AL-MAZAYA HOLDING COMPANY - K.S.C. (PUBLIC) AL MAZAYA HOLDING COMPANY K.S.C. (PUBLIC)
AND ITS SUBSIDIARIES
STATE OF KUWAIT
INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
FOR THE PERIOD ENDED MARCH 31, 2022
(UNAUDITED)
WITH
REPORT ON REVIEW OF INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION
AL MAZAYA HOLDING COMPANY K.S.C. (PUBLIC)
AND ITS SUBSIDIARIES
STATE OF KUWAIT
INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
FOR THE PERIOD ENDED MARCH 31, 2022
(UNAUDITED)
WITH
REPORT ON REVIEW OF INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
CONTENTS
Report on review of interim condensed consolidated financial information
Page
Interim condensed consolidated statement of financial position (unaudited) 2
Interim condensed consolidated statement of profit or loss (unaudited) 3
Interim condensed consolidated statement of profit or loss and other comprehensive income (unaudited) 4
Interim condensed consolidated statement of changes in equity (unaudited) 5
Interim condensed consolidated statement of cash flows (unaudited) 6
Notes to interim consolidated financial information (unaudited)
7 - 14
REPORT ON REVIEW OF INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
The Board of Directors
Al Mazaya Holding Company K.S.C.P. State of Kuwait
Introduction
We have reviewed the accompanying interim condensed consolidated statement of financial position of Al Mazaya Holding Company K.S.C.P. (The Parent Company) and its subsidiaries (the Group) as of March 31, 2022 and the related interim condensed consolidated statements of profit or loss, profit or loss and other comprehensive income, changes in equity and cash flows for the three months period then ended. Management of the Parent Company is responsible for the preparation and presentation of this interim condensed consolidated financial information in accordance with International Accounting Standard 34, "Interim Financial Reporting". Our responsibility is to express a conclusion on this interim condensed consolidated financial information based on our review.
Scope of Review
We conducted our review in accordance with International Standard on Review Engagements 2410, "Review of Interim financial information performed by the Independent Auditor of the Entity." A review of interim condensed consolidated financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed consolidated financial information is not prepared, in all material respects, in accordance with International Accounting Standard 34.
Report on other Legal and Regulatory Requirements
Furthermore, based on our review the interim condensed consolidated financial information is in agreement with the books of account of the Parent Company. We further report that, to the best of our knowledge and belief, we have not become aware of any violations of the Companies Law No. 1 of 2016 and its Executive Regulations, as amended, or of the Parent Company's Memorandum of Incorporation and Articles of Association, as amended during the three months period ended March 31, 2022 that might have had a material effect on the Group's financial position or results of its operations.
Furthermore, during our review we have not become aware of any material violations of the provisions of Law 7 of 2010, as amended, relating to the Capital Markets Authority and its related regulations during the three months for the period ended March 31, 2022 that might have had a material effect on the Group's financial position or results of its operations.
State of Kuwait April 28, 2022
Nayef M. Al Bazie License No. 91-A RSM Albazie & Co.
AL MAZAYA HOLDING COMPANY K.S.C.P. AND ITS SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS (UNAUDITED) FOR THE PERIOD ENDED MARCH 31, 2022
(All amounts are in Kuwaiti Dinars)
For the three months ended
March 31,
Note | 2022 | 2021 | |
Continuing operations: | |||
Revenue: | |||
Revenue from sale of properties held for trading | - | 240,669 | |
Rental income | 2,523,892 | 2,300,387 | |
Medical services income | 861,530 | - | |
Net management fees and commission income | 71,884 | 72,821 | |
Total revenue | 3,457,306 | 2,613,877 | |
Costs: | |||
Cost of sale of properties held for trading | - | (251,743) | |
Cost of rental | (451,109) | (518,759) | |
Cost of medical services | (638,866) | - | |
Total costs | (1,089,975) | (770,502) | |
Gross profit | 2,367,331 | 1,843,375 | |
Selling and marketing expenses | (31,170) | (12,884) | |
General and administrative expenses | (807,933) | (786,501) | |
Depreciation | (65,891) | (19,433) | |
Operating profit | 1,462,337 | 1,024,557 | |
Net loss of financial assets | (16,814) | (6,397) | |
Net other (expenses) income | (92,315) | 115,465 | |
Amortization of finance costs related to lease liabilities | (142,187) | (156,506) | |
Finance costs | (1,039,089) | (1,001,958) | |
Profit (loss) for the period from contiunuing operations | 171,932 | (24,839) | |
Profit for the period from discontiunued operations | 4 | 137,510 | 122,610 |
Profit for the period | 309,442 | 97,771 | |
Attributable to: | |||
Shareholders of the Parent Company | 182,346 | 41,649 | |
Non-controlling interests | 127,096 | 56,122 | |
309,442 | 97,771 | ||
Profit per share attributable to shareholders of the parent company | |||
Continuing operations | |||
Basic and diluted earnings (loss) per share - attributable to shareholders of the | |||
parent company (fils) | 6 | 0.10 | (0.11) |
Discontinued operations | |||
Basic and diluted earnings per share - attributable to shareholders of the parent | |||
company (fils) | 6 | 0.19 | 0.18 |
Total basic and diluted earnings per share attributable to shareholders of the | |||
Parent Company (fils) | 6 | 0.29 | 0.07 |
The accompanying notes (1) to (12) form an integral part of the interim consolidated financial information.
3
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Al Mazaya Holding Company KSC Holding published this content on 29 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 April 2022 05:51:05 UTC.
