increase:    
Accounts Payable (2,487,708) 8,137,232
Provision for Zakat and Income Tax (5,767,533) 4,000,588
End of Service Benefits (1,375,291) (1,348,326)
Net Cash Flow - Operating Activities 257,096,792 304,557,130
Investments    
Long Term 215,561,601 185,147,952
Profits of Sales of Fixed Assets 1,680,867 8,017,206  
Capital Works Under Construction 1,903,818 2,082,661  
Deferred Charges 328,035   519,904  
Net Flow (used in) Investment Activities 211,648,881 195,767,723
Cash Flows - Financing Activities    
Capital 200,000,000 --
Distributed Profits (206,604,732) (108,063,405)
SIID Loan -- --  
Net Cash Flow (used in) Financing Activities (6,604,732) (108063,405)
Net Increase in Cash Balances 462,140,941 726,002  
Cash and Bank Balances - Beginning of Year 9,717,871 8,991,869
Cash and Bank Balances - End of Year 471,858,812 9,717,871
Capital Works Under Construction Transferred to Fixed Assets    

Independent Auditor's Report