AL MADAR INVESTMENT COMPANY K.S.C.P.
AND ITS SUBSIDIARIES (FORMERLY AL MADAR FINANCE AND INVESTMENT COMPANY K.S.C.P)
INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION (UNAUDITED)
Ernst & Young | Tel: +965 2295 5000 |
Al Aiban, Al Osaimi & Partners | Fax: +965 2245 6419 |
P.O. Box 74 | kuwait@kw.ey.com |
18-20th Floor, Baitak Tower | ey.com/mena |
Ahmed Al Jaber Street | |
Safat Square 13001, Kuwait |
REPORT ON REVIEW OF INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION TO THE BOARD OF DIRECTORS OF AL MADAR INVESTMENT COMPANY K.S.C.P. (FORMERLY AL MADAR FINANCE AND INVESTMENT COMPANY K.S.C.P)
Introduction
We have reviewed the accompanying interim condensed consolidated statement of financial position of Al Madar Investment Company K.S.C.P (Formerly Al Madar Finance and Investment Company K.S.C.P.) (the "Parent Company") and its subsidiaries (collectively, the "Group") as at 30 September 2022, and the related interim condensed consolidated statement of profit or loss, interim condensed consolidated statement of comprehensive income for the three-month and nine-month periods ended and the related interim condensed consolidated statement of changes in equity and interim condensed consolidated statement of cash flows for the nine-month period then ended. The management of the Parent Company is responsible for the preparation and presentation of this interim condensed consolidated financial information in accordance with International Accounting Standard IAS 34 Interim Financial Reporting ("IAS 34"). Our responsibility is to express a conclusion on this interim condensed consolidated financial information based on our review.
Scope of Review
We conducted our review in accordance with International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed consolidated financial information is not prepared, in all material respects, in accordance with IAS 34.
Emphasis of Matter
We draw attention to Note 7 in the interim condensed consolidated financial information which states that the Group is the ultimate beneficiary of certain investment properties with a carrying value of KD 4,084,551 (31 December 2021: KD 5,720,871 and 30 September 2021: KD 2,309,746) registered in the name of the Ultimate Parent Company on behalf of the Group. Our conclusion is not modified in respect of this matter.
REPORT ON REVIEW OF INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION TO THE BOARD OF DIRECTORS OF AL MADAR INVESTMENT COMPANY K.S.C.P. (FORMERLY AL MADAR FINANCE AND INVESTMENT COMPANY K.S.C.P) (continued)
Report on Other Legal and Regulatory Matters
Furthermore, based on our review, the interim condensed consolidated financial information is in agreement with the books of account of the Parent Company. We further report that, to the best of our knowledge and belief, we have not become aware of any violations of the Companies Law No. 1 of 2016, as amended, and its executive regulations, as amended, nor of the Parent Company's Articles of Association and Memorandum of Incorporation, as amended, during the nine-month period ended 30 September 2022 that might have had a material effect on the business of the Parent Company or on its financial position.
We further report that, during the course of our review, to the best of our knowledge and belief, we have not become aware of any violations of the provisions of Law No. 7 of 2010, concerning the Capital Markets Authority and its related regulations during the nine-month period ended 30 September 2022 that might have had a material effect on the business of the Parent Company or on its financial position.
BADER A. AL-ABDULJADER
LICENCE NO. 207 A
EY
AL AIBAN, AL OSAIMI & PARTNERS
14 November 2022
Kuwait
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Al Madar Investment Company K.S.C.P. and its Subsidiaries (Formerly Al Madar Finance and Investment Company K.S.C.P.)
INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS (UNAUDITED)
For the period ended 30 September 2022
Three months ended | Nine months ended | |||||
Notes | 30 September | 30 September | ||||
2022 | 2021 | 2022 | 2021 | |||
INCOME | KD | KD | KD | KD | ||
122,175 | 366,306 | |||||
Net real estate income | 3 | 38,525 | 149,014 | |||
Net gain (loss) from investment securities | 4 | 16,298 | (17,232) | 49,092 | (872) | |
Foreign currency translation loss recycled to profit | - | - | - | |||
or loss upon derecognition of an associate | (199,223) | |||||
Advisory and management fees | - | 246 | - | 1,215 | ||
(Allowance for) reversal of expected credit losses | (33,603) | 18,543 | (28,518) | 38,593 | ||
Other income | 1,351 | - | 3,653 | - | ||
────── | ────── | ────── | ────── | |||
106,221 | 40,082 | 390,533 | (11,273) | |||
EXPENSES | ────── | ────── | ────── | ────── | ||
(138,506) | (457,758) | |||||
Administrative expenses | (149,465) | (516,615) | ||||
Finance costs | (11,086) | - | (30,477) | - | ||
────── | ────── | ────── | ────── | |||
(149,592) | (149,465) | (488,235) | (516,615) | |||
────── | ────── | ────── | ────── | |||
LOSS FOR THE PERIOD | (43,371) | (109,383) | (97,702) | (527,888) | ||
Attributable to: | ══════ | ══════ | ══════ | ══════ | ||
(51,633) | (119,139) | |||||
Equity holders of the Parent Company | (107,700) | (528,398) | ||||
Non-controlling interests | 8,262 | (1,683) | 21,437 | 510 | ||
────── | ────── | ────── | ────── | |||
LOSS FOR THE PERIOD | (43,371) | (109,383) | (97,702) | (527,888) | ||
══════ | ══════ | ══════ | ══════ | |||
BASIC AND DILUTED LOSS PER SHARE | ||||||
ATTRIBUTABLE TO EQUITY HOLDERS OF | ||||||
THE PARENT COMPANY | 5 | (0.25) Fils | (0.52) Fils | (0.58) Fils | (2.55) Fils | |
══════ | ══════ | ══════ | ══════ |
The attached notes 1 to 13 form part of this interim condensed consolidated financial information.
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Al Madar Investment Company K.S.C.P. and its Subsidiaries (Formerly Al Madar Finance and Investment Company K.S.C.P.)
INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
For the period ended 30 September 2022
Three months ended | Nine months ended | ||||
30 September | 30 September | ||||
2022 | 2021 | 2022 | 2021 | ||
KD | KD | KD | KD | ||
LOSS FOR THE PERIOD | (43,371) | (109,383) | (97,702) | (527,888) | |
────── | ────── | ────── | ────── | ||
Other comprehensive income | |||||
Other comprehensive income that may be reclassified to | |||||
profit or loss in subsequent periods: | 2,982 | - | 6,038 | ||
Exchange differences on translation of foreign operations | (1,200) | ||||
Foreign currency translation loss recycled to profit or loss | - | - | - | ||
upon derecognition of an associate | 199,223 | ||||
────── | ────── | ────── | ────── | ||
Other comprehensive income for the period | 2,982 | - | 6,038 | 198,023 | |
────── | ────── | ────── | ────── | ||
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD | (40,389) | (109,383) | (91,664) | (329,865) | |
Attributable to: | ══════ | ══════ | ══════ | ══════ | |
(48,651) | (114,610) | ||||
Equity holders of the Parent Company | (107,700) | (330,375) | |||
Non-controlling interests | 8,262 | (1,683) | 22,946 | 510 | |
────── | ────── | ────── | ────── | ||
(40,389) | (109,383) | (91,664) | (329,865) | ||
══════ | ══════ | ══════ | ══════ |
The attached notes 1 to 13 form part of this interim condensed consolidated financial information.
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Al-Madar Finance and Investment Company KSCC published this content on 14 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 November 2022 12:23:03 UTC.