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AL MAlAYA HOLDING COMPANY
K.S.C.
(CLOSED) AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007
(All amounts are in Kuwaiti Dinars)
21.
Treasury shares
Number of shares (shares)
Percentage of issued shares (%)
Market value (KD)
Cost (KD)
2007
5,228,695
1.66%
3,450,938
2,889,821
2006
13,728,702
4.8%
9,335,517
7,013,148
22.
Gain from sale of properties completed and under development
2007
Revenue from sale of properties completed and under
development
Cost of sale
Gain from sale of properties completed and under development
63,352,764
2006
37,953,520
(46,666,915)
16,685,849
(18,248,473)
19,705,047
23.
Management, commission and consultancy fees
The Group acts as project manager for certain real estate properties owned by other parties through
developing, managing, and selling those properties. The Group charges those parties certain management
fees, commission and consultancy fees against those services.
24.
Net investment income
2007
2006
Unrealized gain from changes in fair value of investments at fair
value through income statement (Note 4)
Realized gain (loss) on sale of investments at fair value through
income statement
Realized gain on sale of investments available for sale
Dividend income
325,077
522,328
534,183
42,582
574,637
(7,039)
225,000
1,476,479
740,289
25.
Depreciation and amortization
Depreciation (Note 11)
Amortization (Note 12)
2007
168,185
54,633
2006
57,815
222,818
57,815
26.
Contribution to Kuwait Foundation for the Advancement of Sciences
Contribution to Kuwait Foundation for the Advancement of Sciences is calculated at 1
%
of the profit of the
Parent Company after deducting its share of income from shareholding subsidiaries and transfer to statutory
reserve.
27.
National Labor Support Tax
National Labor Support Tax is calculated at 2.5% of the profit of the Parent Company and after deducting its
share of income from listed shareholding subsidiaries and dividends from Kuwaiti listed shareholding
companies.
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