17 Basic and diluted earnings per share
Basic and diluted earnings per share
Earnings per share is calculated by dividing the net profit for the year by the weighted average number of shares outstanding during the period. Diluted earnings per share is determined by adjusting the net profit and the weighted average number of shares outstanding, for the effects of all dilutive potential ordinary shares. As at 31 December 2022, the Group has not issued any instruments which dilutive impact on earnings per share would have when converted or exercised.
The calculation of the basic and diluted earnings per share is based on the following data:
| 2022 | 2021 | ||
| AED’000 | AED’000 | ||
| Profit for the year attributable to | |||
| equity holders of the parent | 16,562 | 15,484 | |
| Less: Tier 1 Sukuk coupon paid | (16,907) | (17,008) | |
| Less: Proposed directors’ remuneration | (2,048) | (2,251) | |
| ————————- | ————————- | ||
| (2,393) | (3,775) | ||
| ————————- | ————————- | ||
| Number of ordinary shares in issue (thousands) | 302,838 | 302,838 | |
| Less: Treasury shares | (20,157) | (19,847) | |
| Less: Employees’ share-based payment scheme | (1,750) | (1,750) | |
| ————————- | ————————- | ||
| Weighted average number of shares (thousands) | 280,931 | 281,241 | |
| ============= | ============= | ||
| Earnings per share (AED) | (0.01) | (0.01) | |
| ————————- | ————————- |
