ESTERAD INVESTMENT COMPANY BSC Esterad Investment Company BSC
P.O. Box 1080. Manama. Kingdom of Bahrain. Tel +973 17 585 400 Fax +973 17 585 444
www.esterad.net
THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION - For the three months ending 31 March 2023
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION | CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS | CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS | |||||||
as at 31 March 2023 | Bahraini Dinars | for the three months ended 31 March 2023 | Bahraini Dinars | for the three months ended 31 March 2023 | Bahraini dinars | for the three months ended 31 March 2023 | Bahraini Dinars | |||
31 March | 31 December | Three months | Three months | Three months | Three months | Three months | Three months | |||
2023 | 2022 | ended | ended | ended | ended | ended | ended | |||
31 March 2023 | 31 March 2022 | 31 March 2023 | 31 March 2022 | 31 March 2023 | 31 March 2022 | |||||
(reviewed) | (audited) | (reviewed) | (reviewed) | (reviewed) | (reviewed) | (reviewed) | (reviewed) | |||
Assets | ||
Cash and bank balances | 1,604,563 | 3,264,987 |
Investment securities | 22,955,329 | 24,052,215 |
Development properties | 15,556,704 | 14,893,839 |
Investment properties | 8,143,531 | 8,449,647 |
Other assets | 3,306,267 | 2,940,598 |
Total assets | 51,566,394 | 53,601,286 |
Liabilities | ||
Bank borrowings | 8,875,266 | 9,320,126 |
Other liabilities | 8,073,881 | 8,779,347 |
Total liabilities | 16,949,147 | 18,099,473 |
Total net assets | 34,617,247 | 35,501,813 |
Equity | ||
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 | 301,570 | 364,175 |
Retained earnings | 4,552,700 | 5,373,899 |
Total equity | 34,617,247 | 35,501,813 |
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the three months ended 31 March 2023
Investment income | 617,101 | 426,098 |
Income on development properties | 107,172 | 36,568 |
Income on investment properties | 24,760 | 113,175 |
Total income | 749,033 | 575,841 |
General and administrative expenses | 328,399 | 219,997 |
Interest expense | 58,446 | 105,720 |
Total expenses | 386,845 | 325,717 |
Profit for the period | 362,188 | 250,124 |
Profit/ (loss) for the period attributable to: | ||
Owners of the Company | 362,188 | 250,172 |
Non-controlling interest | - | (48) |
362,188 | 250,124 | |
Basic earnings per 100 fils share | 2.6 fils | 1.8 fils |
Bahraini Dinars
Profit for the period | 362,188 | 250,124 |
Other comprehensive income: | ||
Items that will not be reclassified to profit or loss | ||
Net changes in fair value of equity investments at fair value | ||
through other comprehensive income (FVTOCI) | (362,450) | 303,168 |
Items that are or may be reclassified subsequently to profit or | ||
loss | ||
Net change in fair value of debt securities at FVTOCI | 39,739 | (347,403) |
Fair value gain on debt securities at FVTOCI reclassified to profit | 1,044 | (63,320) |
or loss on sale | ||
Transfer to profit or loss on changes in expected credit losses of | - | (16,911) |
FVTOCI debt securities | ||
Cash flow hedges - effective portion of changes in fair value | (62,605) | 188,014 |
Other comprehensive income | (384,272) | 63,548 |
Total comprehensive income for the period | (22,084) | 313,672 |
Total comprehensive income attributable to: | ||
Owners of the Company | (22,084) | 313,720 |
Non-controlling interest | - | (48) |
(22,084) | 313,672 |
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the three months ended 31 March 2022 (continued)
Operating activities | 88,385 | 85,614 |
Dividends received | ||
Interest received | 136,506 | 192,203 |
Proceeds from sale of equity securities | 1,179,353 | 2,162,970 |
