WATANIYA PALESTINE MOBILE TELECOMMUNICATIONS(OOREDOO) disclosed its financial statements for the second quarter of the year 2020.
| Disclosure Year | 2020 | 2019 | ||
| Disclosure Period | End of 3006 | End of 3006 | ||
| Disclosure Start Date | 01/01/2020 | 01/01/2019 | ||
| Disclosure End Date | 29/06/2020 | 29/06/2019 | ||
| Disclosure Type | Financial Disclosure | Financial Disclosure | ||
| Company's Name | WATANIYA PALESTINE MOBILE TELECOMMUNICATIONS | WATANIYA PALESTINE MOBILE TELECOMMUNICATIONS | ||
| Company Symbol | OOREDOO | OOREDOO | ||
| Sector | Service Sector | Service Sector | ||
| Currency | USD | USD | ||
| End date of legal disclosure period | 30/08/2020 | 21/08/2019 | ||
| Actual Disclosure Date | 27/08/2020 03:53:00 PM | 23/07/2019 07:10:00 PM | ||
| Hard Copy Disclosure | ||||
| Hard Copy Disclosure-English Version | ||||
| Notes Display Source | Note ID Only | Note ID Only | ||
| Auditing Status | Reviewed | Reviewed | ||
| Net income in Cash Flow Statement | Income Before Tax | Income Before Tax |
The attached notes form part of these financial statements
| - | 2020 | 2019 | ||
| - | USD | USD | ||
| - | As a 29/06/2020 | As a 31/12/2019 | ||
| Note | Reviewed | Audited | ||
| Property, plant and equipment | 68,975,398 | 69,381,072 | ||
| Projects in progress | 5,957,511 | 6,063,468 | ||
| Intangible assets | 107,582,457 | 111,946,255 | ||
| Right of use assets | 7,204,863 | 8,736,392 | ||
| Total Fixed Assets | 189,720,229 | 196,127,187 | ||
| Inventory | 2,078,091 | 2,211,100 | ||
| Accounts Receivable | 13,239,961 | 11,015,796 | ||
| Cash and cash equivalents | 22,701,118 | 25,222,593 | ||
| Other Current Assets | 3,931,437 | 3,329,457 | ||
| Total Current Assets | 41,950,607 | 41,778,946 | ||
| Total assets | 231,670,836 | 237,906,133 | ||
| Paid-in Capital | 293,000,000 | 293,000,000 | ||
| Additional paid-in capital (Share premium) | 11,610,000 | 11,610,000 | ||
| Retained earnings | (205,423,802) | (208,566,096) | ||
| Total Owners' Equity | 99,186,198 | 96,043,904 | ||
| Employees benefits | 6,614,743 | 6,871,235 | ||
| Long term loans | 19,375,000 | 31,875,000 | ||
| Other non-current liabilities | 44,871,337 | 44,871,337 | ||
| Non-current lease liabilities | 4,884,382 | 5,481,682 | ||
| Total non-current liabilities | 75,745,462 | 89,099,254 | ||
| Short term loans | 6,630,394 | 6,250,000 | ||
| Accounts Payable | 9,182,331 | 8,069,532 | ||
| Deferred revenues | 4,200,670 | 5,088,448 | ||
| Other current liabilities | 27,474,300 | 24,789,730 | ||
| Accrued project cost | 6,797,213 | 4,850,409 | ||
| Current lease liability | 2,454,268 | 3,714,856 | ||
| Total Current Liabilities | 56,739,176 | 52,762,975 | ||
| Total Liabilities | 132,484,638 | 141,862,229 | ||
| Total Liabilities & Owners' Equity | 231,670,836 | 237,906,133 |
The attached notes form part of these financial statements
| - | 2020 | 2019 | ||
| - | USD | USD | ||
| - | End of 30062020 | End of 30062019 | ||
| Note | Reviewed | Reviewed | ||
| Revenues | 49,079,725 | 46,838,821 | ||
| Cost of service | (21,235,949) | (22,207,176) | ||
| Interest Income | 292,535 | 261,812 | ||
| Other revenues | 372,187 | - | ||
| Gains/Losses of foreign currency translation differences | 2,671 | 124,081 | ||
| General and administrative expenses | (11,568,917) | (11,441,636) | ||
| Depreciation and amortization | (12,118,057) | (13,295,413) | ||
| Finance Expenses | (914,987) | 59,349 | ||
| Allowance of doubtful accounts | (766,914) | (1,588,623) | ||
| Net Income before tax | 3,142,294 | (1,248,785) | ||
| Net Income after tax | 3,142,294 | (1,248,785) | ||
| Basic and diluted earnings (loss) per share | 0.010 | (0.004) | ||
| Net Comprehensive Income | 3,142,294 | (1,248,785) |
The attached notes form part of these financial statements
| - | Paid-in Capital | Additional Paid in capital | Retained Earnings | Total Owners' Equity | |
| Note | USD | USD | USD | USD | |
| 2020 | - | - | - | - | - |
|
Balance - Beginning of the period
|
293,000,000 | 11,610,000 | (208,566,096) | 96,043,904 | |
|
Total loss and comprehensive income
|
- | - | 3,142,294 | 3,142,294 | |
|
