Consolidated Statement of Changes in Equity
Consolidated statement of changes in equity
for the year ended 31 December
Share capital | Treasury shares | Employees’ share-based payment scheme | Statutory reserve | Fair value reserve | Retained earnings | Proposed directors’ remuneration | Tier 1 Sukuk | Tier 1 Bonds | Attributable to 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 | 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) | – | – | – | – | – | (35,359) | – | – | – | (35,359) | (40,810) | (76,169) |
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) | (35,673) | 2,048 | 276,200 | 15,000 | 606,831 | 65,665 | 672,496 |
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 | – | – | – | – | 907 | 38,690 | – | – | – | 39,597 | (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 | – | – | – | – | – | (17,025) | – | – | – | (17,025) | – | (17,025) |
Balance at 31 December 2023 – restated | 302,838 | (51,196) | (1,750) | 151,671 | (56,061) | (18,844) | 3,598 | 276,100 | 15,000 | 621,356 | 40,570 | 661,926 |
Share capital | Treasury shares | Employees’ share-based payment scheme | Statutory reserve | Fair value reserve | Accumulated
losses |
Impairment reserve not available for distribution |
Proposed directors’ remuneration | Tier 1 Sukuk | Tier 1 Bonds | Attributable to 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 | AED’000 | |
Balance at 1 January 2024 | 302,838 | (51,196) | (1,750) | 151,671 | (56,061) | (18,844) | – | 3,598 | 276,100 | 15,000 | 621,356 | 40,570 | 661,926 |
Gain on disposal of investment carried at fair value through other comprehensive income | – | – | – | – | 1,278 | (1,278) | – | – | – | – | – | – | – |
Profit for the year | – | – | – | – | – | 15,684 | – | – | – | – | 15,684 | (8,196) | 7,488 |
Net changes in fair value of investments carried at fair value through other comprehensive income | – | – | – | – | (5,585) | – | – | – | – | – | (5,585) | 50 | (5,535) |
Total comprehensive income for the year | – | – | – | – | (4,307) | 14,406 | – | – | – | – | 10,099 | (8,146) | 1,953 |
Directors’ remuneration paid | – | – | – | – | – | – | – | (3,598) | – | – | (3,598) | – | (3,598) |
Proposed director’s remuneration | – | – | – | – | – | (1,412) | – | 1,412 | – | – | – | – | – |
Transfer to impairment reserve not available for distribution | – | – | – | – | – | (30,000) |
30,000 |
– | – | – | – | – | – |
Transfer to Statutory Reserve | – | – | – | 1,568 | – | (1,568) | – | – | – | – | – | – | – |
Adj. of Negative FV Reserve Against | – | – | (80,060) | 80,060 | – | – | – | – | – | – | – | – | |
Purchase of treasury shares | – | (3,076) | – | – | – | – | – | – | – | – | (3,076) | – | (3,076) |
Tier 1 bonds coupon paid | – | – | – | – | – | (1,239) | – | – | – | – | (1,239) | – | (1,239) |
Tier 1 sukuk coupon paid | – | – | – | – | – | (17,020) | – | – | – | – | (17,020) | – | (17,020) |
Balance at 31 December 2024 | 302,838 | (54,272) | (1,750) | 73,179 | 19,692 | (55,677) | 30,000 | 1,412 | 276,100 | 15,000 | 606,522 | 32,424 | 638,946 |
The accompanying notes from 1 to 40 form an integral part of these consolidated financial statements.