37 / 43
AL MAlAYA HOLDING COMPANY K.S.C. (CLOSED) AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2008
(All amounts are in Kuwaiti Dinars)
29. Gain on sale of waiver of subscription in a subsidiary
This represents the gain on sale of portion of the subscription right in the capital increase of First Dubai
Real Estate Development K.S.C. (Closed) - subsidiary, equivalent to 117,630,353 shares with a value of fils
200 per share.
30.
Depreciation and amortization
2008
2007
Depreciation
Amortization
260,784
72,977
168,185
54,633
333,761
222,818
31.
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 associates and
transfer to statutory reserve.
32.
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 associates and dividends from Kuwaiti listed
shareholding companies.
33.
Contribution to Zakat
Contribution to Zakat is calculated at 1% of the profit of the Parent Company after deducting its share of
income from shareholding subsidiaries in accordance with Ministry of Finance resolution No.
58/2007
effective December 10,2007.
34.
Earnings per share attributable to the equity holders of the Parent Company
Earnings per share is computed by dividing net profit for the year attributable to equity holders of the Parent
Company by the weighted average number of shares outstanding during the year. The dilutive effect of share
options outstanding has no material impact on earnings per share for the year.
Net profit for the year attributable to equity holders of the Parent
Company
2007
2008
(Restated)
13,046,148
24,570,577
Shares
Shares
361,069,899
315,792,838
63,178,300
63,178,300
{14,753,003}
(14,218,557}
409,495,196
364,752,581
Fils
Fils
31.86
67.36
Weighted average number of issued and fully paid-up shares
Add: Bonus shares
Less: weighted average number of treasury shares
Weighted average number of shares outstanding
Earnings per share attributable to equity holders of the Parent Company=====
Earnings per share reported for 2007 was 103.97 fils before the effect of early application of IFRIC 15
(Note 2) and retroactive adjustment relating to issue of bonus shares for the year ended 2007.
35