Esterad Investment BSC : Q2 Ended 30 June 2023 English

as at 30 June 2023

Bahraini Dinars

30 June

31 December

2023

2022

(reviewed)

(audited)

Assets

Cash and bank balances

1,978,580

3,264,987

Investment securities

23,467,656

24,052,215

Development properties

15,265,302

14,893,839

Investment properties

8,246,711

8,449,647

Other assets

2,438,190

2,940,598

Total assets

51,396,439

53,601,286

Liabilities

Bank borrowings

9,092,795

9,320,126

Other liabilities

7,184,951

8,779,347

Total liabilities

16,277,746

18,099,473

Total net assets

35,118,693

35,501,813

Equity

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS

for the six months ended 30 June 2023

Bahraini Dinars

Six months ended

Three months ended

30 June

30 June

30 June

30 June

2023

2022

2023

2022

(reviewed)

(reviewed)

(reviewed) (reviewed)

Investment income

1,399,766

497,743

782,665

71,645

Income on development properties

348,609

186,348

241,437

149,780

Income on investment properties

59,736

476,579

34,976

363,404

Total income

1,808,111

1,160,670

1,059,078

584,829

General and administrative expenses

614,525

488,600

286,126

268,603

Interest expense

119,229

107,799

60,783

2,079

Total expenses

733,754

596,399

346,909

270,682

Profit for the period

1,074,357

564,271

712,169

314,147

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

for the six months ended 30 June 2023

Bahraini Dinars

Six months ended

Three months ended

30 June

30 June

30 June

30 June

2023

2022

2023

2022

(reviewed)

(reviewed)

(reviewed)

(reviewed)

Profit for the period

1,074,357

564,271

712,169

314,147

Other comprehensive income:

Items that will not be reclassified

to profit or loss

Net changes in fair value of equity

investments classified as fair value through

other comprehensive income (FVTOCI)

(173,101)

411,017

189,431

107,849

Items that are may be reclassified

subsequently to profit or loss

Net change in fair value of

debt securities at FVTOCI

(58,763)

(1,004,958)

(98,584)

(657,555)

Fair value gain on debt securities at FVTOCI

reclassified to profit or loss on sale

1,044

(63,320)

-

-

Transfer to profit or loss on changes in expected

credit losses of FVTOCI debt securities

-

(70,177)

-

(53,266)

Cash flow hedges - effective portion of change

of change in fair value

(40,823)

286,050

21,782

98,036

Cash flow hedges - reclassified to profit or loss

(323,352)

-

(323,352)

-

for the six months ended 30 June 2023

Bahraini Dinars

Six months

Six months

ended

ended

30 June 2023

30 June 2022

(reviewed)

(reviewed)

Operating activities

Dividends received

371,200

419,099

Interest received

368,686

421,276

Proceeds from sale of equity securities

1,990,815

3,363,294

Purchase of equity securities

(2,362,871)

(3,092,437)

Purchase of debt securities

(877,440)

(68,614)

Proceed from debt securities

1,040,576

1,969,402

Purchase of properties

(498,500)

(1,000,000)

Proceed on sale of properties

1,182,065

42,630

Settlement of financing receivable

904,800

-

Payment for additions to properties

(1,339,622)

(2,250,397)

Pledged deposit

(202,625)

197,375

Custody fees and investment related expenses paid

(1,547)

(2,979)

Salaries and benefits paid

(416,111)

(375,255)

Payments for general and administrative expenses

(284,152)

(275,209)

Charitable donation

(24,970)

(20,956)

Net cash used in operating activities

(149,696)

(672,771 )

Investing activities

Acquisition of equipment

(43,828)

(40,086)

Net cash used in investing activities

(43,828)

(40,086)

Financing activities

Funds borrowed, net

(227,331)

587,835

Interest paid

(177,949)

(395,699 )

Share capital

14,000,000

14,000,000

Share premium

7,966,301

7,966,301

Treasury shares

(99,363)

(98,601)

Statutory reserve

7,435,798

7,435,798

General reserve

460,241

460,241

Hedging reserve

-

364,175

Retained earnings

5,355,716

5,373,899

Owners of the Company

1,074,357

564,319

712,169

314,147

Non-controlling interest

-

(48)

-

-

1,074,357

564,271

712,169

314,147

Total other comprehensive income

for the period

(594,995)

(441,388)

(210,723)

(504,936)

Total comprehensive income

for the period

479,362

122,883

501,446

(190,789)

Total comprehensive income for

the period attributable to:

Shareholders of the Company

479,362

122,931

501,446

(190,789)

Non -controlling interest

-

(48)

-

-

Dividends paid

(836,824)

(836,941)

Purchase of treasury shares

(779)

-

Net cash used in financing activities

(1,242,883)

(644,805 )

Net decrease in cash and cash equivalents

during the period

(1,436,407)

(1,357,662)

Cash and cash equivalents as at 1 January

2,920,289

4,222,139

Cash and cash equivalents at 30 June

1,483,882

2,864,477

Cash and cash equivalents comprise of:

Cash and bank balances

1,983,882

2,964,477

Pledged deposit

(500,000)

(100,000)

Total equity

35,118,693

35,501,813

Basic earnings per 100 fils share

7.7 fils

4.1 fils

5.1 fils

2.3 fils

479,362

122,883

501,446 (190,789)

1,483,882

2,864,477

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

for the six months months ended 30 June 2023

Bahraini Dinars

2023 (reviewed)

Attributable to the shareholders of the Company

Share

Share

Treasury

Statutory

General

Hedging

Retained

Total

capital

premium

shares

reserve

reserve

reserve

earnings

equity

At 1 January 2023

14,000,000

7,966,301

(98,601)

7,435,798

460,241

364,175

5,373,899

35,501,813

Comprehensive income for the period:

Profit for the period

-

-

-

-

-

-

1,074,357

1,074,357

Total other comprehensive income

-

-

-

-

-

(364,175)

(230,820)

(594,995)

Total comprehensive income for the

period

-

-

-

-

-

(364,175)

843,537

479,362

Dividends declared for 2022

-

-

-

-

-

-

(836,720)

(836,720)

Treasury shares acquired

-

-

(762)

-

-

-

-

(762)

Transfer to charities

-

-

-

-

-

-

(25,000)

(25,000)

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

for the six months ended 30 June 2023 (continued)

Bahraini Dinars

2022 (reviewed)

Attributable to the shareholders of the Company

Non-

Share

Share

Treasury

Statutory

General

Hedging

Retained

Total

controlling

Total equity

capital

premium

shares

reserve

reserve

reserve

earnings

interest

At 1 January 2022

14,000,000

7,966,301

(93,961)

7,453,885

460,241

(49,439)

4,503,919

34,240,946

462,216

34,703,162

Comprehensive income for the period:

Profit / (loss) for the period

-

-

-

-

-

-

564,319

564,319

(48)

564,271

Total other comprehensive income

-

-

-

-

-

286,050

(727,438)

(441,388)

-

(441,388)

Total comprehensive income for

the period

-

-

-

-

-

286,050

(163,119)

122,931

(48)

122,883

Dividends declared for 2021

-

-

-

-

-

-

(836,941)

(836,941)

-

(836,941)

Acquisition of subsidiary

-

-

-

-

-

-

-

-

134,735

134,735

Loss of control of subsidiary

-

-

-

(23,700)

-

-

34,329

10,629

(462,168)

(451,539)