Al-Deera Holding Company Financial Report
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Title Page
Grant Thornton Al-Qatami, Al-Aiban & Partners
Consolidated Financial Statements and Independent Auditor's Report
Al-Deera Holding Company - KPSC and subsidiaries
Kuwait, 31 December 2023
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Table of Contents
Independent Auditor's Report (Pages 1-4)
Consolidated Statement of Profit or Loss (Page 5)
Consolidated Statement of Profit or Loss and Other Comprehensive Income (Page 6)
Consolidated Statement of Financial Position (Page 7)
Consolidated Statement of Changes in Equity (Pages 8-9)
Consolidated Statement of Cash Flows (Page 10)
Notes to the Consolidated Financial Statements (Pages 11-46)
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Auditor's Header Information
Grant Thornton Al-Qatami, Al-Aiban & Partners
Address: Souq Al-Kabeer, Building Block A, 9th Floor, P.O. Box 2986, Safat 13030, State of Kuwait
Contact: T +965-2244-3900/9, F +965-2243-8451
Website: www.grantthornton.com.kw
Independent Auditor's Report
To: Shareholders of Al-Deera Holding Company - KPSC
Opinion
Audited Financial Statements presented fairly in accordance with IFRSs as of 31 December 2023.
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Key Audit Matters
Investment in Associates
Significant part of total assets, accounted under the equity method.
Management assessed impairment indicators, which is a key audit matter.
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Consolidated Statement of Profit or Loss
Year Ended 31 December:
Revenue Breakdown:
Change in fair value of investments: KD 1,221,266
Gain on sale of investments: KD 117,447
Share of results of an associate: KD 1,264,065
Total Revenue: KD 2,784,764
Profit for the Year: KD 1,973,877 (attributable to shareholders: KD 1,976,541)
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Consolidated Statement of Profi Loss and Other Comprehensive Income
Year Ended 31 December:
Profit for the year: KD 1,973,877
Total other comprehensive income: KD 6,443,047
Total comprehensive income for the year: KD 8,416,924
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Consolidated Statement of Financial Position
As of 31 December:
Total Assets: KD 36,404,455
Non-current Assets: KD 30,834,332
Current Assets: KD 5,570,123
Total Liabilities: KD 15,027,395
Total Equity: KD 21,377,060
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Consolidated Statement of Changes in Equity
For Year Ended December 31, 2023:
Balance at beginning: KD 12,745,162
Profit for the year: KD 1,976,541
Total comprehensive income: KD 8,394,394
Balance at end: KD 21,057,974
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Consolidated Statement of Changes in Equity (continued)
For Year Ended December 31, 2022:
Profit for the year: KD 657,317
Total comprehensive loss: KD (1,534,205)
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Consolidated Statement of Cash Flows
Year Ended 31 December:
Net cash used in operating activities: KD (4,532,363)
Net cash from investing activities: KD 773,341
Net cash from financing activities: KD 4,100,000
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Notes to the Consolidated Financial Statements
1. Incorporation and Activities
Established on 18 February 1998, changed status to KPSC on 8 September 2005.
Major activities include managing subsidiaries and investing.
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Statement of Compliance
Consolidated Financial Statements prepared in accordance with IFRS.
Changes in Accounting Policies
New Standards: IAS 1 and IAS 8 amendments adopted.
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Changes in Accounting Policies (continued)
New Standards Issued But Not Yet Effective
Standards like IFRS 10 and IAS 28 are pending future adoption.
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Material Accounting Policies
4.1 Basis of Preparation
Presented in Kuwaiti Dinars under historical cost convention except for fair value investments.
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Material Accounting Policies (continued)
4.3 Business Combinations
Acquisition recorded using acquisition method, recognizing identifiable assets and liabilities.
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Material Accounting Policies (continued)
4.4 Investment in Associates
Investments in associates accounted using equity method. Recognize losses when they exceed the carrying amount.
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Material Accounting Policies (continued)
4.5 Segment Reporting
Group operates primarily in investments sector.
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Material Accounting Policies (continued)
4.10 Taxation
NLST, KFAS, Zakat contributions based on net profit calculations.
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Material Accounting Policies (continued)
4.12 Leased Assets
Recognized as right-of-use asset and lease liabilities based on defined criteria.
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Material Accounting Policies (continued)
4.23 Related Party Transactions
Governed by management approval; includes transactions for loans and advisory fees.
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Segmental Information
Group operates in Investments
Total Revenue: KD 2,784,764
Profit: KD 1,973,877
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Risk Management Objectives and Policies
Financial Risks:
Market Risk, Credit Risk, Liquidity Risk identified.
23.1 Market Risk
Foreign Currency and Interest Rate risks monitored closely.
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Risk Management Objectives and Policies (continued)
23.2 Credit Risk
Ongoing monitoring of defaults and emphasis on dealing with creditworthy counterparties.
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Fair Value Measurement
Measurement of Financial Instruments
Fair values derived from market data when available, utilizing valuation techniques otherwise.
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Capital Management Objectives
Monitor net debt to equity ratio to maintain operational solvency and returns.
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Comparative Figures
Certain figures reclassified for reporting consistency.
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About Grant Thornton
Global network with expertise in assurance, tax, and consultancy services.
Grant Thornton - Al-Qatami, Al-Aiban & Partners established in 1973 in Kuwait.