Annual report eng.2019

N otes To The Consolidated Financial Statements AL MAZAYA HOLDING K.S.C.P. AND ITS SUBSIDIARIES As At 31 December 2019 (All amounts are in Kuwaiti Dinars) OF ACHIEVEMENTS Kuwait UAE KSA Oman Turkey Bahrain Total Kuwait UAE KSA Oman Turkey Bahrain Total Dividend income Unrealized gain from changes in fair value of financial assets at FVPL Realized gain on sale of financial assets at FVPL Portfolios management fees 5,076,602 2,109,628 804,470 25,403 289,362 421,299 8,726,764 4,420,169 2,245,235 1,007,869 - 265,086 446,291 8,384,650 - 17,286,243 - 881,642 916,183 - 19,084,068 - 8,993,933 - 3,228,880 1,353,402 - 13,576,215 5,076,602 19,395,871 804,470 907,045 1,205,545 421,299 27,810,832 4,420,169 11,239,168 1,007,869 3,228,880 1,618,488 446,291 21,960,865 Rental income Rental income 2019 2018 Revenue from sale of properties held for trading Revenue from sale of properties held for trading Total Total 21. Revenue The Group’s revenue disaggregated by primary geographical markets is as follows: 22. Net investment income 23. Net other (expenses) income This item includes allowance for expected credit losses amounting to KD 840,706 (2018 – KD 1,587,171) and provisions no longer required, credit balances written back and settlement revenue amounting to KD 1,475,524 (2018 – KD 3,992,537), which includes the amount resulted from the final court verdict that was issued during the year in favor of the Parent Company for a legal case with an amount of KD 837,806 and its legal interest at the rate of 7% per annum from the date of entitlement until full payment and subsequent to the issuance of this verdict, the Group signed a settlement agreement with the other company for an amount of KD 1,220,000 which was received during the year and was recorded as other income. This item includes also current and deferred tax expenses for the Parent Company’s subsidiaries along with real estate projects and property registration and service fees amounting to KD 805,928 (2018 – KD 186,239). In addition, this caption includes a provision for lawsuits amounting to AED 5,000,000 (KD 414,105). Such a lawsuit was raised against a subsidiary of the Group in the United Arab Emirates for a claim of AED 17,277,295 (KD 1,430,923) representing settlements of accounts between the plaintiff and the subsidiary. During the year, a first-degree court decision was issued in the favor of the plaintiff with an amount of AED 5,000,000 (KD 414,105) for which the subsidiary had appealed against it at the Court of Appeal. The management of the Group has taken the conservative basis to recognize this amount as a provision until the final decision is made by the court. 557,220 2,466 12,975 )32,122( 540,539 1,008,600 119,159 5,802 )43,586( 1,089,975 2019 2018