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AL MAZAYA HOLDING COMPANY
K.S.C.
(CLOSED) AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
FOR THE YEAR ENDED DECEMBER 31, 2008
(All amounts are in Kuwaiti Dinars)
2007
Notes
2008
(Restated)
Revenues
Revenue from sale of properties under development
23
125,841 ,216
30,189,713
Revenue from sale of properties held for trading
24
27,270,162
Revenue from sale of investment properties
2,606,975
30,505,205
Total revenues
155,718,353
60,694,918
Cost of revenues
Cost of sale of properties under development
23
(81,903,536)
(18,981,788)
Cost of sale of properties held for trading
24
(18,188,717)
Cost of sale of investment properties
(16,665,867)
Total cost of revenues
(100,092,253)
(35,647,655)
Gross profit
55,626,100
25,047,263
Changes in fair value of investment properties
120,298
Management fees, commission and consultancy income
25
4,621,013
1,864,480
Net investment income
26
1,579,132
1,476,479
Impairment losses
27
(50,661,068)
Provisions
28
(17,846,304)
Gain on partial disposal of a subsidiary
2
4,448,623
2,334,208
Gain on sale of waiver of subscription in a subsidiary
29
23,526,071
Dilution loss
2
(2,893,829)
Group's share of results from joint ventures
9
(342,763)
1,020,555
Group's share of results from an associate
8
120,157
Marketing expenses
(710,146)
(1,268,641 )
Administrative expenses
(6,328,965)
(2,847,297)
Expenses related to equity settled share based payments
(1,897,015)
(481,160)
Depreciation and amortization
30
(333,761 )
(222,818)
Expenses on completed projects
(525,614)
(163,707)
Foreign currency exchange gain
669,432
240
Other income
186,140
237,490
Interest income
1,282,444
302,986
Finance charges
(3,050,999)
(2,205,446)
Other expenses
(26,622)
Profit for the year before contribution to Kuwait Foundation for the Advancement
of Sciences, National Labor Support Tax and contribution to Zakat and Board
of Directors' remuneration
7,442,026
25,214,930
Contribution to Kuwait Foundation for the Advancement of Sciences
31
(38,929)
(249,078)
National Labor Support Tax
32
(336,487)
(691,883)
Contribution to Zakat
33
(115,051)
(17,556)
Board of Directors' remuneration
(75,000)
Net profit for the year
6,951,559
24,181,413
Attributable to:
Equity holders of the Parent Company
13,046,148
24,570,577
Minority interest
(6,094,589)
(389,164)
Net profit for the year
6,951,559
24,181,413
Fils
Fils
Earnings per share attributable to the equity holders of the Parent Company
34
31.86
67.36
The accompanying notes (1) to (42) form an integral part of the consolidated financial statements
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