Total Comprehensive Income for the Period
|
0 | 0 | 3,142,294 | 3,142,294 | |
|
Balance - End of the period
|
293,000,000 | 11,610,000 | (205,423,802) | 99,186,198 | |
| 2019 | - | - | - | - | - |
| Balance - Beginning of the period | 293,000,000 | 11,610,000 | (208,470,697) | 96,139,303 | |
| Change in Accounting Policy | - | - | (1,218,516) | (1,218,516) | |
| Total loss and comprehensive income | - | - | (1,248,785) | (1,248,785) | |
| Total Comprehensive Income for the Period | 0 | 0 | (2,467,301) | (2,467,301) | |
| Balance - End of the period | 293,000,000 | 11,610,000 | (210,937,998) | 93,672,002 |
The attached notes form part of these financial statements
| - | 2020 | 2019 | ||
| - | USD | USD | ||
| - | End of 30062020 | End of 30062019 | ||
| Note | Reviewed | Reviewed | ||
| Net Income before/after tax | 3,142,294 | (1,248,785) | ||
| Depreciation and Amortization expense | 6,079,824 | 6,970,240 | ||
| Change in Allowance of employees benefits | 696,227 | 730,498 | ||
| Allowance of doubtful accounts | 766,914 | (59,349) | ||
| Gain/Loss of sale of Property, Plant and Equipment | 15,526 | 0 | ||
| Interest Income | (292,535) | (261,812) | ||
| Impairment loss of property and equipment | 96,065 | 129,252 | ||
| Right of use assets depreciation | 1,035,104 | 1,113,986 | ||
| Finance Expenses | 676,005 | 1,291,843 | ||
| Finance cost on lease liability | 238,982 | 296,780 | ||
| Amortization expense | 5,003,129 | 5,081,935 | ||
| Other non-cash items | (372,187) | 0 | ||
| Change in prepaid expenses and other debit balances | (589,169) | (1,221,505) | ||
| Change in inventory | 133,009 | 912,798 | ||
| Change in Accounts Receivable | (2,991,079) | 1,000,630 | ||
| Change in Accounts Payable | 1,112,799 | (11,520,752) | ||
| Deferred revenue | (887,778) | (125,476) | ||
| Change in Other Liabilities | 2,807,894 | 2,166,021 | ||
| Employees benefits Payments | (952,719) | (636,880) | ||
| Net Cash Flow from Operating Activities | 15,718,305 | 4,619,424 | ||
| Purchase of Property, Plant and Equipment | (3,902,334) | (3,576,508) | ||
| Proceeds from sale of Property, Plant and Equipment | 8,373 | 0 | ||
| Purchase of intangible assets | 0 | (248,333) | ||
| Change in Projects in Progress | (478,350) | (6,502,089) | ||
| Advances to contractors | 0 | (34,337) | ||
| Interest revenue received | 309,391 | 261,812 | ||
| Net Cash Flow from Investing Activities | (4,062,920) | (10,099,455) | ||
| Settlement of Long term loans payable | (15,000,000) | (11,875,000) | ||
| Credit Facilities | 2,880,394 | - | ||
| Principal elements of lease payments | (1,257,925) | (1,154,165) | ||
| Interest paid | (799,329) | (1,291,843) | ||
| Change in restricted cash | 0 | 1,642,765 | ||
| Net Cash Flow from Financing Activities | (14,176,860) | (12,678,243) | ||
| Net change in cash and cash equivalents | (2,521,475) | (18,158,274) | ||
| Cash and cash equivalents, beginning of Period | 25,222,593 | 27,937,624 | ||
| Cash and cash equivalents, end of period | 22,701,118 | 9,779,350 |
The attached notes form part of these financial statements
Palestine Exchange: Received Disclosed Interim Financial Statements of WATANIYA PALESTINE MOBILE TELECOMMUNICATIONS(OOREDOO) for the First Half of 2020
The Palestine Exchange (PEX) received the Reviewed interim financial statements for first half of 2020 from WATANIYA PALESTINE MOBILE TELECOMMUNICATIONS(OOREDOO).
According to financial statements for first half of 2020, Net profit after tax of the period reached 3,142,294 USD Compared with Net Loss after tax (1,248,785) USD for 2019.Total assets of the company reached 231,670,836 USD compared with total assets of 237,906,133 USD at the end of year 2019, a net decrease of 2.62%.Total liabilities of the company reached 132,484,638 USD compared with total liabilities of 141,862,229 USD at the end of year 2019, a net decrease of 6.61%. Net ownership equity of the company reached 99,186,198 USD compared with total owner equity of 96,043,904 USD at the end of year 2019, a net increase of 3.27%.
The attached notes form part of these financial statements
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