Page 10 - Q3 2024 EN

AL MAZAYA HOLDING COMPANY K.S.C.P. AND ITS SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
FOR THE PERIOD ENDED SEPTEMBER 30, 2024
(All amounts are in Kuwaiti Dinars)

For the nine months ended
September 30
2023
Notes 2024 (Restated)
Cash flows from operating activities:
Profit (loss) for the period from continuing operations before discontinued
operations and before National Labor Support Tax and Contribution to
Zakat 2,310,992 (90,934)
Loss for the period from discontinued operations - (22,585,383)
Profit (loss) for the period before National Labor Support Tax and
Contribution to Zakat 2,310,992 (22,676,317)
Adjustments for:
Net (profit) loss of financial assets (130,843) 30,396
Net allowance for expected credit losses 693,920 144,602
Reversal of impairment loss on properties held for trading - ) 28,149 (
Share of results from an associate 6 153,671 (9,938)
Depreciation 7 34,726 253,005
Change in fair value of investment properties 8 (9,836) 2,690,510
Partial gain from termination of sale of a subsidiary 5 (1,125,000) -
Amortization of finance costs related to lease liabilities 1,198,435 1,074,448
Finance costs 2,997,842 4,408,478
Loss on disposal of subsidiaries - 22,041,901
Gain on sale of investment properties (941,270) (3,610,686)
Net monetary gain - (75,048)
Provision for employees’ end of service benefits 140,096 167,445
5,322,733 4,410,647
Changes in operating assets and liabilities:
Accounts receivable and other debit balances (34,575) 664,281
Inventories - (35,349)
Properties held for trading 846,124 461,277
Accounts payable and other credit balances 193,168 1,176,967
Advances from customers (1,252,313) 534,510
Cash flows generated from operations 5,075,137 7,212,333
Employees’ end of service benefits paid (63,308) (75,169)
Net cash flows generated from operating activities 5,011,829 7,137,164

Cash flows from investing activities:
Net movement in restricted cash balances 4,281,466 (782,151)
Net movement on term deposits - (1,100,000)
Proceeds from sale of financial assets at FVTPL - 226,277
Net movement in assets / liabilities held for sale - 406,009
Paid for purchase of property, plant and equipment (12,320) (327,087)
Paid for additions on investment properties (63,029) (410,658)
Proceeds from sale of investment properties 12,638,790 26,101,449
Proceeds from disposal of a subsidiary - 4,027,555
Cash dividend received 135,498 12,242
Net cash flows generated from investing activities 16,980,405 28,153,636

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