Page 44 - Q4-2024-EN

AL-MAZAYA HOLDING COMPANY - K.S.C. (PUBLIC)
AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2023
(All amounts are in Kuwaiti Dinars)

Analysis of assets and liabilities disposed of is as follows:
April 13,
2023
(Date of disposal)
Assets:
Cash on hand and at banks 108,754
Accounts receivable and other debit balances 453,170
Property, plant and equipment 64,212
Investment properties 4,592,002
Total assets classified as held for sale 5,218,138

Liabilities:
Accounts payable and other credit balances 1,313,766
Advances from customers 8,811
Total liabilities classified as held for sale 1,322,577
Net assets classified as held for sale 3,895,561

The results of operation for disposed subsidiary are presented as follows:

For the period from
January 1, 2023,
to April 13, 2023
(Date of disposal) 2022
Revenue:
Rental income 135,477 280,609
Total revenue 135,477 280,609
Costs:
Cost of rental (70,746) (173,716)
Total costs (70,746) (173,716)

Gross profit 64,731 106,893

Change in fair value of investment properties (530,880) (2,118,471)
General and administrative expenses (75,174) (120,464)
Operating loss (541,323) (2,132,042)
Net monetary gain 75,048 216,705
Net other expenses (77,207) (7,231)
Loss for the period / year (543,482) (1,922,568)
Other comprehensive loss for the period / year (201,532) (1,941,376)
Total comprehensive loss for period / year (745,014) (3,863,944)

Loss on disposal of a subsidiary:

2023
Net consideration against disposal after settling the current accounts 4,027,555
Less: Foreign currencies differences reclassified to profit or loss (22,173,895)
Less: Net assets disposed off (3,895,561)
Loss on disposal of a subsidiary (22,041,901)

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