SANAD discloses its Preliminary Financial Statements for 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 | SANAD Construction Resources | SANAD Construction Resources | ||
Company Symbol | SANAD | SANAD | ||
Sector | Investment Sector | Investment Sector | ||
Currency | USD | USD | ||
End date of legal disclosure period | 16/02/2020 | 30/03/2019 | ||
Actual Disclosure Date | 25/02/2020 02:08:00 PM | 04/04/2019 02:22:00 PM | ||
Hard Copy Disclosure | ||||
Preliminary or Annual? | Preliminary | Annual Report | ||
Auditing Status | Unaudited | Audited | ||
Net income in Cash Flow Statement | Income Before Tax | Income Before Tax | ||
Consolidation Status | Consolidated | Consolidated | ||
Notes Display Source | Note ID Only | Note ID Only | ||
Hard Copy Disclosure-English Version | ||||
Expected date to disclose the annual report | 30/03/2020 | 03/04/2019 | ||
Suggested date for the General Assembly meeting for the financial year | 24/04/2020 | 24/04/2019 | ||
Where the annual report will be placed as shareholders can have access on it | موقع و مكتب الشركة | في اجتماع الهيئة العامة و في مقر الشركة |
- | 2019 | 2018 | ||
- | USD | USD | ||
- | As a 31/12/2019 | As a 31/12/2018 | ||
Note | Unaudited | Audited | ||
Property, plant and equipment | 28,376,165 | 26,211,660 | ||
Projects in progress | 367,197 | 1,777,642 | ||
Intangible assets | 25,000,000 | 25,000,000 | ||
Investment in associates | 11,970,631 | 14,696,681 | ||
Property Investments | 14,205,782 | 9,301,208 | ||
Non-current receivables | 6,563,038 | 2,980,324 | ||
Total Fixed Assets | 86,482,813 | 79,967,515 | ||
Accounts Receivable | 81,212,441 | 75,330,656 | ||
Other Current Assets | 17,677,480 | 11,484,482 | ||
Inventory | 1,302,333 | 3,602,106 | ||
Cash and cash equivalents | 8,791,842 | 8,100,561 | ||
Assets held for sale | 2,679,539 | - | ||
Total Current Assets | 111,663,635 | 98,517,805 | ||
Total assets | 198,146,448 | 178,485,320 | ||
Paid-in Capital | 69,300,000 | 69,300,000 | ||
Additional paid-in capital (Share premium) | 7,996,881 | 7,996,881 | ||
Statutory reserve | 704,228 | 704,228 | ||
Retained earnings | (1,686,740) | (698,940) | ||
Non-controlling interests | 1,656,919 | 3,640,086 | ||
Equity attributable to equity holders of the parent | 76,314,369 | 0 | ||
Total Owners' Equity | 77,971,288 | 80,942,255 | ||
Long term loans | 29,593,699 | 17,876,082 | ||
Provision for employees benefits | 384,477 | 433,807 | ||
Differed Tax Liabilities | 480,232 | 473,777 | ||
Total non-current liabilities | 30,458,408 | 18,783,666 | ||
Credit Facilities | 35,622,579 | 42,643,511 | ||
long term part of loan | 7,674,907 | 2,110,162 | ||
Accounts Payable | 32,532,108 | 27,390,323 | ||
Other credit balances | 13,887,158 | 6,615,403 | ||
Total Current Liabilities | 89,716,752 | 78,759,399 | ||
Total Liabilities | 120,175,160 | 97,543,065 | ||
Total Liabilities & Owners' Equity | 198,146,448 | 178,485,320 |
- | 2019 | 2018 | ||
- | USD | USD | ||
- | End of 31122019 | End of 31122018 | ||
Note | Unaudited | Audited | ||
Revenues | 116,765,566 | 180,639,069 | ||
Cost of sales | (109,877,147) | (169,658,089) | ||
General and administrative expenses | (4,716,929) | (6,141,157) | ||
Depreciation of properties, equipment and Operating Equipment | (1,169,583) | (1,001,166) | ||
Borrowing interest and expenses | (3,451,904) | (2,701,653) | ||
Provision for anticipated credit losses | (369,819) | (170,791) | ||
Share of results of Associates | 924,200 | 1,917,476 | ||
OTHER REVENUE | 1,698,164 | (4,389,979) | ||
Gains (losses) of revaluation of investment property | 43,629 | 3,158,510 | ||
Net Income before tax | (153,823) | 1,652,220 | ||
Income tax expense | (745,094) | (1,335,218) | ||
Net Income after tax | (898,917) | 317,002 | ||
Net Comprehensive Income | (898,917) | 317,002 |
Paid-in Capital | Additional Paid in capital | Statutory Reserve | Retained Earnings | Owners' Equity | Non-controlling interests | Total Owners' Equity | ||
Note | USD | USD | USD | USD | USD | USD | USD | |
2019 | - | - | - | - | - | - | - | - |
Balance - Beginning of the period
|
69,300,000 | 7,996,881 | 704,228 | (698,940) | 77,302,169 | 3,640,086 | 80,942,255 | |
Net profit or (loss) for the period after tax
|
0 | - | 0 | (987,800) | (987,800) | 88,883 | (898,917) | |
Total Comprehensive Income for the Period
|
0 | 0 | 0 | (987,800) | (987,800) | 88,883 | (898,917) | |
