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Al Mazaya Holding Company K.S.C. and its Subsidiaries
NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
30
June
2013(UNAUDITED)
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BASIC AND DILUTED EARNING PER SHARE
Basic and diluted earnings per share is computed by dividing the profit for the period attributable to the equity holders
of the Parent Company by the weighted average number of shares outstanding during the period less treasury shares.
The following reflects the profit and share data used in the basic and diluted profit per share computations:
Three months ended
Six months ended
30 June
30 June
2013
2012
2013
2012
KD
KD
lm
KD
Profit for the period attributable to equity holders of the
Parent Company
210,342
646,458
424,087 1,596,891
Shares
Shares
Shares
Shares
Weighted average number of ordinary shares
649,319,770 649,319,770
649,319,770 649,319,770
Less: weighted average number of treasury shares
(64,802,113)
(64,802,113)
(64,802,113) (64,802,113)
Weighted average number of shares outstanding
584,517,657 584,517,657
584,517,657 584,517,657
Basic and diluted earning per share attributable to
the equity holders of the Parent Company- (ms)
0.36 ms
1.11 fils
0.73 ms
2.73 fils
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INVESTMENT PROPERTIES AND PROPERTIES HELD FOR TRADING
The fair value of investment properties and net realisable value of properties held for trading was determined as at
31 December 2012 by independent valuers who are specialised in valuing these types of properties. Management is of
the view that no significant changes have occurred in fair values and net realisable values of these properties during
the period ended 30 June 2013.
During the three months period ended 30 June 2013, the Parent Company has entered into a contract with a related
party to purchase an investment property amounting to KD 9,800,000 and property held for trading amounting to
KD 868,299 at fair value. The fair value of the investment property and property held for trading purchased by the
Parent Company is determined by an independent valuer as agreed by the parties to the contract.
The purchase price is required to be settled by the Parent Company in the form of sales of certain units of properties
held for trading and taking over a bank borrowing of that related party (note 9). Accordingly the Parent Company, as
per the above contact, has sold units of properties held for trading and recorded KD 4,668,299 as revenue arising from
sale of properties held for trading and recorded a payable to the related party amounting to KD 6,000,000 included in
account payable and other credit balances as the procedure to take over the bank borrowing is under process as at the
reporting date.
Further, the legal procedure to transfer the ownership of investment property purchased by the Parent Company and
transfer of ownership of the properties held for trading sold to the related party is under process as at the reporting
date (note 9).
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