Page 13 - FS-EN-Q2-30-06-2022

AL MAZAYA HOLDING COMPANY K.S.C.P. AND ITS SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)
JUNE 30, 2022
(All amounts are in Kuwaiti Dinars)

The results of operation related to the subsidiary under disposal for the period are as follows:

For the three months ended For the six months ended
June 30, June 30,
2022 2021 2022 2021
Revenue:
Rental income 188,480 149,906 370,501 314,463
Net management fees and commission income 10,453 2,393 19,911 4,120
Total revenue 198,933 152,299 390,412 318,583

Costs:
Cost of rent (56,048) (36,332) (110,844) (71,205)
Total costs (56,048) (36,332) (110,844) (71,205)

Gross profit 142,885 115,967 279,568 247,378

General and administrative expenses (16,275) (7,238) (18,347) (7,906)
Operating profit 126,610 108,729 261,221 239,472
Net other expenses (5,023) (30,396) (2,124) (38,529)

Profit for the period from discontinued operations 121,587 78,333 259,097 200,943
Other comprehensive income (loss) for the period
from discontinued operations 215,792 (12,248) 267,101 (61,229)
Total comprehensive income for the period from
discontinued operations 337,379 66,085 526,198 139,714

5. Investment in associate
During the period ended on June 30, 2022, The Group had disposed 50 shares from a total of 80 shares owned by one
of it’s subsidiaries in Med White - Images - Joint Venture (former subsidiary) for an amount of KD 400,000.

The Group’s share in the associate (Med white – Images – Joint Venture) is 30% as of June 30, 2022. The Group had
also appointed a director from the Company’s board of directors that allows the Group to have a significant influence
over this associate.

Analysis of disposed assets and liabilities:
Med White - Images
Assets:
Cash on hand and at banks 139,269
Accounts receivable and other debit balances 79,748
Inventories 188
Property and equipment 763,690
Total assets 982,895

Liabilities:
Accounts payable and other credit balances 763,439
Total liabilities 763,439

Net assets 219,456

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