Please be informed that the board of directors have met on Tuesday the 10th of November and approved the financial results for period ending 30/9/2009 according to the following:
- Current Period:
|
|
3 months From 1/7/2009 To 30/9/2009 |
9 months From 1/1/2009 To 30/9/2009 |
|
Net Profit (Loss) (Kd) |
40,556,000 |
115,551,000 |
|
Earning per Share (fils) |
40.33 |
115.33 |
|
Total Current Assets |
837,496,000 |
837,496,000 |
|
Total Assets |
1,774,187,000 |
1,774,187,000 |
|
Total Current Liabilities |
580,822,000 |
580,822,000 |
|
Total Liabilities |
857,243,000 |
857,243,000 |
|
Total Shareholders Equity |
916,944,000 |
916,944,000 |
- Total Revenue from related parties reached 0 (zero) Kuwaiti Dinar
- Total Expenses with related parties reached 13,588,000 Kuwaiti Dinar
- Compared Period:
|
|
3 months From 1/7/2008 To 30/9/2008 |
9 months From 1/1/2008 To 30/9/2008 |
|
Net Profit (Loss) (Kd) |
35,146,000 |
107,807,000 |
|
Earning per Share (fils) |
33.97 |
104.77 |
|
Total Current Assets |
754,490,000 |
754,490,000 |
|
Total Assets |
1,624,413,000 |
1,624,413,000 |
|
Total Current Liabilities |
532,351,000 |
532,351,000 |
|
Total Liabilities |
866,249,000 |
866,249,000 |
|
Total Shareholders Equity |
758,164,000 |
758,164,000 |
3. Details of the Qualification and Emphasis of Matter expressed in the auditors report
Basis of Qualified Opinion
As further discussed in note 10(e) to the interim condensed consolidated financial information, during the year ended 31 December 2006, a performance guarantee amounting to KD 10.1 million was called by a counterparty in relation to non performance of obligations under a contract operated by a subsidiary of the Group and encashed during the year ended 31 December 2007. The amount was not expensed in the audited consolidated financial statements for the year ended 31 December 2006, which in our opinion, is not in accordance with International Financial Reporting Standards. We qualified our opinion in this regard on the consolidated financial statements for the years ended 31 December 2006, 2007 and 2008. Subsequent to 31 December 2008, the expert department of the Ministry of Justice issued a report on this matter which was in favour of the subsidiary in respect of most of the issues arising from the case. Pending final court ruling on this matter, in our opinion, other current assets should be decreased by KD 10.1 million and retained earnings attributable to the equity holders of the Parent Company should be decreased by KD 6.1 million and non-controlling interests should be decreased by KD 4.0 million.
Qualified Conclusion
Except for the effect of the matter described in the preceding paragraph, nothing has come to our attention that causes us to believe that the accompanying interim condensed consolidated financial information is not prepared, in all material respects, in accordance with IAS 34.
Emphasis of matter
Without further qualifying our conclusion, we draw attention to the commitments and contingencies explained in note 10 (a), (b) and (c) to the interim condensed consolidated financial information.
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