INOVEST B.S.C.
SHARI'A SUPERVISORY BOARD REPORT INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
30 JUNE 2021 (REVIEWED)
Inovest B.S.C.
Administration and contact details as at 30 June 2021
Commercial registration number | 48848 obtained on 18 June 2002 |
Board of Directors | |
Mohammad Hamad Al-Shalfan | - Chairman |
Mohammad Salah Al-Ayoub | - Vice-Chairman |
Abdulaziz Asaad Al-Sanad | - Director |
Mohamed Abdulwahab Al Matook | - Director |
Abdullah Mohammed Al-Abduljader | - Director |
Dr. Abdulaziz Fahad Al Dakheel | - Director |
Ausama Abdulrahim Al-Khaja | - Director |
Chief Executive Officer | |
Yaser Hamad Al-jar | |
Board Secretary | |
Riyadh Mahmood Mulla Ahmed | |
Sharia'a Supervisory Board | |
Sheikh Dr. Khalid Shuja'a Al-Otaibi | - Chairman |
Sheikh Dr. Dawoud Salman Bin Essa | - Vice-Chairman |
Sheikh Dr. Murad Bou Daia | - Member |
Corporate Governance, Nomination and Remuneration Committee members | |
Abdulaziz Asaad Al-Sanad | - Chairman |
Abdullah Mohammed Al-Abduljader | - Vice-Chairman |
Mohammed Abdulwahab Al Matook | - Member |
Audit and Risk Committee members | |
Ausama Abdulrahim Al-Khaja | - Chairman |
Mohammad Salah Al-Ayoub | - Vice-Chairman |
Dr. Abdulaziz Fahad Al Dakheel | - Member |
Registered office | 35th floor, East Tower |
Bahrain Financial Harbour | |
P.O. Box 18334 | |
Manama | |
Kingdom of Bahrain | |
Telephone no. +973 1715 5777 | |
Bankers | Bahrain Islamic Bank B.S.C. |
Ithmaar Bank B.S.C. | |
Kuwait Finance House (Bahrain) B.S.C. (c) | |
Kuwait Finance House (Kuwait) K.S.C.P. | |
Boubyan Bank (Kuwait) | |
Khaleeji Commercial Bank B.S.C. | |
Al Baraka Islamic Bank B.S.C. (c) | |
Al Salam Bank, Bahrain B.S.C. | |
Auditors | Ernst & Young (EY) |
P.O. Box 140 | |
10th Floor, East Tower | |
Bahrain World Trade Center | |
Manama, Kingdom of Bahrain | |
Share registrars | Bahrain Clear |
Bahrain Financial Harbour, Harbour Gate, | |
Level 4, P.O.Box 3203 |
Manama
Kingdom of Bahrain
Kuwait Clearing Company S.A.K.
P.O. Box 22077
Safat 13081
State of Kuwait
Ernst & Young - Middle East | Tel: +973 1753 5455 |
P.O. Box 140 | Fax: +973 1753 5405 |
East Tower - 10th floor | manama@bh.ey.com |
Bahrain World Trade Center | www.ey.com/mena |
Manama | C.R. no. 29977-1 |
Kingdom of Bahrain |
REPORT ON REVIEW OF THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS TO THE BOARD OF DIRECTORS OF INOVEST B.S.C.
Introduction
We have reviewed the accompanying interim consolidated statement of financial position as at 30 June 2021 of Inovest B.S.C. (the "Company") and its subsidiaries (together the "Group"), the related interim consolidated statements of income and sources and uses of charity fund for the three and six month periods then ended and the interim consolidated statements of changes in owners' equity and cash flows for the six month period then ended and explanatory notes. The Board of Directors is responsible for the preparation and presentation of these interim condensed consolidated financial statements in accordance with the accounting policies disclosed in note 2. Our responsibility is to express a conclusion on these interim condensed consolidated financial statements 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 statements are not prepared, in all material respects, in accordance with the accounting policies disclosed in note 2.
4 August 2021
Manama, Kingdom of Bahrain
A member firm of Ernst & Young Global Limited
Inovest B.S.C.
INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At 30 June 2021 (Reviewed)
Reviewed | Audited | |||
30 June | 31 December | |||
Note | 2021 | 2020 | ||
US$ '000 | US$ '000 | |||
ASSETS | ||||
Cash and bank balances | 4 | 18,799 | 23,399 | |
Accounts receivable | 5 | 24,328 | 23,072 | |
Investments | 6 | 12,865 | 12,593 | |
Investment in joint ventures and associates | 7 | 95,386 | 95,681 | |
Investment in real estate | 8 | 78,922 | 76,824 | |
Property, plant and equipment | 9 | 8,619 | 9,045 | |
Right of use asset | 10 | 319 | - | |
Other assets | 11 | 606 | 818 | |
TOTAL ASSETS | 239,844 | 241,432 | ||
LIABILITIES AND OWNERS' EQUITY | ||||
Liabilities | 12 | |||
Other liabilities and accounts payable | 68,185 | 69,263 | ||
Ijarah liability | 13 | 330 | - | |
Financing from a bank | 14 | 5,610 | 5,439 | |
Total liabilities | 74,125 | 74,702 | ||
Owners' Equity | ||||
120,334 | ||||
Share capital | 15 | 120,334 | ||
Less: Treasury shares | (1,309) | (1,309) | ||
119,025 | 119,025 | |||
Reserves | 6,666 | 6,071 | ||
Retained earnings | 14,856 | 16,527 | ||
Equity attributable to Parent's shareholders | 140,547 | 141,623 | ||
Non-controlling interest | 25,172 | 25,107 | ||
Total owners' equity | 165,719 | 166,730 | ||
TOTAL LIABILITIES AND OWNERS' EQUITY | 239,844 | 241,432 | ||
_______________________________ | ___________________________________ |
Mohamed Al-Shalfan | Mohamed Al-Ayoub |
Chairman | Vice-Chairman |
______________________________
Yaser Hamad Al-Jar
Chief Executive Officer
Theattached explanatory notes 1 to 24 form part of these interim condensed consolidated financial statements.
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Inovest BSC published this content on 05 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 August 2021 08:25:11 UTC.