Page 15 - 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)

During the year ended December 31, 2023, The Group had re-transferred the ownership of one of the properties
subject to that settlement back to the buyer as part of the termination and settlement procedures. That transfer had
resulted in a partial gain from the termination of that sale transaction amounting to KD 400,000 which had been
recognized in the consolidated statement of profit or loss for the year ended December 31, 2023.

During the period ended September 30, 2024, the Group had completed and executed all other procedures related
to that termination and settlement agreement, which resulted in the derecognition of the remaining liabilities,
properties and other balances related to that transaction and hence, the Group had recognized additional gain of
KD 1,125,000 which had been recognized in the interim condensed consolidated statement of profit or loss for the
period ended September 30, 2024 as follows:

Amount
Derecognition of the Group’s remaining liabilities towards the buyer 3,825,000
Derecognition of Islamic bank facilities incurred by the buyer 4,000,000
Amounts due to be collected from the buyer within one year 150,000
Book value of other properties re-transferred back to the buyer (6,850,000)
Gain from the transaction’s termination and settlement 1,125,000

b) Discontinued operations
During the comparative year ended December 31, 2023, the group has disposed its subsidiary in Turkey “Mazaya
Ritim Istanbul Insaat Anonim Sirketi” which resulted in reclassification of the assets and liabilities of that subsidiary
being classified at that time to assets and liabilities subject to disposal and held for sale, as well as the
reclassification of its operating results to discontinued operations, which were presented separately in the
statement of financial position and the statement of profits and losses.

The Group has recorded the impact of this transaction during the comparative year ended December 31, 2023,
based on the subsidiary’s financial position as at April 13, 2023 (date of sale transaction completion).

6. Investment in associate
Percentage of ownership % Amount
December 31, December 31,
Country of Principal September 30, 2023 September 30, September 30, 2023 September 30,
Name of Company incorporation activities 2024 (Audited) 2023 2024 (Audited) 2023
Med White –
Images
company – joint State of Medical
venture Kuwait services - %30 30% - 272,400 278,269
MedCell Medical
Company K.S.C. State of Medical
(closed) Kuwait services %50 - - 323,335 - -
323,335 272,400 278,269

The movement during the period / year was as follows:

December 31,
September 30, 2023 September 30,
2024 (Audited) 2023
Balance at the beginning of period / year 272,400 268,331 268,331
Disposal of an associate (a) (272,400) - -
Addition of an associate (a) 484,048 - -
Adjustments (7,042) - -
Group’s share of results from an associate (153,671) 4,069 9,938
Balance at the end of the period / year 323,335 272,400 278,269

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