Al Mazaya K S C Public : Financial Results 31/03/2024
May 12, 2024 at 01:26 am
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AL MAZAYA HOLDING COMPANY K.S.C.P. AND ITS SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS (UNAUDITED) FOR THE PERIOD ENDED MARCH 31, 2024
(All amounts are in Kuwaiti Dinars)
For the three months ended
March 31,
2023
Note
2024
(Restated)
Continuing operations:
Revenue:
Revenue from sale of properties held for trading
521,178
136,439
Rental income
3,145,222
3,177,615
Medical services income
-
417,662
Net management fees and commission income
44,875
219,646
Total revenue
3,711,275
3,951,362
Costs:
Cost of sale of properties held for trading
(511,503)
(133,690)
Cost of rental
(620,695)
(484,433)
Cost of medical services
-
(433,774)
Total costs
(1,132,198)
(1,051,897)
Gross profit
2,579,077
2,899,465
Partial gain from termination of sale of a subsidiary
5
1,125,000
-
Share of results from an associate
6
(42,280)
1,075
Gain on sale of investment properties
574,156
76,366
Depreciation
(13,124)
(55,491)
Change in fair value of investment properties
8
9,836
-
Selling and marketing expenses
(14,497)
(44,053)
General and administrative expenses
(645,768)
(855,751)
Operating profit
3,572,400
2,021,611
Net loss of financial assets
(1,337)
(15,543)
Net other expenses
(303,673)
(76,252)
Amortization of finance costs related to lease liabilities
(405,027)
(331,540)
Finance costs
(1,038,151)
(1,422,172)
Profit for the period from continuing operations before discontinued operations and before
National Labor Support Tax and Contribution to Zakat
1,824,212
176,104
Discontinued operations
Profit for the period from discontiunued operations
-
7,906
Profit for the period before National Labor Support Tax
and Contribution to Zakat
1,824,212
184,010
National Labor Support Tax
(267,214)
-
Contribution to Zakat
(97,538)
-
Profit for the period
1,459,460
184,010
Attributable to:
Shareholders of the Parent Company
1,260,641
194,816
Non-controlling interests
198,819
(10,806)
1,459,460
184,010
Profit per share attributable to shareholders of the parent company
Continuing operations
Basic and diluted earnings per share - attributable to shareholders of the parent company
(fils)
11
2.64
0.30
Discontinued operations
Basic and diluted earnings per share - attributable to shareholders of the parent company
(fils)
11
-
0.01
Total basic and diluted earnings per share attributable to shareholders of the Parent
Company (fils)
11
2.64
0.31
The accompanying notes (1) to (16) form an integral part of the interim consolidated financial information.
4
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Al Mazaya Holding Company KSCP (Mazaya) is a Kuwait-based company engaged in real estate development and investment activities in Kuwait and the Middle East. Mazaya provides a range of real estate products and services in several fields, including housing projects, such as deluxe villas and high class residential buildings, and commercial projects, such as office and retail buildings. The Company is also engaged in other real estate fields include purchasing, ownership, and selling of lands and their development for the account of the Company inside and outside of Kuwait. In addition, the Company also handles the management of third partyâs properties and management and investment, lease, and rent of hotels, health clubs, recreational parks, gardens, exhibition grounds, restaurants, residential & commercial complexes, and tourist & health resorts. Additionally, it is active in Turkey, through a joint-stock company and a subsidiary.