Board of directors recommended distribution of JD598,450 in cash dividends at rate of 15%
AMMAN -- A 108.6 per cent increase in income from the commercial press enabled the Jordan Press and Publishing Company (JPPC) to raise its total operational earnings by 48.3 per cent to JD11.96 million last year.
The income from the commercial press surged from JD2.73 million in 2005 to JD5.70 million, accounting for 47.6 per cent of JPPC's operational earnings.
The company highlighted total earnings to be JD12.4 million, 53 per cent higher than the JD8.1 million total earnings in 2005.
Earnings from advertisements went up by 24.5 per cent reaching JD5.22 million from JD4.19 million earned in 2005. The remaining JD1.04 million came from sales and subscriptions of JPCC's three publications: Ad Dustour Arabic daily, The Star English weekly and the 01 (Zero One) weekly magazine specialised in telecommunications and information technology.
Sales and subscriptions were slightly higher at JD1.15 million in 2005.
According to the profit and loss statement, the company's gross profit stood at JD2.65 million after deducting JD9.40 million of operational costs and adding a slight JD0.1 million in other earnings.
In 2005, the gross profit amounted to JD1.45 million as operational earnings totalled JD8.07 million while operational costs and other earnings were JD6.71 million and JD0.1 million respectively.
Net profit generated as a result of various activities rose from JD3,147 in 2005 to around JD1 million in 2006.
Accordingly, the board of directors recommended to the general assembly the distribution of JD598,450 in cash dividends to shareholders at a rate of 15 per cent.
The company's balance sheet as of December 31, 2006 shows current assets at JD7.90 million, JD4.2 million of which are receivables and cheques for collection. Current assets amounted to JD5.05 million at the end of 2005.
Fixed assets totalled JD9.71 million (JD9.42 million in 2005).
Current liabilities increased from JD2.89 million to JD5.12 million at the end of 2006, mainly as a result of payables nearly tripling to JD2.03 million from JD0.74 million in 2005.
The company's balance sheet shows a JD1.16 million long-term loan in the form of profit-sharing (murabaha).
Shareholders' equity totaled JD11.33 million, of which JD9.1 million represent capital and share issuance premium for JD4.0 million and JD5.1 million respectively.
In line with disclosure requirements, the company revealed that the Social Security Corporation owns 1,200,000 shares in JPCC, a 30 per cent equity, and that studies are underway to develop and upgrade the commercial press.
The company also is planning to upgrade most computers and printers.
The board of directors expects earnings to increase by no less than 10 per cent in 2007 to more than JD1.250 million.
JPCC, which employs 519 workers, indicated in the annual report that the Ad Dustour website on the internet received 560 million hits last year or 47 million per month.
By Samir Ghawi
© Jordan Times 2007
