Page 19 - 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)

12. Related party disclosures
The Group has entered into various transactions with related parties, i.e. key management personnel, an associate
company and other related parties. Prices and terms of payment are to be approved by the Group's management.
Significant related party transactions and balances are as follows:

Interim condensed consolidated statement of financial position:

Key December 31,
Associate management September 30, 2023 September 30,
Company personnel 2024 (Audited) 2023
Accounts receivable and
other debit balances 291,945 - 291,945 - -
Accounts payable and other
credit balances - 41,317 41,317 718 39,023
Advances from customers - 42,971 42,971 88,966 -
Lease liabilities (a) - 5,978,833 5,978,833 6,401,586 6,539,100

Amounts due from / to related parties are interest free and are receivable or payable on demand.

Transactions included in the interim condensed consolidated statement of profit or loss:
For the nine months ended
September 30,
Associate Key management
Company personnel 2024 2023
Rental income 352,547 6,462 359,009 6,462
Rental costs (527,436) - (527,436) -
Selling and marketing expenses (13,400) - (13,400) -
Amortization of finance cost related to
lease liabilities - (225,249) (225,249) )245,051(

a) The amounts recognized for this lease liability montioned above as at September 30, 2024 that compose part of the
Groups’ consolidated lease liabilities can be presented as follows:

September 30, September 30,
2024 2023
Lease liability within one year 949,500 909,000
Remaining liability till end of lease term 6,610,500 7,515,000
Total lease liability 7,560,000 8,424,000
Less: Unamortized future finance charge (1,581,167) (1,884,900)
Present value of minimum lease payments 5,978,833 6,539,100

Compensation to key management personnel:
For the three months ended For the nine months ended
September 30, September 30,
2024 2023 2024 2023
Short term benefits 149,538 126,089 448,614 378,269
Terminal benefits 14,383 11,832 43,148 35,496
163,921 137,921 491,762 413,765

Some key management personnel and their relatives own 33.3% of the Associate (MedCell Medical Company K.S.C.
(closed).

16