Consolidated Statement of Changes in Equity
Consolidated statement of changes in equity
for the year ended 31 December
| Employees’ | Attributable to | |||||||||||
| Share capital | Treasury shares | share-based payment scheme | Statutory reserve | Fair value reserve | Retained earnings | Proposed directors’ remuneration | Tier 1 Sukuk | Tier 1 Bonds | shareholders of the parent | Non controlling interest | Total | |
| AED’000 | AED’000 | AED’000 | AED’000 | AED’000 | AED’000 | AED’000 | AED’000 | AED’000 | AED’000 | AED’000 | AED’000 | |
| Balance at 1 January 2022 | 302,838 | (29,823) | (1,750) | 151,671 | (21,800) | 2,379 | 2,251 | 276,200 | 15,000 | 696,966 | 104,700 | 801,666 |
| Opening restatement adjustment (Note 39) | – | – | – | – | – | (27,725) | – | – | – | (27,725) | (25,660) | (53,385) |
| Adjustment on initial application of IFRS 17 | – | – | – | – | – | 150 | – | – | – | 150 | 179 | 329 |
| Restated balance at 1 January 2022 | 302,838 | (29,823) | (1,750) | 151,671 | (21,800) | (25,196) | 2,251 | 276,200 | 15,000 | 669,391 | 79,219 | 748,610 |
| Gain on disposal of investment carried at fair value through other comprehensive income | – | – | – | – | (5,324) | 5,324 | – | – | – | – | – | – |
| Profit for the year | – | – | – | – | – | 1,916 | – | – | – | 1,916 | (13,242) | (11,326) |
| Net changes in fair value of investments carried at fair value through other comprehensive income | – | – | – | – | (29,844) | – | – | – | – | (29,844) | (312) | (30,156) |
| Total comprehensive income for the year | – | – | – | – | (29,844) | 1,916 | – | – | – | (27,928) | (13,554) | (41,482) |
| Directors’ remuneration paid | – | – | – | – | – | – | (2,251) | – | – | (2,251) | – | (2,251) |
| Proposed director’s remuneration | – | – | – | – | – | (2,048) | 2,048 | – | – | – | – | – |
| Purchase of treasury shares | – | (16,712) | – | – | – | – | – | – | – | (16,712) | – | (16,712) |
| Tier 1 bonds coupon paid | – | – | – | – | – | (1,238) | – | – | – | (1,238) | – | (1,238) |
| Tier 1 sukuk coupon paid | – | – | – | – | – | (16,907) | – | – | – | (16,907) | – | (16,907) |
| Balance at 31 December 2022 – restated | 302,838 | (46,535) | (1,750) | 151,671 | (56,968) | (38,149) | 2,048 | 276,200 | 15,000 | 604,355 | 65,665 | 670,020 |
The accompanying notes from 1 to 40 form an integral part of these consolidated financial statements.
| Employees’ | Attributable to | |||||||||||
| Share capital | Treasury shares | share-based payment scheme | Statutory reserve | Fair value reserve | Retained earnings | Proposed directors’ remuneration | Tier 1 Sukuk | Tier 1 Bonds | shareholders of the parent | Non controlling interest | Total | |
| AED’000 | AED’000 | AED’000 | AED’000 | AED’000 | AED’000 | AED’000 | AED’000 | AED’000 | AED’000 | AED’000 | AED’000 | |
| Balance at 1 January 2023 – as reported | 302,838 | (46,535) | (1,750) | 151,671 | (56,968) | 4,072 | 2,048 | 276,200 | 15,000 | 646,576 | 108,611 | 755,187 |
| Opening restatement adjustment (Note 39) | – | – | – | – | – | (37,835) | – | – | – | (37,835) | (40,810) | (78,645) |
| Adjustment on initial application of IFRS 17 | – | – | – | – | – | (4,386) | – | – | – | (4,386) | (2,136) | (6,522) |
| Restated balance at 1 January 2023 | 302,838 | (46,535) | (1,750) | 151,671 | (56,968) | (38,149) | 2,048 | 276,200 | 15,000 | 604,355 | 65,665 | 670,020 |
| Gain on disposal of investment carried at fair value through other comprehensive income | – | – | – | – | (2,706) | 2,706 | – | – | – | – | – | – |
| Profit for the year | – | – | – | – | – | 35,984 | – | – | – | 35,984 | (21,175) | 14,809 |
| Net changes in fair value of investments carried at fair value through other comprehensive income | – | – | – | – | 3,613 | – | – | – | – | 3,613 | (3,920) | (307) |
| Total comprehensive income for the year | – | – | – | – | 3,613 | 35,984 | – | – | – | 35,597 | (25,095) | 14,502 |
| Directors’ remuneration paid | – | – | – | – | – | – | (2,048) | – | – | (2,048) | – | (2,048) |
| Proposed director’s remuneration | – | – | – | – | – | (3,598) | 3,598 | – | – | – | – | – |
| Purchase of treasury shares | – | (4,661) | – | – | – | – | – | – | – | (4,661) | – | (4,661) |
| Repurchase of Tier 1 Sukuk | – | – | – | – | – | – | (100) | – | (100) | – | (100) | |
| Tier 1 bonds coupon paid | – | – | – | – | – | (1,238) | – | – | – | 1,238 | – | 1,238 |
| Tier 1 sukuk coupon paid | – | – | – | – | – | (17,024) | – | – | – | (17,024) | – | (17,024) |
| Balance at 31 December 2023 | 302,838 | (51,196) | (1,750) | 151,671 | (56,061) | (18,844) | 3,598 | 276,100 | 15,000 | 621,356 | 40,570 | 661,926 |
The accompanying notes from 1 to 40 form an integral part of these consolidated financial statements.
The notes on pages 15 to 113 are an integral part of this consolidated financial statements.
