Consolidated Statement of Changes in Equity

For the year ended 31 December 2023

Attributable to equity holders of the Parent Company
Share capital Share premium Treasury shares Treasury share reserve Statutory reserve Voluntary reserve Effect of changes in ownership interest of subsidiaries Other reserve Insurance and reinsurance finance reserve Cumulative changes in fair value reserve Foreign currency translation adjustments Revaluation reserve Retained earnings Subtotal Subordinated perpetual tier 2 bonds Non‑ controlling interests Total equity
KD 000’s KD 000’s KD 000’s KD 000’s KD 000’s KD 000’s KD 000’s KD 000’s KD 000’s KD 000’s KD 000’s KD 000’s KD 000’s KD 000’s KD 000’s KD 000’s KD 000’s
As at 31 December 2022 (restated) 28,457 50,947 (429) 3,099 27,835 38,416 (2,837) (628) 1,264 (455) (41,405) 17,738 106,642 228,644 60,000 75,325 363,969
Impact of initial application of IFRS 9 (Note  2) ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ 2,637 2,637 ‑ 1,630 4,267
Profit for the year ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ 21,206 21,206 ‑ 8,323 29,529
Other comprehensive (loss) income for the year ‑ ‑ ‑ ‑ ‑ ‑ ‑ 13 (425) 306 2,090 1,576 ‑ 3,560 ‑ (923) 2,637
Total comprehensive(loss) income for the year ‑ ‑ ‑ ‑ ‑ ‑ ‑ 13 (425) 306 2,090 1,576 21,206 24,766 ‑ 7,400 32,166
Dividend paid (Note 15) ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ (15,323) (15,323) ‑ ‑ (15,323)
Interest on subordinated perpetual tier 2 bonds ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ (3,311) (3,311) ‑ ‑ (3,311)
Amortization of subordinated Tier 2 Bonds transactions costs ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ (126) (126) ‑ ‑ (126)
Movement in other reserve ‑ ‑ ‑ ‑ ‑ ‑ ‑ (1,028) ‑ ‑ ‑ ‑ ‑ (1,028) ‑ (85) (1,113)
Transferred related to sale of a subsidiary ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ (622) ‑ (2,836) 3,458 ‑ ‑ ‑ ‑
Transferred related to sale of a property ‑ ‑ ‑ ‑ ‑ ‑ ‑  – ‑ ‑ ‑ (464) 464 ‑ ‑ ‑ ‑
Transfer to reserves ‑ ‑ ‑ ‑ 622 2,255 ‑ ‑ ‑ ‑ ‑ ‑ (2,877) ‑ ‑ ‑ ‑
Dividend paid to non‑controlling interests ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ (2,624) (2,624)
Non‑controlling interests arising on acquisition of subsidiaries ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ 319 319
Non‑controlling interests reduced on divestiture of subsidiaries ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ (4,081) (4,081)
As at 31 December 2023 28,457 50,947 (429) 3,099 28,457 40,671 (2,837) (1,643) 839 (771) (39,315) 16,014 112,770 236,259 60,000 77,884 374,143
As at 31 December 2021 as previously reported (Audited) 28,457 50,947 (429) 3,099 23,843 34,424 (2,837) (481) ‑ 1,135 (35,433) 14,667 95,809 213,201 60,000 76,310 349,511
Impact of initial application of IFRS 17 (Note  2.1.1) ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ (2,069) (2,069) ‑ 1,042 (1,027)
As at 31 December 2021 (Restated) 28,457 50,947 (429) 3,099 23,843 34,424 (2,837) (481) ‑ 1,135 (35,433) 14,667 93,740 211,132 60,000 77,352 348,484
Profit for the year ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ 33,376 33,376 ‑ 3,474 36,850
Other comprehensive (loss) income for the year ‑ ‑ ‑ ‑ ‑ ‑ ‑ (125) 1,264 (1,590) (5,972) 3,071 ‑ (3,352) ‑ (2,255) (5,607)
Total comprehensive (loss) income for the year ‑ ‑ ‑ ‑ ‑ ‑ ‑ (125) 1,264 (1,590) (5,972) 3,071 33,376 30,024 ‑ 1,219 31,243
Dividend paid (Note 15) ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ (9,931) (9,931) ‑ ‑ (9,931)
Share Capital Increase/Decrease ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑
Interest on subordinated perpetual tier 2 bonds ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ (2,433) (2,433) ‑ ‑ (2,433)
Amortization of subordinated Tier 2 Bonds transactions costs ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ (126) (126) ‑ ‑ (126)
Movement in other reserve ‑ ‑ ‑ ‑ ‑ ‑ ‑ (22) ‑ ‑ ‑ ‑ ‑ (22) ‑ (4) (26)
Transfer to reserves ‑ ‑ ‑ ‑ 3,992 3,992 ‑ ‑ ‑ ‑ ‑ ‑ (7,984) ‑ ‑ ‑  –
Dividend paid to non‑controlling interests ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ (3,242) (3,242)
As at 31 December 2022 28,457 50,947 (429) 3,099 27,835 38,416 (2,837) (628) 1,264 (455) (41,405) 17,738 106,642 228,644 60,000 75,325 363,969

The attached notes 1 to 28 form part of these consolidated financial statements.