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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 SEPTEMBER
30,
2008
(All amounts are in Kuwaiti Dinars)
Three months ended
Nine months ended
Se~tember 30,
Se~tember 30,
Notes
2008
2007
2008
2007
Revenues
Revenue from sale of properties completed and under
development
38,320,849
44,884,784
72,952,336
65,787,968
Revenue from sale of properties held for trading
48,552
27,526,766
Revenue from sale of investment properties
15
6,563
9,020,445
2,574,513
9,020,445
Total revenues
38,375,964
53,905,229
103,053,615
74,808,413
Cost of revenues
Cost of sale of properties completed and under development
(18,680,221 )
(37,867,261 )
(39,312,994)
(46,170,036)
Cost of sale of properties held for trading
6
(18,469,034)
Cost of sale of investment properties
(5,315,898)
(5,315,898)
Total cost of revenues
(18,680,221 )
(43,183,159)
(57,782,028)
(51,485,934)
Gross profit
19,695,743
10,722,070
45,271,587
23,322,479
Management fees, commission and consultancy income
508,649
643,957
4,553,870
1,495,915
Net investment income (loss)
16
344,466
(235,981)
1,474,426
352,487
Gain on partial disposal of a subsidiary
2
1,056,868
4,448,623
Gain on sale of waiver of subscription in a subsidiary
17
20,775,112
20,775,112
Dilution loss
2
(2,609,170)
(2,609,170)
Group's share of results from joint ventures
8
(2,794)
255,143
1,039,384
2,074,362
Marketing expenses
(315,546)
(76,480)
(826,722)
(1,047,320)
Administrative expenses
(2,904,254)
(712,070)
(5,635,269)
(2,190,067)
Expenses related to equity settled share based payments
(840,478)
(42,144)
(2,278,759)
(389,168)
Depreciation and amortization
(71,235)
(58,883)
(243,605)
(107,543)
Expenses on completed projects
(37,514)
(42,181)
(350,590)
(285,053)
Foreign currency exchange gain (loss)
193,154
(244,869)
1,200,240
(239,560)
Interest income
156,722
116,498
971,484
385,074
Finance charges
(382,029)
(586,185)
(2,787,710)
(1,409,208)
Other income
(942)
1,100
32,052
5,356
Profit for the period before contribution to Kuwait Foundation
for the Advancement of Sciences, National Labor Support
Tax and contribution to Zakat
35,566,752
9,739,975
65,034,953
21,967,754
Contribution to Kuwait Foundation for the Advancement of
Sciences
(134,422)
(67,685)
(278,714)
(149,968)
National Labor Support Tax
(710,030)
(242,909)
(1,371,969)
(543,406)
Contribution to Zakat
(125,871)
(270,916)
Net profit for the period
34,596,429
9,429,381
63,113,354
21,274,380
Attributable to:
Equity holders of the Parent Company
27,768,547
9,405,796
53,034,316
21,042,879
Minority interest
6,827,882
23,585
10,079,038
231,501
Net profit for the period
34,596,429
9,429,381
63,113,354
21,274,380
Fils
Fils
Fils
Fils
Eamings per share attributable to the equity holders of the
Parent Company
18
62.57
25.28
130.32
58.03
The accompanying notes (1) to (24) form an integral part of the interim consolidated financial information
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