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Description |
1999 |
2000 |
|
Cash from Operating Activities: |
||
| Net income for the year |
3,971,618 |
42,822,822 |
|
Adjustment to reconcile net income to net cash provided by (used in) from operating activities: |
||
| Equity share of income in investments in an affiliate |
- |
39,583,000 |
| Deprecation and amortization |
803,841 |
778,114 |
| Zakat provision |
285,393 |
1,100,782 |
| Gain from sale of property and equipment |
22,000 |
- |
| Changes in assets and liabilities: | ||
| Decrease (increase) in prepayments and other assets |
5,614,279 |
48,436 |
| Increase in accrued expenses and other liabilities |
5,061 |
61,262 |
| Increase in end of service benefits |
66,411 |
107,664 |
| Net Adjustments |
4,475,573 |
37,486,742 |
| Net cash provided by (used in) operating activities |
503,955 |
5,336,080 |
|
Cash Flows from Investment Activities: |
||
| Increase in investment in securities |
101,740,279 |
7,283,659 |
| Subordinate loans to an affiliate |
40,997,451 |
3,923,711 |
| Purchase of property and equipment |
26,468 |
6,240 |
| Proceeds from sale of property and equipment. |
22,000 |
- |
| Net cash used in investing activities |
142,742,198 |
11,213,610 |
|
Cash Flows from Financing Activities |
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| Zakat paid |
500,000 |
321,461 |
| Net cash used in financing activities |
500,000 |
321,461 |
| Net decrease used in cash and bank balances |
143,746,153 |
6,198,991 |
| Cash and bank balance, beginning of the year |
149,958,013 |
6,211,860 |
| Cash and bank balances, end of the year. |
6,211,860 |
12,869 |