Purchase of equity securities | (1,596,211) | (1,512,982) |
Proceed from debt securities | 793,079 | 1,968,978 |
Purchase of debt securities | (429,054) | (68,614) |
Proceeds from sale of properties | 454,083 | - |
Payment for additions to properties | (673,723) | (541,431) |
Pledged deposit | (150,000) | (492,675) |
Custody fees and investment related expenses paid | (1,043) | (1,702) |
Salaries and benefits paid | (243,453) | (209,409) |
Payments for general and administrative expenses | (71,047) | (228,564) |
Charitable donation | (24,985) | (19,924) |
Net cash (used in)/ generated from operating activities | (538,110) | 1,334,464 |
Investing activities | (23,828) | (40,086) |
Acquisition of equipment | ||
Net cash used in investing activities | (23,828) | (40,086) |
Financing activities | (444,860) | (826,794) |
Repayment of borrowings, net | ||
Payment towards deferred liability | (498,500) | (1,000,000) |
Interest paid | (304,241) | (313,954) |
Dividends paid | (106) | - |
Treasury shares acquired | (779) | - |
Net cash used in financing activities | (1,248,486) | (2,140,748) |
Net decrease in cash and cash equivalents | (1,810,424) | (846,370) |
Cash and cash equivalents as at 1 January | 2,920,289 | 4,222,139 |
Cash and cash equivalents at 31 March | 1,109,865 | 3,375,769 |
Cash and bank balances in the condensed consolidated | 1,604,563 | 4,160,517 |
statement of financial position | ||
Less: pledged deposit | (500,000) | (790,050) |
Add: expected credit loss | 5,302 | 5,302 |
Cash and cash equivalents in the condensed consolidated | 1,109,865 | 3,375,769 |
statement of cash flows |
Bahraini Dinars
2023 (reviewed) | Share | Share | Treasury | Statutory | General | Hedging | Retained | Non- | ||||||||||||
Total equity | 2022 (reviewed) | Share | Share | Treasury | Statutory | General | Hedging | Retained | Total | controlling | Total equity | |||||||||
capital | premium | shares | reserve | reserve | reserve | earnings | Capital | premium | shares | reserve | reserve | reserve | earnings | interest | ||||||
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 | - | - | - | - | - | - | 362,188 | 362,188 |
Total other comprehensive income | - | - | - | - | - | (62,605) | (321,667) | (384,272) |
Total comprehensive income for the period | - | - | - | - | - | (62,605) | 40,521 | (22,084) |
Dividends declared for 2022 | - | - | - | - | - | - | (836,720) | (836,720) |
Treasury shares acquired | - | - | (762) | - | - | - | - | (762) |
Transfer to charities (note 14) | - | - | - | - | - | - | (25,000) | (25,000) |
At 31 March 2023 | 14,000,000 | 7,966,301 | (99,363) | 7,435,798 | 460,241 | 301,570 | 4,552,700 | 34,617,247 |
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 for the period | - | - | - | - | - | - | 250,172 | 250,172 | (48) | 250,124 |
Total other comprehensive income | - | - | - | - | - | 188,014 | (124,466) | 63,548 | - | 63,548 |
Total comprehensive income for | ||||||||||
the period | - | - | - | - | - | 188,014 | 125,706 | 313,720 | (48) | 313,672 |
Dividends declared for 2021 | - | - | - | - | - | - | (836,941) | (836,941) | - | (836,941) |
Loss of control of subsidiary | - | - | - | (23,700) | - | - | 34,329 | 10,629 | (462,168) | (451,539) |
At 31 March 2022 | 14,000,000 | 7,966,301 | (93,961) | 7,430,185 | 460,241 | 138,575 | 3,827,013 | 33,728,354 | - | 33,728,354 |
Hesham Al Rayes - Chairman | Abdulrahman Jamsheer - Deputy Chairman | Ahmad Abdulrahman - | Reviewed by KPMG - Approved by the Board of Directors on 30th April 2023 |
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Disclaimer
Esterad Investment Company BSC published this content on 30 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 May 2023 07:45:08 UTC.
