UNION CONSTRUCTION AND INVESTMENT(UCI) disclosed its financial statements for the third quarter of the year 2020.
| Disclosure Year | 2020 | 2019 | ||
| Disclosure Period | End of 3009 | End of 3009 | ||
| Disclosure Start Date | 01/01/2020 | 01/01/2019 | ||
| Disclosure End Date | 29/09/2020 | 29/09/2019 | ||
| Disclosure Type | Financial Disclosure | Financial Disclosure | ||
| Company's Name | UNION CONSTRUCTION AND INVESTMENT | UNION CONSTRUCTION AND INVESTMENT | ||
| Company Symbol | UCI | UCI | ||
| Sector | Investment Sector | Investment Sector | ||
| Currency | USD | USD | ||
| End date of legal disclosure period | 31/10/2020 | 31/10/2019 | ||
| Actual Disclosure Date | 22/10/2020 10:27:00 AM | 24/10/2019 04:02:00 PM | ||
| Hard Copy Disclosure | ||||
| Consolidation Status | Consolidated | Consolidated | ||
| Notes Display Source | Note ID Only | Note ID Only | ||
| Auditing Status | Unaudited | Unaudited | ||
| 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 29/09/2020 | As a 31/12/2019 | ||
| Note | Unaudited | Audited | ||
| Property, plant and equipment | 1,489,676 | 1,540,530 | ||
| Projects in progress and investment properties | 18,525,824 | 18,223,959 | ||
| Available-for-sale financial assets | 1,836,464 | 2,265,029 | ||
| Investment in associates | 19,879 | 19,879 | ||
| Held to maturity Investments | 545,020 | 560,489 | ||
| Cheques under collection | 17,491,616 | 17,992,935 | ||
| Total Fixed Assets | 39,908,479 | 40,602,821 | ||
| Inventory | 316,320 | 316,320 | ||
| Other Current Assets | 3,517,547 | 3,388,335 | ||
| Due from Related Parties | 1,116,257 | 1,116,257 | ||
| Real-estate available for sale | 222,140 | 136,573 | ||
| Accounts Receivable | 6,094,341 | 5,941,812 | ||
| Cheques under collection due within a year | 2,490,978 | 2,187,207 | ||
| Cash and cash equivalents | 5,567,197 | 6,135,155 | ||
| Total Current Assets | 19,324,780 | 19,221,659 | ||
| Total assets | 59,233,259 | 59,824,480 | ||
| Paid-in Capital | 32,000,000 | 32,000,000 | ||
| Statutory reserve | 2,082,547 | 2,066,655 | ||
| Retained earnings | 6,209,557 | 6,066,530 | ||
| Fair value adjustment reserve | (824,929) | (316,046) | ||
| Total Owners' Equity | 39,467,175 | 39,817,139 | ||
| Provision for employees' indemnity | 748,565 | 831,917 | ||
| Long term loans | 6,105,098 | 6,523,666 | ||
| Total non-current liabilities | 6,853,663 | 7,355,583 | ||
| Accounts Payable | 12,543 | 11,776 | ||
| Due to banks | 246,388 | - | ||
| Short term loans | 0 | 505,176 | ||
| Deferred revenues | 63,400 | 10,500 | ||
| Due to Related Parties | 1,005,602 | 203,663 | ||
| Other current liabilities | 11,584,488 | 11,920,643 | ||
| Total Current Liabilities | 12,912,421 | 12,651,758 | ||
| Total Liabilities | 19,766,084 | 20,007,341 | ||
| Total Liabilities & Owners' Equity | 59,233,259 | 59,824,480 |
The attached notes form part of these financial statements
| - | 2020 | 2019 | ||
| - | USD | USD | ||
| - | End of 30092020 | End of 30092019 | ||
| Note | Unaudited | Unaudited | ||
| Gains/(Losses) from financial assets portfolio | - | 50,000 | ||
| Banks interest (revenue) expense | 111,819 | 43,806 | ||
| Gains from investment properties | 579,859 | 796,102 | ||
| Sales of apartments | 240,309 | 1,573,297 | ||
| Rent Revenues | 98,245 | 95,663 | ||
| Other revenues (expenses) | 235,935 | 285,098 | ||
| Total Revenues | 1,266,167 | 2,843,966 | ||
| Cost of Revenues | (190,331) | (1,341,342) | ||
| General and administrative expenses | (858,387) | (661,997) | ||
| Depreciation and amortization | (43,156) | (67,648) | ||
| Net Income before tax | 174,293 | 772,979 | ||
| Income tax expense | (15,374) | (79,631) | ||
| Net Income after tax | 158,919 | 693,348 | ||
| Basic and diluted earnings (loss) per share | 0.005 | 0.022 | ||
| Change in fair value of available-for-sale-financial assets through other comprehensive income | (508,883) | 176,508 | ||
| Net Comprehensive Income | (349,964) | 869,856 |
The attached notes form part of these financial statements
| - | Paid-in Capital | Statutory Reserve | Accumulated Change in Fair Value | Retained Earnings | Owners' Equity | Total Owners' Equity | |
| Note | USD | USD | USD | USD | USD | USD | |
| 2020 | - | - | - | - | - | - | - |
|
Balance - Beginning of the period
