ARAB COMPANY FOR PAINTS PRODUCTS(APC) discloses its Annual Report 2019.
| Disclosure Year | 2019 | 2018 | ||
| Disclosure Period | End of 3112 | End of 3112 | ||
| Disclosure Start Date | 01/01/2019 | 01/01/2018 | ||
| Disclosure End Date | 31/12/2019 | 31/12/2018 | ||
| Disclosure Type | Financial Disclosure | Financial Disclosure | ||
| Company's Name | ARAB COMPANY FOR PAINTS PRODUCTS | ARAB COMPANY FOR PAINTS PRODUCTS | ||
| Company Symbol | APC | APC | ||
| Sector | Industry Sector | Industry Sector | ||
| Currency | JD | JD | ||
| End date of legal disclosure period | 30/03/2020 | 30/03/2019 | ||
| Actual Disclosure Date | 22/02/2020 12:39:00 PM | 19/02/2019 12:11:00 PM | ||
| Hard Copy Disclosure | ||||
| Notes Display Source | Note ID Only | Note ID Only | ||
| Preliminary or Annual? | Annual Report | Annual Report | ||
| Auditing Status | Audited | Audited | ||
| Net income in Cash Flow Statement | Income Before Tax | Income Before Tax | ||
| Expected date to disclose the annual report | 09/03/2020 | 20/02/2019 | ||
| Suggested date for the General Assembly meeting for the financial year | 09/03/2020 | 04/03/2019 | ||
| Where the annual report will be placed as shareholders can have access on it | مقر الشركة | الشركة |
The attached notes form part of these financial statements
| - | 2019 | 2018 | ||
| - | JD | JD | ||
| - | As a 31/12/2019 | As a 31/12/2018 | ||
| Note | Audited | Audited | ||
| Prepaid expenses | 5 | 9,954 | 9,931 | |
| Cheques under collection | 6 | 1,835,637 | 1,514,764 | |
| Accounts Receivable | 1,095,174 | 766,975 | ||
| Inventory | 4 | 1,576,219 | 1,460,956 | |
| Other Current Assets | 7 | 61,571 | 126,730 | |
| Cash on Hand & at Banks | 8 | 1,041,304 | 857,195 | |
| Projects in progress and investment properties | 16,267 | 0 | ||
| Total Current Assets | 5,636,126 | 4,736,551 | ||
| Available-for-sale financial assets | 165,600 | 172,800 | ||
| Property, plant and equipment | 870,264 | 854,591 | ||
| Total Fixed Assets | 1,035,864 | 1,027,391 | ||
| Total assets | 6,671,990 | 5,763,942 | ||
| Post dated Cheques | 11 | 425,164 | 378,552 | |
| Accounts Payable | 852,421 | 654,906 | ||
| Other credit balances | 9 | 123,633 | 82,394 | |
| Shareholders' payables | 284,734 | 237,128 | ||
| Accrued expenses, Provisions, and Credit balances | 10 | 32,267 | 24,537 | |
| Total Current Liabilities | 1,718,219 | 1,377,517 | ||
| Provision for employees' indemnity | 283,598 | 270,767 | ||
| Total non-current liabilities | 283,598 | 270,767 | ||
| Total Liabilities | 2,001,817 | 1,648,284 | ||
| Paid-in Capital | 1,500,000 | 1,500,000 | ||
| General Reserve | 121,175 | 121,175 | ||
| Statutory reserve | 853,106 | 770,767 | ||
| voluntary reserve | 80,185 | 80,185 | ||
| Retained earnings | 2,027,352 | 1,736,298 | ||
| Foreign currency translation differences | 135,396 | (52,926) | ||
| Available-for-sale financial assets reserve | (47,041) | (39,841) | ||
| Total Owners' Equity | 4,670,173 | 4,115,658 | ||
| Total Liabilities & Owners' Equity | 6,671,990 | 5,763,942 |
| - | 2019 | 2018 | ||
| - | JD | JD | ||
| - | End of 31122019 | End of 31122018 | ||
| Note | Audited | Audited | ||
| Sales | 5,356,863 | 5,081,373 | ||
| Cost of Goods Sold | 12 | (3,893,520) | (3,994,323) | |
| General and administrative expenses | 14 | (202,689) | (221,709) | |
| Selling and Distribution Expenses | 15 | (317,754) | (351,691) | |
| Net Income from operations | 942,900 | 513,650 | ||
| Gains/Losses of foreign currency translation differences | (19,570) | 27,149 | ||
| Net revenues and dividends from investment in shares | 16,000 | 16,000 | ||
| Other revenues (expenses) | (48,169) | 0 | ||
| Interest revenue | 18,425 | 17,508 | ||
| Net Income before tax | 909,586 | 574,307 | ||
| Income tax expense | 17 | (71,995) | (43,383) | |
| Income tax settlement up to the year 2009 | (14,198) | (29,391) | ||
| Net Income after tax | 823,393 | 501,533 | ||
| Basic and diluted earnings (loss) per share | 0.61 | 0.372 | ||
| Statutory reserve | (82,339) | (50,153) | ||
| Foreign currency translation differences | 188,322 | (161,177) | ||
| Change in fair value - available-for-sale-financial assets | (7,200) | (10,400) | ||
| Total Other Comprehensive Income | 181,122 | (171,577) | ||
| Net Comprehensive Income | 922,176 | 279,803 |
