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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)

Certain investment properties amounting to KD 92,220,519 (December 31, 2022 - KD 111,095,296, June 30, 2022 -
KD 118,053,725) are pledged as collateral against Islamic bank facilities as at June 30, 2023 (Note 13).

10. Goodwill
Goodwill represents excess of consideration paid for acquisition of First Dubai Real Estate Development Company
K.S.C.P. shares over and above the fair value of the identifiable assets and liabilities. The management assessed the
carrying value of goodwill for impairment and did not notice indications for impairment loss as at June 30, 2023.

11. Accounts payable and other credit balances
June 30, December 31,
2023 2022 June 30,
(Audited) (Audited) 2022

Trade payables 5,369,515 5,438,165 5,836,807
Dividends payable to shareholders 229,121 234,085 234,238
Other payables and accrued expenses 8,824,867 9,353,089 7,343,763
14,423,503 15,025,339 13,414,808

Classified as:
June 30, December 31,
2023 2022 June 30,
(Audited) (Audited) 2022

Current portion 10,647,496 11,735,726 10,320,720
Non-current portion 3,776,007 3,289,613 3,094,088

14,423,503 15,025,339 13,414,808

12. Lease liabilities
The movement on lease liabilities during the period / year is as follows:

June 30, December 31,
2023 2022 June 30,
(Audited) (Audited) 2022

Balance at the beginning of the period / year 26,740,311 11,902,888 11,902,888
Additions (Note 9) - 15,782,567 8,788,376
Amortization of finance costs related to lease
liabilities 659,914 994,974 375,352
Payments (1,091,559) (1,940,118) (912,000)
Balance at the end of the period / year 26,308,666 26,740,311 20,154,616

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