Ajial Real Estate Entertainment K S C P : النتائج المالية عن الفترة المنتهية في 31 مارس 2024

Ernst & Young	Tel: [phone]
Al Aiban, Al Osaimi & Partners	Fax: [phone]
P.O. Box 74	[e-mail]
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 AJIAL REAL ESTATE ENTERTAINMENT COMPANY K.S.C.P.

Introduction

We have reviewed the accompanying interim condensed consolidated statement of financial position of Ajial Real Estate Entertainment 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-month period then ended. The management of the Parent Company is responsible for the preparation and presentation of the 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 the 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 condensed consolidated 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 have occurred 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 audit, 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

1 May 2024

Kuwait

Ajial Real Estate Entertainment 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
Rental income		1,505,739	898,350
Property operating expenses		(325,968)	(263,259)
		───────	───────
Net rental income		1,179,771	635,091
		───────	───────
Revenue from rendering services		391,875	11,944
Rendering services expenses		(277,346)	(32,214)
		───────	───────
Net services income		114,529	(20,270)
		───────	───────
Share of result from associates	5	906,327	879,098
Unrealised gain (loss) on financial assets at fair value through profit or loss		322,130	(47,747)
Wakala investment deposits income		31,069	30,536
		───────	───────
Net investment income		1,259,526	861,887
		───────	───────
Total operating income		2,553,826	1,476,708
		───────	───────
Administrative expenses		(270,941)	(223,400)
		───────	───────
Net operating income		2,282,885	1,253,308
		───────	───────
Other income		446	178
Finance costs		(415,795)	(385,248)
		───────	───────
PROFIT FOR THE PERIOD BEFORE TAXES		1,867,536	868,238
Contribution to Kuwait Foundation for Advancement of Sciences (KFAS)		(8,223)	-
National Labour Support Tax (NLST)		(39,260)	(23,387)
Zakat		(7,119)	(1,152)
		───────	───────
PROFIT FOR THE PERIOD		1,812,934	843,699
		═══════	═══════
BASIC AND DILUTED EARNINGS PER SHARE	3	8.67 fils	4.03 fils
		═══════	═══════

The attached notes 1 to 13 form part of this interim condensed consolidated financial information.

2

Ajial Real Estate Entertainment 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
	Note
PROFIT FOR THE PERIOD			1,812,934	843,699
			───────	───────
Other comprehensive income
Other comprehensive income that may be reclassified to profit or loss in
subsequent periods:
Exchange differences on translation of foreign operations	5		8,437	14,851
			───────	───────
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD			1,821,371	858,550
			═══════	═══════

The attached notes 1 to 13 form part of this interim condensed consolidated financial information.

3

ةعمجملا ةفثكملا ةيلحرملا ةيلاملا تامولعملا ةعجارم لوح ريرقت ةرادلإا سلجم ءاضعأ ةداسلا تارضح ىلإ

.ع.ك.م.ش ةيهيفرتلا ةيراقعلا لايجأ ةكرش

ةمدقم )"ملأا ةكرشلا"( .ع.ك.م.ش ةيهيفرتلا ةيراقعلا لايجأ ةكرشل قفرملا عمجملا فثكملا يلحرملا يلاملا زكرملا نايب انعجار دقل تاريغتلاو لماشلا لخدلاو رئاسخلا وأ حابرلأا تانايبو ،2024 سرام 31 يف امك )"ةعومجملا" ـب ًاعم امهيلإ راشي( ةعباتلا اهتاكرشو ةكرشلا ةرادإ نإ .خيراتلا كلذب ةيهتنملا رهشأ ةثلاثلا ةرتفل هب ةقلعتملا ةعمجملا ةفثكملا ةيلحرملا ةيدقنلا تاقفدتلاو ةيكلملا قوقح يف ريرقتلا" 34 يلودلا ةبساحملا رايعمل ًاقفو اهضرعو ةعمجملا ةفثكملا ةيلحرملا ةيلاملا تامولعملا هذه دادعإ نع ةلوؤسملا يه ملأا

