Ali Al Ghanim Sons Automotive K S C P : Financial Results 31/03/2024

ﺔﯾﺮھﻮﺠﻟا تﺎﻣﻮﻠﻌﻤﻟا ﻦﻋ حﺎﺼﻓﻹا جذﻮﻤﻧ

Disclosure of"Material Information Form

Date:	2024/05/09	:ﺦﯾرﺎﺘﻟا
Name of!The Listed%Company:		:ﺔﺟرﺪﻤﻟا ﺔﻛﺮﺸﻟا ﻢﺳا
Ali Alghanim(Sons Automotive Co. (K.S.C.P)F- ALG	ﻢﻧﺎﻐﻟا - (ع.ك.م.ش)Fتارﺎﯿﺴﻠﻟ ﻢﻧﺎﻐﻟا ﻲﻠﻋ دﻻوأ ﺔﻛﺮﺷ

Material Information

WeBwould like toDinform you that the Board of Directors of Ali Alghanim Sons Automotive Company metBonKThursday,] 09/05/2024,]atJ01:00-PM andKapproved the interim condensed consolidated financial statements for the period ended 31/03/2024.

Significant effect ofthe"material information onthe financial position ofthe company

AttachedGTheFinancialFResult Form forDthe period endedB

31/03/2024

ﺔﯾﺮھﻮﺠﻟا تﺎﻣﻮﻠﻌﻤﻟا

ﻊﻤﺘﺟا ﺪﻗ تارﺎﯿﺴﻠﻟ ﻢﻧﺎﻐﻟا ﻲﻠﻋ دﻻوأ ﺔﻛﺮﺷةرادإ ﺲﻠﺠﻣ نﺄﺑ ﻢﻜﺗدﺎﻓإ دﻮﻧ ﺪﻗو ،ًاﺮﮭظ 01:00 ﺔﻋﺎﺴﻟا مﺎﻤﺗ ﻲﻓ 2024/05/09 ﻖﻓاﻮﻤﻟا ﺲﯿﻤﺨﻟا مﻮﯾ ﺔﯿﮭﺘﻨﻤﻟا ﺔﯿﻟﺎﻤﻟا ةﺮﺘﻔﻠﻟ ﺔﻌﻤﺠﻤﻟا ﺔﻔﺜﻜﻤﻟا ﺔﯿﻠﺣﺮﻤﻟا ﺔﯿﻟﺎﻤﻟا تﺎﻧﺎﯿﺒﻟا دﺎﻤﺘﻋا رﺮﻗ .2024/03/31 ﻲﻓ

ﺔﻛﺮﺸﻠﻟﻲﻟﺎﻤﻟا ﺰﻛﺮﻤﻟا ﻰﻠﻋ ﺔﯾﺮھﻮﺠﻟا تﺎﻣﻮﻠﻌﻤﻟا ﺮﺛأ

ﻲﻓ ﺔﯿﮭﺘﻨﻤﻟا ةﺮﺘﻔﻠﻟ ﺔﯿﻟﺎﻤﻟا تﺎﻧﺎﯿﺒﻟا ﺞﺋﺎﺘﻧ جذﻮﻤﻧ ﻖﻓﺮﻣ

2024/03/31

Ernst & Young	Tel: [phone]
Al Aiban, Al Osaimi & Partners	Fax: [phone]
P.O. Box 74	[e-mail]
18-20 Floor, Baitak Tower	ey.com/mena
Ahmed Al Jaber Street
Safat Square 13001, Kuwait

REPORT ON REVIEW OF THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION TO THE BOARD OF DIRECTORS OF ALI AL-GHANIM SONS AUTOMOTIVE COMPANY K.S.C.P.

Introduction

We have reviewed the accompanying interim condensed consolidated statement of financial position of Ali Al-Ghanim Sons Automotive 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 interim condensed consolidated statement of cash flows for the three month period then ended. Management is responsible for the preparation and presentation of this interim condensed consolidated financial information in accordance with International Accounting Standard 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.

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, during the three-month 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 violations of the provisions of Law No 7 of 2010 concerning establishment of Capital Markets Authority ("CMA") and organisation of security activity and its executive regulations as amended during the three-month 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

9 May 2024

Kuwait

Ali Al-Ghanim Sons Automotive Company K.S.C.P. and its Subsidiaries

INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS (UNAUDITED)

For the period ended 31 March 2024

		Three months ended
		31 March
		2024	2023
	Notes	KD	KD
Revenue from contracts with customers	3	63,105,131	62,020,671
Vehicle lease income		1,121,895	1,091,630
		─────── ───────
Revenue		64,227,026	63,112,301
Cost of sales and services rendered		(48,727,938)	(47,876,911)
		─────── ───────
GROSS PROFIT		15,499,088	15,235,390
Other operating income		213,675	117,338
Selling and distribution expenses		(4,826,948)	(4,500,374)
Administrative expenses		(2,832,992)	(3,301,590)
		───────	───────
Operating profit		8,052,823	7,550,764
Finance costs		(666,785)	(326,282)
Share of results of equity-accounted investees	7	531,088	(232,998)
		─────── ───────
PROFIT BEFORE TAX		7,917,126	6,991,484
Taxation	5	(510,577)	(450,841)
		─────── ───────
PROFIT FOR THE PERIOD		7,406,549	6,540,643
		═══════ ═══════
Attributable to:
Equity holders of the Parent Company		6,316,568	5,990,604
Non-controlling interests		1,089,981	550,039
		─────── ───────
		7,406,549	6,540,643
		═══════ ═══════
BASIC AND DILUTED EARNINGS PER SHARE ATTRIBUTABLE
TO ORDINARY EQUITY HOLDERS OF THE PARENT COMPANY	6	23.05	21.86
(FILS)
		═══════	═══════

The attached notes 1 to 17 form part of this interim condensed consolidated financial information. 2

Ali Al-Ghanim Sons Automotive Company K.S.C.P. and its 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	7,406,549	6,540,643
Other comprehensive (loss) income
Other comprehensive (loss) income that may be reclassified to profit or loss in
subsequent periods:
Cash flow hedges - effective portion of changes in fair value	-	613,898
Cost of hedging reserve - changes in fair value	-	(64,075)
Cost of hedging reserve - amortised to profit or loss	-	130,405
	───────	───────
Net gain on cash flow hedges	-	680,228
Net exchange differences on translation of foreign operations	(6,099,429)	(119,687)
	───────	───────
Other comprehensive (loss) income that may be reclassified to profit or
loss in subsequent periods	(6,099,429)	560,541
	───────	───────
Other comprehensive income (loss) that will not be reclassified to profit or loss
in subsequent periods:
Net gain (loss) on equity instruments designated at fair value through other
comprehensive income	28,000	(3,500)
	───────	───────
Other comprehensive income (loss) that will not be reclassified to profit
or loss in subsequent periods	28,000	(3,500)
	───────	───────
Other comprehensive (loss) income for the period	(6,071,429)	557,041
	───────	───────
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD	1,335,120	7,097,684
	═══════	═══════
Attributable to:
Equity holders of the Parent Company	3,233,627	6,560,444
Non-controlling interests	(1,898,507)	537,240
	───────	───────
	1,335,120	7,097,684
	═══════	═══════

The attached notes 1 to 17 form part of this interim condensed consolidated financial information.

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