Page 16 - 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)

(a) During the period ended September 30, 2024, the members representing the Parent Company in the Board of
Directors of Med Cell Medical Company (a former subsidiary) have been reduced resulting in the loss of control for
Parent Company over that subsidiary and accordingly, it was reclassified as an associate company that is accounted
for under the equity method. This had also resulted in the exclusion of Med White Images – Joint Venture from the
Group's records during the period ended September 30, 2024, as it is an associate of Med Cell Medical Company
(the former subsidiary).

The assets and liabilities as at the date of losing control as follows:

MedCell
Medical
Company
Assets:
Cash on hand and at banks 140,560
Accounts receivable and other debit balances 101,560
Inventory 37,314
Investment in an associate 272,400
Plant and equipment 1,668,353
Total assets 2,220,187
Liabilities:
Accounts payable and other credit balances 484,631
Lease liabilities 470,437
Due to related parties 235,529
Provision for end of services indemnity 73,665
Total liabilities 1,264,262
Net assets 955,925
Adjustments 14,112
970,037
Group ownership % 50%
Carrying value 484,048

The associate’s financial statements summarized as follows:

Consolidated financial position summarized as follows:
September 30,
2024
(Unaudited)
Assets 2,037,711
Liabilities 1,389,748
Equity 647,963
Group ownership % 50%
Carrying value 323,335

Consolidated statement of profit or loss and other comprehensive income summarized as follows:
For the nine
months ended
September 30,
2024
(Unaudited)
Revenues 2,301,210
Loss for the period (307,959)
Share of results from an associate (153,671)

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