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AL MAlAYA HOLDING COMPANY K.S.C. (CLOSED) AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
FOR THE YEAR ENDED DECEMBER 31, 2007
(All amounts are in Kuwaiti Dinars)
Notes
2007
2006
Gain from sale of properties completed and under development
22
16,685,849
19,705,047
Gain from sale of investment properties
13,839,338
Gain from sale of properties held for sale
2,515,489
Loss from sale of rights to certain properties
(605,436)
Changes in fair value of investment properties
9
120,298
3,307,995
Share of results from joint ventures
7
3,398,690
(19,973)
Management, commission and consultancy fees
23
1,864,480
2,814,780
Gain on partial disposal of subsidiary
2
2,334,208
Net investment income
24
1,476,479
740,289
Foreign currency exchange gain
370,881
66,084
Marketing expenses
(1,268,641)
(718,076)
Administrative expenses
(2,847,296)
(2,081,938)
Expenses related to equity settled share based payment
(481,160)
Depreciation and amortization
25
(222,818)
(57,815)
Interest income
302,986
67,065
Finance charges
(2,205,446)
(940,353)
Other expenses
(296,858)
{279}
Profit for the year before contribution to Kuwait Foundation for the
Advancement of Sciences, National Labor Support Tax, contribution to
Zakat and Board of Directors'
remuneration
33,070,990
24,792,879
Contribution to Kuwait Foundation for the Advancement of Sciences
26
(249,078)
(216,197)
National Labor Support Tax
27
(691,883)
(610,185)
Contribution to Zakat
28
(17,556)
Board of Directors' remuneration
(75,000)
(150,OOO}
Net profit for the year
32,037,473
23,816,497
Attributable to:
Equity holders of the Parent Company
31,602,151
23,431,021
Minority interest
435,322
385,476
Net profit for the year
32,037,473
23,816,497
Fils
Fils
Basic and diluted earnings per share attributable to the equity holders of
the Parent Company
29
103.97
91.27
The accompanying notes (1) to (37) form an integral part of the consolidated financial statements
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