.ةعمجملا ةفثكملا ةيلحرملا ةيلاملا تامولعملا هذهل انتعجارم ةجيتن نع ريبعتلا يه انتيلوؤسم نإ ."يلحرملا يلاملا

ةعجارملا قاطن "ةأشنملل لقتسملا تاباسحلا بقارم لبق نم ةذفنملا ةيلحرملا ةيلاملا تامولعملا ةعجارم" 2410 يلودلا رايعملل ًاقفو انتعجارمب انمق دقل ىلإ ةيسيئر ةفصب تاراسفتسلاا هيجوت يف ةعمجملا ةفثكملا ةيلحرملا ةيلاملا تامولعملا ةعجارم لثمتت .ةعجارملا ماهمب قلعتملا ةعجارملا قاطن نإ .ةعجارملل ىرخلأا تاءارجلإاو ةيليلحتلا تاءارجلإا قيبطتو ةيبساحملاو ةيلاملا روملأا نع نيلوؤسملا نيفظوملا ةفاكب ملع ىلع اننأب ديكأت ىلع لوصحلا اننكمي لا هنإف ،هيلعو ةيلودلا قيقدتلا ريياعمل ًاقفو متي يذلا قيقدتلا قاطن نم ريبك لكشب لقأ

.قيقدتلاب قلعتي ًايأر يدبن لا اننإف يلاتلابو .قيقدتلا يف اهديدحت نكمي يتلا ةماهلا روملأا

ةجيتنلا متي مل ةقفرملا ةعمجملا ةفثكملا ةيلحرملا ةيلاملا تامولعملا نأب داقتعلاا بجوتسي ام انملع ىلإ دري مل هنإف ،انتعجارم ىلإ ادانتسا

.34 يلودلا ةبساحملا رايعمل ًاقفو ،ةيداملا يحاونلا عيمج نم ،اهدادعإ

ىرخلأا ةيباقرلاو ةينوناقلا تابلطتملا لوح ريرقت ةيبساحملا رتافدلا يف دراو وه ام عم ةقفتم ةعمجملا ةفثكملا ةيلحرملا ةيلاملا تامولعملا نإف ،انتعجارم ىلإ ًادانتساو ،كلذ ىلإ ةفاضإ 2016 ةنسل 1 مقر تاكرشلا نوناقل تافلاخم ةيأ دوجو انملع ىلإ دري مل انداقتعاو انملع هيلإ لصو امبسح هنأ نيبن امك .ملأا ةكرشلل ةثلاثلا ةرتف للاخ ،ملأا ةكرشلل يساسلأا ماظنللو سيسأتلا دقعل وأ ،اهل ةقحلالا تلايدعتلاو ةيذيفنتلا هتحئلاو هل ةقحلالا تلايدعتلاو

.يلاملا اهزكرم وأ ملأا ةكرشلا طاشن ىلع ًايدام ًاريثأت هل نوكي دق هجو ىلع 2024 سرام 31 يف ةيهتنملا رهشأ

ةنسل 7 مقر نوناقلا ماكحلأ تافلاخم ةيأ دوجو انملع ىلإ دري مل ،انداقتعاو انملع هيلإ لصو امبسحو ،انتعجارم للاخ هنأ اضيأ نيبن ةيهتنملا رهشأ ةثلاثلا ةرتف للاخ ،امهتلايدعتو ةيذيفنتلا هتحئلاو ةيلاملا قارولأا طاشن ميظنتو لاملا قاوسأ ةئيه ءاشنإ نأشب 2010

.يلاملا اهزكرم وأ ملأا ةكرشلا طاشن ىلع ًايدام ًاريثأت هل نوكي دق هجو ىلع 2024 سرام 31 يف

رداجلادبعلا لداع ردب أ ةئف 207 مقر تاباسحلا يبقارم لجس غنويو تسنرإ مهاكرشو يميصعلاو نابيعلا

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