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Tejoori Limited  -  TJI   

Half-year Report

Released 07:44 30-Mar-2017

RNS Number : 9849A
Tejoori Limited
30 March 2017
 

30 March 2017

Tejoori Limited

("Tejoori" or the "Company")

 

Interim results for the six months ended 31 December 2016

 

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 2016.

 

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/Charles Donaldson


 

Chairman's Statement

 

Welcome to the results of Tejoori Limited ("Tejoori" or the "Company"), the Dubai-based Shari'a compliant investment company, for the six month period ended 31 December 2016.

 

Financial Performance during the Period

 

As at 31 December 2016, the Company had cash available for investment of US$13,158,896 (31 December 2015: US$3,518,715).  As at 31 December 2016, US$8,163,941 of the cash available for investment was placed on short term wakala deposits which carry a profit rate of 2.50 per cent. per annum. During the period under review Tejoori generated income of US$29,360 from these wakala deposits (six months ended 31 December 2015: US$53,205) and recorded a net loss of US$219,996 (six months ended 31 December 2015: net loss of US$29,295).

 

Existing Investments

 

As announced in December 2016, Tejoori successfully sold one of the remaining two Arjan plots of land (an "Arjan Plot" or, collectively, the "Arjan Plots") owned by Tejoori during the period under review, with net cash proceeds of c. US$3.57 million being received by Tejoori.

 

In addition in the period under review the Company disposed of its 10.1% interest in BEKON Holding AG for nil consideration, as announced by Tejoori on 24 August 2016.

 

In February 2017, the Company disposed of its final remaining Arjan Plot for a gross consideration of AED 21,312,540 (equivalent to approximately US$5.8 million). The sale was completed in February 2017 and is therefore not reflected in the financial performance in the year ended 31 December 2016.

 

Following the sale of the final Arjan Plot in February 2017, Tejoori has fully divested its investment portfolio and holds cash and wakala deposits only. Under the AIM Rules the Company is deemed to have, following the sale of the final Arjan Plot, disposed of all of its assets within the meaning of Rule 15 of the AIM Rules for Companies. Consequently, Tejoori has 12 months from date of this disposal, being 23 February 2017, to implement its current investing policy in accordance with Rule 15 of the AIM Rules for Companies otherwise the Company's shares will be suspended from trading on AIM pursuant to Rule 40 of the AIM Rules for Companies.

 

As previously announced the Company intends to return to shareholders a certain proportion of the cash generated from the sale of the Arjan Plots and is considering, in conjunction with its advisers, the most effective and efficient manner in which to return to cash to shareholders. As part of this exercise the Company is also continuing to evaluate the merits of remaining on AIM. Further updates will be made by the Company at the appropriate time.

 

We look forward to updating our shareholders on future plans in due course.

 

 

Khalid Al Nasser
Chairman of Board

29 March 2017

 

 

 

 

 

Consolidated Statement of Financial Position

as at December 31, 2016

 




Notes


Dec-2016


Dec-2015







USD


USD


Assets


















Cash and bank balances


1


     4,994,955


         717,890


Fixed deposits



2


     8,163,941


       2,800,825


Trade and other receivables


3


     516,860


       3,741,500


Other assets/Prepayments


4


          17,138


           19,452


Available-for-Sale Investment


5


                 -  


       3,350,000


Investment in properties


6


     4,165,151


     13,912,681


Total current assets





    17,858,045


     24,542,348











Total Assets





  17,858,045


   24,542,348











Equity and Liabilities


















Current liabilities









Due to a shareholder



9


        877,200


         877,200


Trade and other payables


10


          19,694


                  -  


Due to Related Parties


17


        502,839


         514,482


Total current liabilities




     1,399,733


       1,391,682




















Equity









Share Capital



11


        277,089


         277,089

  

Share premium



11.1


    41,286,207


     41,286,207


Accumulated losses





   (25,104,984)


    (18,412,630)


Total equity





    16,458,312


     23,150,666











Total Equity and Liabilities




  17,858,045


   24,542,348


 

 

 

These financial statements were approved for issue by the Board of Directors of the company on 29 March 2017.

 

 

Consolidated Statement of comprehensive income

as at December 31, 2016

 




Notes


Dec-2016


Dec-2015






USD


USD









Return on Wakala Deposits



10


           29,360


        53,205

 

Total Income





           29,360


        53,205

 

Administrative and Operating Expenses



11


         (167,731)


       (82,500)

 









 

Total Expenses





         (167,731)


       (82,500)

 

Loss for the year





         (138,370)


       (29,295)

 









 

Loss on sale of Investment Property





         (81,626)


               -  

 

Total comprehensive income for the year





         (219,996)


       (29,295)

 









 









 

Earning per share-basic





          (0.0079)


        0.0015

 

Earning per share-diluted





          (0.0079)


        0.0015

 









 

 


Statement of changes in shareholders' equity

as at December 31, 2016

 

           


Share Capital


Share Premium


Fair Value Reserve


Accumulated losses


Total equity



(USD)












