At the First Half of the Current Year AL-Iqbal Investment (previously was known International Tobacco & Cigarettes) Had Achieve Net Profit more than JD 4.5 Million
Al-Iqbal Investment achieved, at the first half of the current year operation profit amounting to JD (4,466,711) in comparison with JD (817,984) for the same period of 2007, whereas the net profit for the current period amounted to JD (4,500,997) after deducting the tax in comparison with JD (5,271,958) for the same period for the previous year including JD (4,054,958) as a result of selling stocks. The half years sales of the company increased to JD (35,220,048) in comparison with JD (26,436,642) for the same period of 2007. The shareholders’ equity in the Company for the first half of the current year amounted to JD (33,653,427) in comparison with JD (39,348,475) on 31/12/2007, decreasing to JD (5,695,048) in spite of the dividend distribution amounting to JD (10) million. The liabilities and shareholders’ equity amounted to JD (72,213,803) in comparison with JD (74,105,605) on 31/12/2007.
The Chairman of the Board, Mr. Tawfiq Fakhori stated that the special numbers that the company had achieved was a result of the accurate planning of the company Management and workers efforts, while appointing the best experts in different fields, in addition to applying active programs to train our employees. Through these programs, we are keen to give the employees and workers incentives to continue their giving and enhance the production levels. These results were realized through the company investment in producing and distributing Al Fakher flavored tobacco whereas the half year results show that the profit of the of Al Fakher Company for Tobacco Trading and Agencies was JD (4.100.390), noting that the company own Al Fakher Factory for Tobacco Trade in Ajman which produces Al Fakher flavored tobacco productions and exports these production for more than 45 countries. Also the cigarette production yields a profit amounting to JD (496,740) in comparison with a decrease in the same period from the previous year amounting to JD (1,100, 00). These results appeared from the Company’s commitment of producing high quality productions, and suitable prices without increasing the prices of products, in spite of the increase in the production cost, and the Company’s commitment of paying taxes and customs and other fees.
Mr. Fakhori added, “ The most important achievement for Al-Iqbal Investment CO., during the first half of 2008, is the restructuring of the Company and changing the name form International Tobacco and Cigarette Company to (Al-Iqbal Investment Company), to become the legal successor of International Tobacco & Cigarette Company, in all works and activities, in local and regional markets, and all financial, administrative, legal and judicial rights.
Press Release
Al-Iqbal Investment Company became an investment company owning the following companies:
1-International Tobacco & Cigarette Company. The capital investment of the company is JD 30 thousand, and its level of activity in the cigarette production field is 100%.
2- Al Fakher for Tobacco Trading and Agencies Company. The capital investment of the company is JD 30 thousand, with 100% possession, and is responsible for distributing Al Fakher productions. The company owns Al Fakher Tobacco Trading Company (Ajman).
3- Arab for Distributing Cigarettes Company. The capital investment of the company is JD 30 thousand, with 100% possession, and is responsible for distributing the cigarettes in the Aqaba Special Economic Zone (ASEZ).
Also, the tobacco department is finished; it was established to increase the quality of products, along with finishing the tobacco factory building in the Emirate of Ajman, which is owned by the company to cut the running costs.
According to that, and as a result of developing the ability of the company, operations expanded in the local and regional markets. All of that gives us and our workers in the Company, the chance to have a new start, and as planned for the aim of increasing the achievements in the Jordanian economy, under the wise leadership of our beloved King, His Majesty King Abdullah II, and his Government.
