BALANCE SHEETS
AS OF DECEMBER 31, 1998 AND 1997
(Currency: Jordanian Dinar)

ASSETS		Notes	1998	1997
Current Assets
	Cash	4	10,346,887	9,851,339
	Accounts receivable, net	5	14,202,465	14,715,522
	Other current assets	6	3,860,235	2,178,425
Total Current Assets			28,409,587	26,745,286
Investment in affiliated company		7	87,500	87,500
Materials in stores, net		8	5,942,729	3,712,702
Projects in progress		9	16,260,287	9,597,259
Property, plant and equipment, net		10	43,330,813	10,915,180
Licence, concession and lines cost, net		11	17,093,348	15,481,530
Establishment and preoperating expenses, net		12	209,693	279,336
Total Assets			111,333,957	66,818,793
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
	Due to banks	13	7,202,208	1,697,437
	Notes payable	14	4,579,997	7,963,977
	Accounts payable	15	17,714,733	13,009,432
	Other current liabilities	16	3,026,743	846,261
Total Current Liabilities			32,523,681	23,517,107
Long term loans		17	14,881,118	--
Provision for end of service benefit		18	811,409	327,903
Total Liabilities			48,216,208	23,845,010
Shareholders’ Equity
	Paid-in share capital	19	44,422,504	32,851,809
	Statutory reserve	20	1,869,524	1,012,197
	Voluntary reserve	20	1,869,524	1,012,197
	Special reserve	20	2,024,394	2,024,394
	Retained earnings		12,931,803	6,073,186
Total Shareholders’ Equity			63,117,749	42,973,783
Total Liabilities and Shareholders’ Equity			111,333,957	66,818,793

The accompanying notes form an integral part of these financial statements.

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