Sale of Assets in a Subsidiary
|
- | - | - | - | - | (2,072,050) | (2,072,050) | |
Balance - End of the period
|
69,300,000 | 7,996,881 | 704,228 | (1,686,740) | 76,314,369 | 1,656,919 | 77,971,288 | |
2018 | - | - | - | - | - | - | - | - |
Balance - Beginning of the period | 66,000,000 | 7,996,881 | 1,144,557 | 10,301,012 | 85,442,450 | 2,941,008 | 88,383,458 | |
Net profit or (loss) for the period after tax | 0 | - | 0 | (436,992) | (436,992) | 753,994 | 317,002 | |
Effect of new IFRS application | - | - | (440,329) | (3,962,960) | (4,403,289) | (54,916) | (4,458,205) | |
Total Comprehensive Income for the Period | 0 | 0 | (440,329) | (4,399,952) | (4,840,281) | 699,078 | (4,141,203) | |
Cash Dividends Paid | - | - | - | (3,300,000) | (3,300,000) | 0 | (3,300,000) | |
Stock Dividends | 3,300,000 | - | - | (3,300,000) | 0 | - | 0 | |
Balance - End of the period | 69,300,000 | 7,996,881 | 704,228 | (698,940) | 77,302,169 | 3,640,086 | 80,942,255 |
- | 2019 | 2018 | ||
- | USD | USD | ||
- | End of 31122019 | End of 31122018 | ||
Note | Unaudited | Audited | ||
Net Income before/after tax | (153,823) | 1,652,220 | ||
Depreciation and Amortization expense | 2,202,383 | 2,064,472 | ||
Interest paid loans | 3,451,904 | 2,701,653 | ||
Allowance of employees benefits | 218,367 | 471,295 | ||
Share of results of Associates | (924,200) | (1,917,476) | ||
Other non-cash items | (302,983) | 15,612 | ||
Gain on sale of Property, Plant and Equipment | 0 | 145,853 | ||
Provision for impairment of investment in associates | 96,015 | 143,788 | ||
Re-evaluation of real estate investments earnings | (43,629) | (3,158,510) | ||
Gain (loss) from sale of property investment | (86,349) | 0 | ||
Goodwill Impairment | 0 | 360,302 | ||
Allowance of doubtful accounts | 369,819 | 170,791 | ||
Change in Accounts Receivable | (9,166,677) | (21,995,895) | ||
Other Current Assets | (9,553,343) | (772,879) | ||
Change in Accounts Payable | 5,141,785 | 4,885,763 | ||
Change in inventory | 2,299,773 | (727,178) | ||
Change in Other Current Liabilities | 7,033,769 | 2,163,134 | ||
Employees benefits Payments | (267,697) | (657,661) | ||
Tax paid | (407,361) | (1,715,114) | ||
Net Cash Flow from Operating Activities | (92,247) | (16,169,830) | ||
Purchase of Property, Plant and Equipment | (7,049,298) | (3,924,970) | ||
Sale of Property, Plant and Equipment | 0 | 1,014,901 | ||
Investment in Associates | 0 | (5,770,319) | ||
Sale of investment in an associate | 688,620 | 479,921 | ||
Cash dividends from associates | 0 | 122,360 | ||
Projects in progress and investment properties | 0 | (1,746,978) | ||
Sale of investment properties | 0 | (1,771,275) | ||
Proceeds from sale of shares in subsidiary | 1,260,000 | - | ||
Net Cash Flow from Investing Activities | (5,100,678) | (11,596,360) | ||
Proceeds from loans | 15,785,011 | 5,760,614 | ||
Interest paid | (2,879,873) | (2,468,179) | ||
Change in cash is restricted to withdrawals | (1,476,896) | (1,336,328) | ||
Dividends | 0 | (641,539) | ||
Net Cash Flow from Financing Activities | 11,428,242 | 1,314,568 | ||
Net change in cash and cash equivalents | 6,235,317 | (26,451,622) | ||
Cash and cash equivalents, beginning of Period | (37,163,004) | (10,711,382) | ||
Cash and cash equivalents, end of period | (30,927,687) | (37,163,004) |
Palestine Exchange: Received Preliminary Year-End Financial Statements of SANAD Construction Resources(SANAD) for the year 2019
The Palestine Exchange (PEX) received the Unaudited & Consolidated year-end preliminary financial statements of 2019 from SANAD Construction Resources(SANAD).
According to financial statements for year 2019, Net Loss after tax of the period reached (898,917) USD Compared with Net profit after tax 317,002 USD for 2018.Total assets of the company reached 198,146,448 USD compared with total assets of 178,485,320 USD at the end of year 2018, a net increase of 11.02%.Total liabilities of the company reached 120,175,160 USD compared with total liabilities of 97,543,065 USD at the end of year 2018, a net increase of 23.20%. Net ownership equity of the company reached 77,971,288 USD (Including None-Controlling Interests of 1,656,919 USD) compared with total owner equity of 80,942,255 USD (Including None-Controlling Interests of 3,640,086 USD) at the end of year 2018, a net decrease of 3.67%.
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