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AL MAlAYA HOLDING COMPANY K.S.C. (CLOSED) AND SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)
SEPTEMBER 30, 2008
(All amounts are in Kuwaiti Dinars)
The movement in recognized profit on projects under development is as follows:
September 30,
2008
Balance at the beginning of the period
Profit recognized for the period
Transferred to gross amount due to customers for
properties under development
Transferred to advances received from customers
Reversal of excess of fair value due to sale
Foreign currency translation adjustment
Balance at the end of the period
15,612,024
33,639,342
(476,198)
(1,239,716)
3,739,432
(1,508,336)
49,766,548
Properties under development include interest capitalized on term loans of KD 477,738 (December 31,
2007 and September 30,2007 - Nil) utilized for the project.
During the period, one of the subsidiaries sold 80% of a major project located in Dubai with an approximate
amount of AED 1.64 Billion, equivalent to KD 119 Millions, the total revenue related to the sale transaction
amounted to KD 47,734,956 and realized net profit arising from this sale transaction recognized during this
period amounted to KD 28,945,059 which represents 40% of the gross profit, while the remaining profit will
be recognized during 2008 and 2009, the recognition of profit is based on the settlement percentage.
10. Work in progress
Due to change in management intention, properties amounting to KD 17,221,694 were reclassified from
properties under development to work in progress.
11.
Accounts payable and other credit balances
September 30,
2008
Trade payables
Advances received from customers
Due to related parties (Note 19)
Dividends payable
Provision for projects development cost
Other payables and accrued expenses
13,467,371
60,753,528
11,151,425
760,723
10,062,185
8,497,934
104,693,166
December 31,
2007
(Audited)
September 30,
2007
29,085,787
9,712,251
4,336,830
672,718
3,920,718
22,421,529
18,723,424
3,072,287
902,578
1,314,460
47,728,304
46,434,278
Other payables include KD 2,768,764 accounts for Kuwait Foundation for the Advancement of Sciences,
National Labor Support and Zakat.
12.
Term loans
Term loans carry interest rates ranging from 7% to 8% (December 31,2007 - ranging from 7.02 % to 8.5 %
and September 30,2007 - ranging from 7.5 % to 8.5 %) per annum.
13.
Capital
General Assembly held on March 31,2008 has approved the increase of capital amounting to 75,000,000
shares with a par value of 100 Fils each and a share premium of 566.4 Fils. During the period ended
September 30,2008, the newly issued shares were fully subscribed.
Accordingly, the issued and paid up capital consists of 454,069,800 shares (December 31, 2007 -
315,891,500, September 30, 2007 - 315,891,500).
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