|
32,000,000 | 2,066,655 | (316,046) | 6,066,530 | 39,817,139 | 39,817,139 | |
|
Change in fair value - available-for-sale-financial assets
|
- | - | (508,883) | - | (508,883) | (508,883) | |
|
Net profit or (loss) for the period after tax
|
- | - | - | 158,919 | 158,919 | 158,919 | |
|
Total Comprehensive Income for the Period
|
0 | 0 | (508,883) | 158,919 | (349,964) | (349,964) | |
|
Transferred to Statutory Reserve
|
- | 15,892 | - | (15,892) | 0 | 0 | |
|
Balance - End of the period
|
32,000,000 | 2,082,547 | (824,929) | 6,209,557 | 39,467,175 | 39,467,175 | |
| 2019 | - | - | - | - | - | - | - |
| Balance - Beginning of the period | 32,000,000 | 1,980,505 | (489,914) | 7,531,183 | 41,021,774 | 41,021,774 | |
| Change in fair value - available-for-sale-financial assets | - | - | 176,508 | - | 176,508 | 176,508 | |
| Net profit or (loss) for the period after tax | - | - | - | 693,348 | 693,348 | 693,348 | |
| Total Comprehensive Income for the Period | 0 | 0 | 176,508 | 693,348 | 869,856 | 869,856 | |
| Transferred to Statutory Reserve | - | 69,335 | - | (69,335) | 0 | 0 | |
| Cash Dividends Paid | - | - | - | (2,240,000) | (2,240,000) | (2,240,000) | |
| Balance - End of the period | 32,000,000 | 2,049,840 | (313,406) | 5,915,196 | 39,651,630 | 39,651,630 |
The attached notes form part of these financial statements
| - | 2020 | 2019 | ||
| - | USD | USD | ||
| - | End of 30092020 | End of 30092019 | ||
| Note | Unaudited | Unaudited | ||
| Net Income before/after tax | 174,293 | 772,979 | ||
| Depreciation and Amortization expense | 57,540 | 76,210 | ||
| Change in end of service allowance payments | 113,336 | 100,889 | ||
| Change in Accounts Receivable | (152,528) | 322,811 | ||
| Change in Other Current Assets | (144,586) | 179,540 | ||
| Change in Cheques under collection | 197,548 | (2,101,939) | ||
| Due from Related Parties | 0 | 53,040 | ||
| Change in Accounts Payable | 767 | 142 | ||
| Change in Other Current Liabilities | (336,155) | 1,841,390 | ||
| Due to Related Parties | 801,939 | - | ||
| Projects in progress and investment properties | (301,865) | (1,521,391) | ||
| Real-estate available for sale | (85,567) | 57,427 | ||
| Change in unearned revenues | 52,900 | 30,723 | ||
| Employees' indemnity paid | (196,688) | (28,116) | ||
| Net Cash Flow from Operating Activities | 180,934 | (216,295) | ||
| Purchase of Property, Plant and Equipment | (6,687) | (3,712) | ||
| Investment in associates | - | (150,000) | ||
| Purchase of available-for-sale financial assets | (80,318) | - | ||
| Held to maturity Investments | 15,469 | 0 | ||
| Net Cash Flow from Investing Activities | (71,536) | (153,712) | ||
| Dividends | - | (2,240,000) | ||
| Long term loans | (923,744) | - | ||
| Due to banks | 246,388 | - | ||
| Net Cash Flow from Financing Activities | (677,356) | (2,240,000) | ||
| Change in loans | - | 7,600,960 | ||
| Net change in cash and cash equivalents | (567,958) | 4,990,953 | ||
| Cash and cash equivalents, beginning of Period | 6,135,155 | 1,378,346 | ||
| Cash and cash equivalents, end of period | 5,567,197 | 6,369,299 |
The attached notes form part of these financial statements
Palestine Exchange: Received Disclosed Interim Financial Statements of UNION CONSTRUCTION AND INVESTMENT(UCI) for the first nine months ended 30092020
The Palestine Exchange (PEX) received the Unaudited & Consolidated interim financial statements for first nine months of 2020 from UNION CONSTRUCTION AND INVESTMENT(UCI).
According to financial statements for first nine months of 2020, Net profit after tax of the period reached 158,919 USD Compared with Net profit after tax 693,348 USD for 2019, a net decrease in profit of 77.08%.Total assets of the company reached 59,233,259 USD compared with total assets of 59,824,480 USD at the end of year 2019, a net decrease of 0.99%.Total liabilities of the company reached 19,766,084 USD compared with total liabilities of 20,007,341 USD at the end of year 2019, a net decrease of 1.20%. Net ownership equity of the company reached 39,467,175 USD compared with total owner equity of 39,817,139 USD at the end of year 2019, a net decrease of 0.88%.
The attached notes form part of these financial statements
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