Esterad Investment Company BSC
P.O. Box 1080, Manama, Kingdom of Bahrain, Tel +973 17 585 400 Fax +973 17 585 444
CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION - For the six months ended 30 June 2023
www.esterad.net
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 30 June 2023 | Bahraini Dinars | |
30 June | 31 December | |
2023 | 2022 | |
(reviewed) | (audited) | |
Assets | ||
Cash and bank balances | 1,978,580 | 3,264,987 |
Investment securities | 23,467,656 | 24,052,215 |
Development properties | 15,265,302 | 14,893,839 |
Investment properties | 8,246,711 | 8,449,647 |
Other assets | 2,438,190 | 2,940,598 |
Total assets | 51,396,439 | 53,601,286 |
Liabilities | ||
Bank borrowings | 9,092,795 | 9,320,126 |
Other liabilities | 7,184,951 | 8,779,347 |
Total liabilities | 16,277,746 | 18,099,473 |
Total net assets | 35,118,693 | 35,501,813 |
Equity |
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS | |||||
for the six months ended 30 June 2023 | Bahraini Dinars | ||||
Six months ended | Three months ended | ||||
30 June | 30 June | 30 June | 30 June | ||
2023 | 2022 | 2023 | 2022 | ||
(reviewed) | (reviewed) | (reviewed) (reviewed) | |||
Investment income | 1,399,766 | 497,743 | 782,665 | 71,645 | |
Income on development properties | 348,609 | 186,348 | 241,437 | 149,780 | |
Income on investment properties | 59,736 | 476,579 | 34,976 | 363,404 | |
Total income | 1,808,111 | 1,160,670 | 1,059,078 | 584,829 | |
General and administrative expenses | 614,525 | 488,600 | 286,126 | 268,603 | |
Interest expense | 119,229 | 107,799 | 60,783 | 2,079 | |
Total expenses | 733,754 | 596,399 | 346,909 | 270,682 | |
Profit for the period | 1,074,357 | 564,271 | 712,169 | 314,147 | |
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | ||||
for the six months ended 30 June 2023 | Bahraini Dinars | |||
Six months ended | Three months ended | |||
30 June | 30 June | 30 June | 30 June | |
2023 | 2022 | 2023 | 2022 | |
(reviewed) | (reviewed) | (reviewed) | (reviewed) | |
Profit for the period | 1,074,357 | 564,271 | 712,169 | 314,147 |
Other comprehensive income: | ||||
Items that will not be reclassified | ||||
to profit or loss | ||||
Net changes in fair value of equity | ||||
investments classified as fair value through | ||||
other comprehensive income (FVTOCI) | (173,101) | 411,017 | 189,431 | 107,849 |
Items that are may be reclassified | ||||
subsequently to profit or loss | ||||
Net change in fair value of | ||||
debt securities at FVTOCI | (58,763) | (1,004,958) | (98,584) | (657,555) |
Fair value gain on debt securities at FVTOCI | ||||
reclassified to profit or loss on sale | 1,044 | (63,320) | - | - |
Transfer to profit or loss on changes in expected | ||||
credit losses of FVTOCI debt securities | - | (70,177) | - | (53,266) |
Cash flow hedges - effective portion of change | ||||
of change in fair value | (40,823) | 286,050 | 21,782 | 98,036 |
Cash flow hedges - reclassified to profit or loss | (323,352) | - | (323,352) | - |
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
for the six months ended 30 June 2023 | Bahraini Dinars | ||
Six months | Six months | ||
ended | ended | ||
30 June 2023 | 30 June 2022 | ||
(reviewed) | (reviewed) | ||
Operating activities | |||
Dividends received | 371,200 | 419,099 | |
Interest received | 368,686 | 421,276 | |
Proceeds from sale of equity securities | 1,990,815 | 3,363,294 | |
Purchase of equity securities | (2,362,871) | (3,092,437) | |
Purchase of debt securities | (877,440) | (68,614) | |
Proceed from debt securities | 1,040,576 | 1,969,402 | |
Purchase of properties | (498,500) | (1,000,000) | |
Proceed on sale of properties | 1,182,065 | 42,630 | |
Settlement of financing receivable | 904,800 | - | |
Payment for additions to properties | (1,339,622) | (2,250,397) | |
Pledged deposit | (202,625) | 197,375 | |
Custody fees and investment related expenses paid | (1,547) | (2,979) | |
Salaries and benefits paid | (416,111) | (375,255) | |
Payments for general and administrative expenses | (284,152) | (275,209) | |
Charitable donation | (24,970) | (20,956) | |
Net cash used in operating activities | (149,696) | (672,771 ) | |
Investing activities | |||
Acquisition of equipment | (43,828) | (40,086) | |
Net cash used in investing activities | (43,828) | (40,086) | |
Financing activities | |||
Funds borrowed, net | (227,331) | 587,835 | |
Interest paid | (177,949) | (395,699 ) |