| - | Paid-in Capital | Statutory Reserve | General Reserve | Voluntary Reserve | Available-for-sale financial assets reserve | Change in Translation Difference | Retained Earnings | Total Owners' Equity | |
| Note | JD | JD | JD | JD | JD | JD | JD | JD | |
| 2019 | - | - | - | - | - | - | - | - | - |
|
Balance - Beginning of the period
|
1,500,000 | 770,767 | 121,175 | 80,185 | (39,841) | (52,927) | 1,736,299 | 4,115,658 | |
|
Net profit or (loss) for the period after tax
|
- | - | - | - | - | - | 823,393 | 823,393 | |
|
Other Comprehensive Income
|
- | - | - | - | (7,200) | 188,322 | - | 181,122 | |
|
Total Comprehensive Income for the Period
|
0 | 0 | 0 | 0 | (7,200) | 188,322 | 823,393 | 1,004,515 | |
|
Transferred to Statutory Reserve
|
- | 82,339 | - | - | - | - | (82,339) | 0 | |
|
Cash Dividends Paid
|
- | - | - | - | - | - | (450,000) | (450,000) | |
|
Balance - End of the period
|
1,500,000 | 853,106 | 121,175 | 80,185 | (47,041) | 135,395 | 2,027,353 | 4,670,173 | |
| 2018 | - | - | - | - | - | - | - | - | - |
| Balance - Beginning of the period | 1,500,000 | 720,614 | 121,175 | 80,185 | (29,441) | 108,250 | 2,034,919 | 4,535,702 | |
| Net profit or (loss) for the period after tax | - | - | - | - | - | - | 501,533 | 501,533 | |
| Other Comprehensive Income | - | - | - | - | (10,400) | (161,177) | - | (171,577) | |
| Total Comprehensive Income for the Period | 0 | 0 | 0 | 0 | (10,400) | (161,177) | 501,533 | 329,956 | |
| Transferred to Statutory Reserve | - | 50,153 | - | - | - | - | (50,153) | 0 | |
| Cash Dividends Paid | - | - | - | - | - | - | (750,000) | (750,000) | |
| Balance - End of the period | 1,500,000 | 770,767 | 121,175 | 80,185 | (39,841) | (52,927) | 1,736,299 | 4,115,658 |
| - | 2019 | 2018 | ||
| - | JD | JD | ||
| - | End of 31122019 | End of 31122018 | ||
| Note | Audited | Audited | ||
| Net Income before/after tax | 909,586 | 574,307 | ||
| Depreciation and Amortization expense | 111,622 | 102,468 | ||
| Change in end of service allowance payments | 12,831 | 17,888 | ||
| Change in prepaid expenses | (23) | 1,286 | ||
| Change in Cheques under collection | (320,873) | 161,585 | ||
| Other Current Assets | 65,159 | (64,986) | ||
| Change in Accounts Receivable | (328,199) | 185,890 | ||
| Change in inventory | (115,263) | 19,382 | ||
| Projects in progress and investment properties | (16,267) | 0 | ||
| Change in Value Added Tax | (86,193) | 0 | ||
| Change in post dated Cheques | 46,612 | (108,011) | ||
| Change in Accounts Payable | 197,515 | (130,023) | ||
| Other Accounts Payable | 41,239 | (79,862) | ||
| Change in Shareholders' payables | 47,606 | 97,967 | ||
| Change in accrued expenses | 7,730 | (12,471) | ||
| Reserve for income tax | 0 | (72,774) | ||
| Net Cash Flow from Operating Activities | 573,082 | 692,646 | ||
| Purchase of Property, Plant and Equipment | (127,295) | (131,213) | ||
| Net Cash Flow from Investing Activities | (127,295) | (131,213) | ||
| Cash dividend paid | (450,000) | (750,000) | ||
| Net Cash Flow from Financing Activities | (450,000) | (750,000) | ||
| Net change in cash and cash equivalents | (4,213) | (188,567) | ||
| Cash and cash equivalents, beginning of Period | 857,195 | 1,206,939 | ||
| Foreign currency translation differences | 188,322 | (161,177) | ||
| Cash and cash equivalents, end of period | 1,041,304 | 857,195 |
Palestine Exchange: Received Final Financial Statement of ARAB COMPANY FOR PAINTS PRODUCTS(APC) for the year 2019
The Palestine Exchange (PEX) received the Annual Report that includes the Audited financial statements of 2019 from ARAB COMPANY FOR PAINTS PRODUCTS(APC).
According to financial statements for year 2019, Net profit after tax of the period reached 823,393 JD Compared with Net profit after tax 501,533 JD for 2018, a net increase in profit of 64.18%.Total assets of the company reached 6,671,990 JD compared with total assets of 5,763,942 JD at the end of year 2018, a net increase of 15.75%.Total liabilities of the company reached 2,001,817 JD compared with total liabilities of 1,648,284 JD at the end of year 2018, a net increase of 21.44%. Net ownership equity of the company reached 4,670,173 JD compared with total owner equity of 4,115,658 JD at the end of year 2018, a net increase of 13.47%.
The attached notes form part of these financial statements
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