Page 19 - Q1 2024 EN

AL MAZAYA HOLDING COMPANY K.S.C.P. AND ITS SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)
MARCH 31, 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, 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 March 31, 2023 March 31,
company personnel 2024 (Audited) 2023
Accounts receivable and other debit 342,616 342,616
balances - - -
Accounts payable and other credit 41,116 2,700 43,816
balances 718 3,406
Advances from customers - 47,379 47,379 88,966 -
Lease liabilities (a) - 6,181,383 6,181,383 6,401,586 6,809,147

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 three months ended
Associate Key management March 31,
company personnel 2024 2023
Rental income 121,050 2,154 123,204 2,154
Cost of rental (161,732) - (161,732) -
Selling and marketing expenses (3,750) - (3,750) -
Amortization of finance costs related -
to lease liabilities (76,798) (76,798) (83,098)

a) The amounts recognized for this lease liability mentioned above as at March 31, 2024 that compose part of the
Groups’ consolidated lease liabilities can be presented as follows:

2024 2023
Lease liability within one year 841,500 909,000
Remaining liability till end of lease term 7,069,500 7,947,000
Total lease liability 7,911,000 8,856,000
Less: Unamortized future finance charge (1,729,617) (2,046,853)
Present value of minimum lease payments 6,181,383 6,809,147

Compensation to key management personnel:
For the three months ended
March 31,
2024 2023
Short term benefits 149,248 126,090
Terminal benefits 14,355 11,832
163,603 137,922

Some key management personnel and their relatives own 50% of the Associate (MedCell Medical Company K.S.C.
(closed).

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