Share capital | 14,000,000 | 14,000,000 |
Share premium | 7,966,301 | 7,966,301 |
Treasury shares | (99,363) | (98,601) |
Statutory reserve | 7,435,798 | 7,435,798 |
General reserve | 460,241 | 460,241 |
Hedging reserve | - | 364,175 |
Retained earnings | 5,355,716 | 5,373,899 |
Profit/ (loss) for the period attributable to:
Owners of the Company | 1,074,357 | 564,319 | 712,169 | 314,147 |
Non-controlling interest | - | (48) | - | - |
1,074,357 | 564,271 | 712,169 | 314,147 |
Total other comprehensive income | ||||
for the period | (594,995) | (441,388) | (210,723) | (504,936) |
Total comprehensive income | ||||
for the period | 479,362 | 122,883 | 501,446 | (190,789) |
Total comprehensive income for | ||||
the period attributable to: | ||||
Shareholders of the Company | 479,362 | 122,931 | 501,446 | (190,789) |
Non -controlling interest | - | (48) | - | - |
Dividends paid | (836,824) | (836,941) |
Purchase of treasury shares | (779) | - |
Net cash used in financing activities | (1,242,883) | (644,805 ) |
Net decrease in cash and cash equivalents | ||
during the period | (1,436,407) | (1,357,662) |
Cash and cash equivalents as at 1 January | 2,920,289 | 4,222,139 |
Cash and cash equivalents at 30 June | 1,483,882 | 2,864,477 |
Cash and cash equivalents comprise of: | ||
Cash and bank balances | 1,983,882 | 2,964,477 |
Pledged deposit | (500,000) | (100,000) |
Total equity | 35,118,693 | 35,501,813 | Basic earnings per 100 fils share | 7.7 fils | 4.1 fils | 5.1 fils | 2.3 fils | 479,362 | 122,883 | 501,446 (190,789) | ||
1,483,882 | 2,864,477 |
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | ||||||||
for the six months months ended 30 June 2023 | Bahraini Dinars | |||||||
2023 (reviewed) | Attributable to the shareholders of the Company | |||||||
Share | Share | Treasury | Statutory | General | Hedging | Retained | Total | |
capital | premium | shares | reserve | reserve | reserve | earnings | equity | |
At 1 January 2023 | 14,000,000 | 7,966,301 | (98,601) | 7,435,798 | 460,241 | 364,175 | 5,373,899 | 35,501,813 |
Comprehensive income for the period: | ||||||||
Profit for the period | - | - | - | - | - | - | 1,074,357 | 1,074,357 |
Total other comprehensive income | - | - | - | - | - | (364,175) | (230,820) | (594,995) |
Total comprehensive income for the | ||||||||
period | - | - | - | - | - | (364,175) | 843,537 | 479,362 |
Dividends declared for 2022 | - | - | - | - | - | - | (836,720) | (836,720) |
Treasury shares acquired | - | - | (762) | - | - | - | - | (762) |
Transfer to charities | - | - | - | - | - | - | (25,000) | (25,000) |
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | |||||||||||
for the six months ended 30 June 2023 (continued) | Bahraini Dinars | ||||||||||
2022 (reviewed) | Attributable to the shareholders of the Company | Non- | |||||||||
Share | Share | Treasury | Statutory | General | Hedging | Retained | Total | controlling | Total equity | ||
capital | premium | shares | reserve | reserve | reserve | earnings | interest | ||||
At 1 January 2022 | 14,000,000 | 7,966,301 | (93,961) | 7,453,885 | 460,241 | (49,439) | 4,503,919 | 34,240,946 | 462,216 | 34,703,162 | |
Comprehensive income for the period: | |||||||||||
Profit / (loss) for the period | - | - | - | - | - | - | 564,319 | 564,319 | (48) | 564,271 | |
Total other comprehensive income | - | - | - | - | - | 286,050 | (727,438) | (441,388) | - | (441,388) | |
Total comprehensive income for | |||||||||||
the period | - | - | - | - | - | 286,050 | (163,119) | 122,931 | (48) | 122,883 | |
Dividends declared for 2021 | - | - | - | - | - | - | (836,941) | (836,941) | - | (836,941) | |
Acquisition of subsidiary | - | - | - | - | - | - | - | - | 134,735 | 134,735 | |
Loss of control of subsidiary | - | - | - | (23,700) | - | - | 34,329 | 10,629 | (462,168) | (451,539) |
At 30 June 2023 | 14,000,000 | 7,966,301 | (99,363) | 7,435,798 | 460,241 | - | 5,355,716 | 35,118,693 | At 30 June 2022 | 14,000,000 | 7,966,301 | (93,961) | 7,430,185 | 460,241 | 236,611 | 3,538,188 33,537,565 | 134,735 | 33,672,300 |
Hesham Alrayes - Chairman | Abdulrahman Jamsheer - Deputy Chairman | Ahmad Abdulrahman - Chief Executive Officer | Reviewed by KPMG - Approved by the Board of Directors on 7th August 2023 |
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Esterad Investment Company BSC published this content on 07 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 August 2023 09:19:32 UTC.