Consolidated Statement of Income
For the year ended 31 December 2023
| 2023 | 2022 | ||
|---|---|---|---|
| Notes | KD 000’s | KD 000’s (Restated) | |
| Revenue | |||
| Insurance revenue | 8 | 818,298 | 764,904 |
| Insurance service expenses | 8 | (691,197) | (589,713) |
| Insurance service result before reinsurance contracts held | 127,101 | 175,191 | |
| Net expense from reinsurance contracts held | 8 | (77,348) | (132,403) |
| Insurance service result | 49,753 | 42,788 | |
| Finance expense from insurance contracts issued | 8 | (20,158) | (2,352) |
| Finance income from reinsurance contracts held | 8 | 9,675 | 289 |
| Net insurance financial result | 39,270 | 40,725 | |
| Net investment income | 3 | 48,444 | 30,570 |
| Non‑attributable general and administrative expenses | (27,264) | (21,078) | |
| Other income, net | 2,116 | 1,436 | |
| Net monetary losses due to hyperinflation | (1,244) | (3,957) | |
| Finance costs | (7,288) | (3,628) | |
| Impairment of investment in associates | 10 | (10,824) | ‑ |
| Gain on bargain purchase from acquisition of a subsidiary | 17 | 4,642 | ‑ |
| Profit for the year before taxation from continuing operations | 47,852 | 44,068 | |
| Group Directors Fees | (185) | (185) | |
| Contribution to KFAS | (377) | (480) | |
| NLST | (597) | (807) | |
| Zakat | (189) | (1,678) | |
| Taxation from subsidiaries | (8,103) | (4,068) | |
| Profit for the year from continuing operations | 38,401 | 36,850 | |
| Discontinued operations: | |||
| Loss from discontinued operations | 27 | (8,872) | ‑ |
| Profit for the period | 29,529 | 36,850 | |
| Attributable to: | |||
| Equity holders of the Parent Company | 21,206 | 33,376 | |
| Non‑controlling interests | 8,323 | 3,474 | |
| 29,529 | 36,850 | ||
| Basic and diluted earnings per share attributable to equity holders of the Parent Company | 4 | 74.735 fils | 117.624 fils |
The attached notes 1 to 28 form part of these consolidated financial statements.