8 Investments in an Associate

Investment in an associate

The Group has the following investment in an associate

  Country of

incorporation

Percentage of holding

Principal activity
      2018   2017    
 

 

Mainland Management L.L.C.

U.A.E

 

33.33%

 

33.33%

 

Hospitality management services

 

Movement in investment in an associate is as follows:

  2018   2017
  AED’000   AED’000
       
At 1 January 51,720   50,477
Share of results for the year (1,235)   1,243
At 31 December
50,485
 
51,720

 

Summarised financial information of the associate is set out below:

  2018   2017
  AED’000   AED’000
Associate’s statement of financial position      
Assets 202,433   208,047
Liabilities (50,928)   (52,888)
Net assets
151,505
 
155,159
       
Group’s share of net assets 50,502   51,720
Carrying amount of investment in an associate
50,485
 
51,720
       
Income statement      
Revenue

27,699

 

33,281

(Loss)/profit for the year

(3,705)

 

3,729

Group’s share of results for the year

(1,235)

 

1,243