Ernst & Young | Tel: +965 2295 5000 |
Al Aiban, Al Osaimi & Partners | Fax: +965 2245 6419 |
P.O. Box 74 | kuwait@kw.ey.com |
18-20 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 SALHIA REAL ESTATE COMPANY K.S.C.P.
Report on the Interim Condensed Consolidated Financial Information
Introduction
We have reviewed the accompanying interim condensed consolidated statement of financial position of Salhia Real Estate Company K.S.C.P. (the "Parent Company") and its subsidiaries (collectively the "Group") as at 31 March 2024, and the related interim condensed consolidated statement of profit or loss, interim condensed consolidated statement of comprehensive income, interim condensed consolidated statement of changes in equity and the interim condensed consolidated statement of cash flows for the three months period then ended. The management of the Parent Company is responsible for the preparation and fair 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 the 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, it 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.
Report on Other Legal and Regulatory Requirements
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, or of the Parent Company's Memorandum of Incorporation and Articles of Association, as amended, during the three months period ended 31 March 2024 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 material violations of the provisions of Law No. 7 of 2010 concerning establishment of Capital Market Authority "CMA" and organization of security activity and its executive regulations, as amended, during the three-months period ended 31 March 2024 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)
13 May 2024
Kuwait
Salhia Real Estate Company K.S.C.P. and Subsidiaries
INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS (UNAUDITED)
For the period ended 31 March 2024
Three months ended
31 March
2024 | 2023 | ||
Note | KD | KD | |
Revenue | 11,156,012 | 9,804,230 | |
Operating costs | (2,746,344) | (2,884,036) | |
───────── | ───────── | ||
Gross profit | 8,409,668 | 6,920,194 | |
Share of joint venture's results, net of tax | 1,230,172 | (221,569) | |
General and administrative expenses | (1,414,740) | (1,247,794) | |
Depreciation and amortization | (1,937,463) | (1,466,541) | |
Sales and marketing expenses | (210,493) | (184,661) | |
Dividends income | 16,878 | - | |
Recovery of insurance claims | - | 750,000 | |
Other income, net | 147,510 | 230,113 | |
Finance costs | (3,218,715) | (865,301) | |
───────── | ───────── | ||
PROFIT BEFORE PROVISION FOR CONTRIBUTION TO | |||
KUWAIT FOUNDATION FOR THE ADVANCEMENT OF | |||
SCIENCES ("KFAS"), NATIONAL LABOUR SUPPORT TAX | 3,022,817 | 3,914,441 | |
("NLST") AND ZAKAT | |||
KFAS | (30,014) | (39,360) | |
NLST | (75,034) | (98,399) | |
Zakat | (30,014) | (39,360) | |
───────── | ───────── | ||
PROFIT FOR THE PERIOD | 2,887,755 | 3,737,322 | |
═════════ | ═════════ | ||
Attributable to: | |||
Equity holders of the Parent Company | 2,866,316 | 3,758,856 | |
Non-controlling interests | 21,439 | (21,534) | |
───────── | ───────── | ||
2,887,755 | 3,737,322 | ||
═════════ | ═════════ | ||
BASIC AND DILUTED EARNINGS PER SHARE ATTRIBUTABLE | 3 | 5.00 fils | 6.55 fils |
TO THE EQUITY HOLDERS OF THE PARENT COMPANY | |||
═════════ | ═════════ |
The attached notes 1 to 13 form an integral part of the interim condensed consolidated financial information. 3
Salhia Real Estate Company K.S.C.P. and Subsidiaries
INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
For the period ended 31 March 2024
Three months ended | ||
31 March | ||
2024 | 2023 | |
KD | KD | |
Profit for the period | 2,887,755 | 3,737,322 |
───────── | ───────── | |
Other comprehensive (loss) income | ||
Items that may be reclassified to interim condensed consolidated statement | ||
of profit or loss in subsequent periods: | ||
Exchange differences on translation of foreign operations | (1,197,654) | 373,225 |
───────── | ───────── | |
Net other comprehensive (loss) income that may be reclassified to interim | ||
condensed consolidated statement of profit or loss in subsequent periods | (1,197,654) | 373,225 |
───────── | ───────── | |
Items that will not be reclassified to interim condensed consolidated statement | ||
of profit or loss in subsequent periods: | ||
Changes in the fair value of equity instruments at fair value through other | ||
comprehensive income | 17,437 | (167,913) |
───────── | ───────── | |
Net other comprehensive income (loss) that will not be reclassified to | ||
interim condensed consolidated statement of profit or loss in subsequent | ||
periods | 17,437 | (167,913) |
───────── | ───────── | |
Other comprehensive (loss) income for the period | (1,180,217) | 205,312 |
───────── | ───────── | |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | 1,707,538 | 3,942,634 |
═════════ | ═════════ | |
Attributable to: | ||
Equity holders of the Parent Company | 1,729,459 | 3,968,207 |
Non-controlling interests | (21,921) | (25,573) |
───────── | ───────── | |
1,707,538 | 3,942,634 | |
═════════ | ═════════ |
The attached notes 1 to 13 form an integral part of the interim condensed consolidated financial information.
4
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Salhia Real Estate Company KSCC published this content on 13 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 May 2024 11:29:02 UTC.