Page 12 - Q1-2023-EN

AL MAZAYA HOLDING COMPANY K.S.C.P. AND ITS SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)
MARCH 31, 2023
(All amounts are in Kuwaiti Dinars)

The major items of assets and liabilities comprising the subsidiary under disposal which are classified as held for
sale are as follows:

December 31,
March 31, 2022 March 31,
2023 (Audited) 2022
Assets:
Cash on hand and at banks 235,951 199,294 145,594
Accounts receivable and other debit balances 138,415 74,207 116,872
Investment properties 14,912,485 14,881,261 15,217,277
Total Assets classified as held for sale 15,286,851 15,154,762 15,479,743

Liabilities:
Accounts payable and other credit balances 249,691 246,159 252,954
Provision for end of service indemnity 1,262 2,126 3,182
Total liabilities associated with assets classified as
held for sale 250,953 248,285 256,136
Net assets classified as held for sale 15,035,898 14,906,477 15,223,607

The results of operation related to the subsidiary under disposal for the period are as follows:

For the three months ended
March 31,
2023 2022
Revenue:
Rental income 185,628 182,021
Net management fees and commission income 10,330 9,458
Total revenue 195,958 191,479

Costs:
Cost of rental (26,393) (54,796)
Total costs (26,393) (54,796)

Gross profit 169,565 136,683

General and administrative expenses (533) (2,072)
Operating profit 169,032 134,611
Net other income 24,196 2,899
Profit for the period from discontinued operations 193,228 137,510
Other comprehensive income for the period from discontinued operations 29,843 51,309
Total comprehensive income for the period from discontinued operations 223,071 188,819

b) Mazaya Ritim Istanbul Insaat Anonim Sirketi (Ritim) Company
During the interim period ended March 31, 2023, the Parent Company received an offer to purchase its full
ownership interest in its subsidiary in Turkey “Mazaya Ritim Istanbul Insaat Anonim Sirketi” with Turkish Lira 310
Million, that is equivalent to almost KD 4.97 Million as at March 31, 2023. Subsequent to the date of the
consolidated interim financial information, the Parent Company approved the offer and sale of its full ownership
interest in that subsidiary in Turkey for the offered purchase price.

9