Page 10 - Q1 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 MARCH 31, 2024
(All amounts are in Kuwaiti Dinars)

For the three months ended
March 31,
2023
Notes 2024 (Restated)
Cash flows from operating activities:
Profit for the period from continuing operations before discontinued operations
and before National Labor Support Tax and Contribution to Zakat 1,824,212 176,104
Profit for the period from Discontinued operations - 7,906
Profit for the period before National Labor Support Tax and Contribution to
Zakat 1,824,212 184,010
Adjustments for:
Net loss on financial assets 1,337 15,543
Allowance for expected credit losses 415,007 61,911
Allowance for expected credit losses no longer required (82,273) (60,880)
Share of results from an associate 6 42,280 (1,075)
Depreciation 13,124 90,015
Change in fair value of investment properties 8 (9,836) -
Partial gain from termination of sale of a subsidiary 5 (1,125,000) -
Amortization of finance costs related to lease liabilities 405,027 331,540
Finance costs 1,038,151 1,422,172
Gain on sale of investment properties (574,156) (76,366)
Provision for employees’ end of service benefits 43,053 56,996
1,990,826 2,023,866
Changes in operating assets and liabilities:
Accounts receivable and other debit balances 281,668 186,660
Inventory - (34,500)
Properties held for trading 511,503 133,690
Accounts payable and other credit balances (562,543) (324,688)
Advances from customers (1,043,252) 1,108,211
Cash flows generated from operations 1,178,302 3,093,239
Employees’ end of service benefits paid (14,764) (42,408)
Net cash flows generated from operating activities 1,163,538 3,050,831

Cash flows from investing activities:
Net movement in restricted cash balances (1,000,996) 153,143
Proceeds from sale of financials assets at fair value through profit or loss - 201,482
Net movement on assets / liabilities held for sale - 130,504
Paid for purchase of property, plant and equipment (2,342) (125,070)
Paid for additions on investment properties (37,043) (127,150)
Proceeds from sale of investment properties 7,299,149 2,621,325
Net cash flows generated from investing activities 6,258,768 2,854,234

Cash flows from financing activities:
Lease liabilities paid (1,025,677) (684,000)
Net movement in Islamic bank facilities (1,583,663) (2,839,470)
Purchase of treasury shares (707,739) (156,471)
Finance costs paid (825,927) (2,071,129)
Net cash flows used in financing activities (4,143,006) (5,751,070)

Net increase in cash and cash equivalent 3,279,300 153,995
Foreign currency translation adjustments (287,098) 5,503
Cash on hand and at banks related to assets held for sale - (414,268)
Cash on hand and at banks related to the disposed subsidiary 6 (140,560) -
Cash and cash equivalent at the beginning of the period 4 3,056,489 5,774,968
Cash and cash equivalent at the end of the period 4 5,908,131 5,520,198

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