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AL MAlAYA HOLDING COMPANY
K.S.C.
(CLOSED) AND SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)
FOR THE PERIOD ENDED JUNE
30,
2008
(All
amounts are in Kuwaiti Dinars)
Three months ended
Six months ended
June 30,
June 30,
Notes
2008
2007
2008
2007
Revenues
Revenue from sale of properties completed and under
development
20,006,168
9,620,237
34,631,487
20,903,184
Revenue from sale of property held for trading
5
16,785,327
27,197,897
Additional gain from sale of investment property
12
2,567,950
Total revenues
36,791,495
9,620,237
64,397,334
20,903,184
Cost of revenues
Cost of sale of properties completed and under development
(11,971,684)
(2,519,559)
(20,632,773)
(8,302,775)
Cost of sale of property held for trading
5
(11,342,824)
(18,188,717)
Total cost of revenues
(23,314,508)
(2,519,559)
(38,821,490)
(8,302,775)
Gross profit
13,476,987
7,100,678
25,575,844
12,600,409
Management fees, commission and consultancy income
3,183,883
328,865
4,045,221
851,958
Net investment income
13
1,719,108
671,118
1,129,960
588,468
Gain on partial disposal of a subsidiary
2
3,391,755
Group's share of results from joint ventures
6
328,725
1,819,219
1,042,178
1,819,219
Marketing expenses
(258,293)
(419,091)
(511,176)
(970,840)
Administrative expenses
(1,474,087)
(625,551)
(2,731,015)
(1,477,997)
Expenses related to equity settled share based payments
(1,073,353)
(41,685)
(1,438,281 )
(347,024)
Depreciation and amortization
(92,167)
(28,840)
(172,370)
(48,660)
Expenses on completed projects
(75,351)
(38,267)
(313,076)
(242,872)
Foreign currency exchange gain
416,281
2,339
1,007,086
5,309
Interest income
307,873
113,843
814,762
268,576
Finance charges
(1,200,930)
(468,162)
(2,405,681 )
(823,023)
Other income
24,740
3,206
32,994
4,256
Profit for the period before contribution to Kuwait Foundation
for the Advancement of Sciences, National Labor Support
Tax and contribution to Zakat
15,283,416
8,417,672
29,468,201
12,227,779
Contribution to Kuwait Foundation for the Advancement of
Sciences
(45,211 )
(62,452)
(144,292)
(82,283)
National Labor Support Tax
(398,370)
(207,331)
(661,939)
(300,497)
Contribution to Zakat
(41,486)
(145,045)
Net profit for the period
14,798,349
8,147,889
28,516,925
11,844,999
Attributable to:
Equity holders of the Parent Company
12,388,169
8,023,431
25,265,769
11,637,083
Minority interest
2,410,180
124,458
3,251,156
207,916
Net profit for the period
14,798,349
8,147,889
28,516,925
11,844,999
Fils
Fils
Fils
Fils
Earnings per share attributable to the equity holders of the
Parent Company
14
30.65
24.33
65.00
35.11
The accompanying notes (1) to (20) form an integral part of the interim consolidated financial information
3