Page 13 - Mazaya Holding_FS_E_Q3_2021

AL MAZAYA HOLDING COMPANY K.S.C.P. AND ITS SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)
SEPTEMBER 30, 2021
(All amounts are in Kuwaiti Dinars)

7. Net other (expenses) income
The comparative financial period for the nine months ended September 30, 2020, includes amounts related to a lawsuit
filed by two subsidiaries of the group in the United Arab Emirates against some investors for the development of real
estate projects in the Emirate of Dubai in the United Arab Emirates. The Group had recognized a provision during that
period amounting to AED 14,793,394 (equivalent to KD 1,231,430) in order to complete the recognition of full provision
for all the balances reported in its records pertaining to that claim for conservatism purposes and not in surrender to
the Group’s rights in those balances reported in its records. During the period ending on September 30, 2021, the Court
of Cassation ruled its verdict confirming the ruling of the Court of Appeal which previously confirmed the ruling of the
Court of First Instance in favor of the two subsidiaries of the group entitling them to a total amounting to AED 19,780,852
(equivalent to KD 1,625,687) in addition to the legal interest at the rate of 9% from the date of the judicial claim until the
full payment. Implementation procedures for this ruling are currently in process by the two subsidiaries. The group did
not reverse any provision previously recorded against this case for conservatism purposes till the implemation of that
verdict and receiving the ruled amounts in favor of the Group.

8. Basic and diluted earnings (loss) per share

Basic earnings (loss) per share:
The information necessary to calculate basic earnings (loss) per share based on the weighted average number of
shares outstanding during the period is as follows:
For the three months ended For the nine months ended
September 30, September 30,
2021 2020 2021 2020
Loss for the period attributable to equity
holders of the Parent Company from
Continuing operations (17,402) (435,243) (113,832) (5,214,051)
Profit (Loss) for the period attributable to
equity holders of the Parent Company
from Discontinued operations 81,369 118,101 262,032 (52,687)
Profit (Loss) for the period attributable to
equity holders of the Parent Company 63,967 (317,142) 148,200 (5,266,738)

Number of shares outstanding:
Number of issued shares at beginning of
the period 688,278,956 688,278,956 688,278,956 688,278,956
Less: Weighted average number of
treasury shares including decrease of
capital (58,724,740) (59,637,269) (58,800,596) (60,417,393)
Weighted average number of shares
outstanding 629,554,216 628,641,687 629,478,360 627,861,563

Basic loss per share attributable to
shareholders of the Parent Company
from Continuing operations - Fils (0.03) (0.69) (0.18) (8.31)
Basic earnings (loss) per share
attributable to shareholders of the
Parent Company from Discontinued
operations - Fils 0.13 0.19 0.42 (0.08)
Total basis earnings (loss) per share
attributable to shareholders of the
Parent Company - Fils 0.10 (0.50) 0.24 (8.39)

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