Page 14 - Q3 2024 EN

AL MAZAYA HOLDING COMPANY K.S.C.P. AND ITS SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)
SEPTEMBER 30, 2024
(All amounts are in Kuwaiti Dinars)

March 19,
2024
Assets:
Cash and cash equivalents 1,984,062
Financial assets at fair value through profit or loss 287
Accounts receivable and other debit balances 145,809
Properties held for trading 8,316,597
Financial assets at fair value through other comprehensive income 1,685,870
Due from related party 29,532,970
Investment properties 23,276,905
Investment in an associate 16,042,057
Total Assets 80,984,557

Liabilities:
Accounts payable and other credit balances 1,070,431
Advances from customers 440,610
Provision for end of service indemnity 173,705
Total liabilities 1,684,746
Net assets 79,299,811

4. Cash and cash equivalent
December 31,
September 30, 2023 September 30,
2024 (Audited) 2023
Cash on hand and at banks 8,146,896 9,491,249 5,544,119
Term deposits - - 10,432,497
Cash in portfolios 2,644 - -
8,149,540 9,491,249 15,976,616
Less: Restricted bank balances (a) (2,153,294) (6,434,760) (1,365,063)
Cash and cash equivalent in consolidation statement of
cash flow 5,996,246 3,056,489 14,611,553

a) Restricted bank balances represent escrow accounts restricted as a collateral for some bank facilities of the Group,
which may not be available for use within 90 days.

5. Assets and liabilities classified as held for sale and discontinued operations
a) Assets and liabilities classified as held for sale
During the period ended September 30, 2024, the group have completed and executed all the procedures related
to the termination and settlement of the agreement that included the disposal of all the shares of (Kuwaiti Saudi
Real Estate Investment Company – O.P.C). against cash and in kind consideration with a net amount of 15,500,000
Kuwaiti dinars due to the second party’s (the buyer) inability to fulfill his remaining obligations to complete the deal,
which led the parties to terminate the deal and agree on a final settlement which includes the buyer’s undertaking
to assume a bank debt amounting to KD 4,000,000 relating to the properties previously transferred to the group,
in addition to the payment of KD 150,000 to the group within one year period from signing the termination and
settlement agreement as a final settlement between the parties. On the other hand, the group shall retransfer back
to the buyer the ownership of the properties subject to that settlement which were previously transferred to it within
the terms of this transaction. The termination of that transaction had resulted in the reclassification of the assets
classified as held for sale and their related liabilities back to the Group’s assets and liabilities, as well as
reclassifying the results of operations pertaining to Kuwaiti Saudi Real Estate Investment Company - O.P.C. within
the continuing operations for the current period and comparative periods.

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