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AL-MAZAYA HOLDING COMPANY - K.S.C. (PUBLIC)
AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 2023
(All amounts are in Kuwaiti Dinar)

1. Incorporation and activities
Al Mazaya Holding Company “The Parent Company” is a Kuwaiti Public shareholding company listed on Kuwait
Boursa and Dubai Financial Market and registered in the State of Kuwait, and was incorporated based on
Memorandum of Incorporation under Ref. No. 3501 / Volume 1 dated November 7, 1998 and its subsequent
amendments, the latest of which was notarized in the commercial registry number 75203 dated June 25, 2023 to
amend some articles of the Memorandum of Incorporation (Note 24).

The Parent Company’s main activities based on the Articles of Association are as follows:
Ownership of Kuwaiti and foreign shareholding companies, ownership of shares and portions of limited liability Kuwaiti
and foreign companies or participating in the formation of those companies, as well as managing and guaranteeing
those companies, granting loans to the companies in which it owns shares in and guaranteeing them towards others,
provided that the percentage of participation of the holding company in the capital of the borrowing company is not
less than 20%, ownership of industrial property rights including intellectual rights, trade marks, industrial marks,
industrial fees or any other rights relating to such assets and leasing them to other companies to utilize them whether
inside or outside the state of Kuwait, ownership of the movable assets and real properties needed to operate within
the applicable laws, utilization of its available financial surpluses by investing them in financial real estate portfolios
managed by specialized companies.

The Parent Company has the right to practice its aforementioned objectives inside the State of Kuwait and abroad for
itself or as agent or representative to other, the Parent Company has the right as well to have interest or to participate
with entities that practice similar operations or assist the Parent Company in achieving its objectives inside and outside
Kuwait, and such it has the right to establish, form partnership, purchase or merge with those entities.

The Parent Company’s registered address is P.O. Box 3546, Safat 13036, State of Kuwait.

The consolidated financial statements were authorized for issue by the Parent Company’s Board of Directors on
August 10, 2023.

2. Significant accounting policies
The consolidated financial statements of the Group have been prepared in accordance with the International Financial
Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). Significant
accounting policies are summarized as follows:

a) Basis of preparation
The consolidated financial statements are presented in Kuwaiti Dinars (“KD”) which is the functional currency of
the Parent Company and are prepared under the historical cost basis, except for Financial assets at fair value
through profit or loss (“FVTPL”), Financial assets at fair value through other comprehensive income (“FVTOCI”),
and Investment properties which are stated at fair value.

Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date.

The preparation of consolidated financial statements in conformity with International Financial Reporting
Standards requires management to make judgments, estimates and assumptions in the process of applying the
Group’s accounting policies. Significant accounting judgments, estimates and assumptions are disclosed in Note
2(ae). The key sources of estimation uncertainty are consistent with the annual audited consolidated financial
statements of the Group for the year ended December 31, 2022.

New and amended IFRS Standards that are effective for the current year
The accounting policies used in the preparation of these consolidated financial statements are consistent with
those used in the previous year except for the changes due to implementation of the following new and amended
International Financial Reporting Standards as of January 1, 2023 :

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