Balance as at Jan 1st, 2015


       277,089


  41,286,207


               -  


   (18,383,334)


  23,179,962












Total comprehensive income for the year











Profit for the year


               -  


               -  


               -  


          (29,295)


       (29,295)

Net amount transferred to profit or loss


               -  


               -  


               -  


                 -  


               -  

Total other comprehensive income for the year

               -  


               -  


               -  


                 -  


               -  

Total comprehensive income


               -  


               -  


               -  


          (29,295)


       (29,295)

Balance at 31 Dec 2015

       277,089


  41,286,207


               -  


   (18,412,630)


  23,151,666












Balance as at 30 June 2016

       277,089


  41,286,207


               -  


   (24,884,988)


  16,678,308












Changes during Jul-Dec 2016











Profit for the year


               -  


               -  


               -  


        (219,996)


      (219,996)

Net amount transferred to profit or loss


               -  


               -  


               -  


                 -  


               -  

Total other comprehensive income for the year

               -  


               -  


               -  


                 -  


               -  

Total comprehensive income


               -  


               -  


               -  


        (219,996)


      (219,996)












Balance at 31 Dec 2016

       277,089


  41,286,207


               -  


   (25,104,984)


  16,458,312













Statement of cash flows

as at December 31, 2016

 

 





Cash flows from operating activities

Dec-2016


Dec-2015





Net profit/(Loss) for the period

                 (219,996)


                 (29,295)





Cash from operating activities before changes in working capital

                 (219,996)


                 (29,295)





Change in prepayments

                        6,377


              (8,773)

Change in trade receivables

1,164,691


-

Change in due to related parties

                    (22,084)


             (23,882)

Change in trade and other payables

                    (19,339)


             (16,640)





Net Cash from operating activities

                 909,649


                 (78,590)





Cash Flows from investing activities




Net Cash received from Sale of Investment property

                2,464,898

                            -  

Net Increase/(decrease) in cash and cash equivalents

                3,374,547


                 (78,590)





Cash and cash equivalents, beginning of the period

                9,784,349


             3,598,746

Cash and cash equivalents, end of the period

             13,158,896


             3,518,715

 

 

 

Notes to the interim financial information for the six months ended 31 December 2016

 

 

1

Cash and bank balances



Dec-2016


Dec-2015










Cash at banks



     4,994,955


717,890


Cash in hand



           -  


                   -  






     4,994,955


          717,890









2

Wakala Deposits















Wakala Deposit



                -  


        1,431,496


Fixed Deposits



     8,163,941


        1,385,702






     8,163,941


        2,800,825










Investment as Fixed deposits are placed with reputable corporate based in the United Arab Emirates. The Fixed deposits carried a profit rate of 2.50%.

 









3

Trade and other receivables















Other receivables



     516,860


        3,741,500






     516,860


        3,741,500

















4

Other Assets















Prepayments



          17,138


19,452






          17,138


            19,452









5

Available-for-Sale Investment















Opening Balance



     3,350,000


        4,500,000


Fair value (loss)/gain during the year



     (3,350,000)


       (1,150,000)






                -  


        3,350,000

 

 

















6

Investment in property



Dec-2016


Dec-2015










Balance at 01 Jan 2016



   13,913,682


13,913,682


Unrealized loss on fair value



    (2,901,592)


                   -  


Realized sale proceeds from sale of property


    (6,811,225)


                   -  


Realized loss on sale of property



       (35,714)


                   -  


 

Total



 4,165,151


 13,913,682

 

 








7

Due to a shareholder















Opening balance



877,200


877,200


Repayments during the year



                -  


                   -  


 

Total



     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
















Trade payable



          18,494


816



Audit fee payable



           1,200


                   -  



Other payables



                -  


465,446



Total



         19,694


          466,262









9

Share capital
















The authorised share capital of the Company comprises 1 billion shares of USD 0.01 each (31 Dec 2015: 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 (2015: 27,708,864 shares of USD 0.01 each).











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








Return on Islamic investments



          29,360


            53,205



Total



          29,360


            53,205

















11

Administrative and Operating expenses















Legal and professional fees



        156,741


            60,356



Administration fees



         2,839  


                 551



Directors' remuneration and fees



           7,500


              7,500



Salary expense for CEO



                -  


            13,692



Others



              650


                 401



Total



       167,731


            82,500

















12

Earnings/(Loss) 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.



Profit/(loss) for the year in USD



       (219,996)


(29,295)



Weighted average number of shares in issue


27,708,864


27,708,864



Basic earnings/(loss) per share in USD


       (0.00794)


         (0.00106)

















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 notes, following are the other transactions and balances arising from these transactions:



Transactions








Key management remuneration



                -  


                   -  



Directors' fees and other remuneration


           7,500


13,692











Due to related parties








Due to a shareholder



        877,200


877,200



Key management remuneration



        454,619


465,446



Due to Injaz Capital Investments LLC


         48,220


48,220








 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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Half-year Report - RNS