n
(c90N mumn}jorz 9'ory noel slua6v saluedwvi.ueinsui atp ippm wuepio.e paiais!6aH
crrS1? C17.12 ficSlai.9.1r60 .1.11Tri 667f17 Moir 07.4.1.7t) A Iftf Cttn Al)
.11 NM, (817Z6.8) mm008..311.1 3v11 lecino [ME l x08 Od ."-M0 PeaH
j
u-haLLUzi_m_j1.11
UNIONINSURANCE
1!rrr-K ',, lir 54.1
ok 2023/08/14
:ty..)=31.1
2023-06-30 Lgi ;t.:411.11i j:11.14y.ili .612z cp '4.4AI/11'4641 _Al jsci
Lii-% 2023/01/01 (:).. Vii11 (e.e.j.) c:j44L1 au:iv% ;S.)2,1,01121 iviali 4.1 es,
,c-cso (7.1.°4r2 : 2023/06/30
-
r,r5t5e,* LS
I 451 4,4 1..Z 31. /r 1i 4 2-11 /4 2 022
tell °cal. 30/06/2023
;'S.).431
(e,10J411LiV14)
te ?rr r.' fu 10-S YE I, 16_ r KY inre' 71e,t KQ 911( it nua O1 r1 , c.. eiv ,t d., . h) rtr' ( 4.4 e .5 ft.. s_.% ) tt-9J
1,529,415 1,472,560
,1'1.1.3+,94310.11-4.+1
t`r-' 1K-1'17' qr.? ilr-rs`41? Ott '16cCI c 4,1t-* 46E 1,308,442 1,265,054
-43,112-411
vial
iritt f ao 1..4.11c341_,* -Fr 220,973 207,506
I u;r Tg ?o j T1r v. ancs IrtnJ amb l FM' 1rtr KYr
cel
;414
.6.)1W
L
30/06/2022
."R
en Irf roofrte rip'As ia Ly..i..t,,, 30/06/2023 Cal0 J -11L -iv -Li) Fe' igd (emJa L.ovio ( 4.:,t .1 a.it4 )
t9010 140'0 .......4,-,- ir-f4 6,41111 Q141,411 319,889 394,299 L99' L I. !SVC!. .76
juc.iver, 15,194 15,525 cy..41.131 9291 I, 466`91. 'ii - all 0) -1)/c- 4)0k -a 13,467 17,557
662`1769 628'614 0.041 0.053 (s ju..a.11)/cr.4.).11(:).4 .1.z.i,..,11e4.,...11 .J.?.....z.;
('.,.&r iirrlo-) £Z0Z/90/0£ .1:: 74 -1 ,,) 2 F i( n)L i. r. T.. Pl:L I De. c.,-1_>4.11 cal cA e 014? sic.) ugly 17 caj 24..11 _)) ahoy 43 ja jL,xAll Lc.4AA) l d 211.411 C- L14#11 63 Alc) ri Sil
.B.Y. 17 ?h..) ;k4.1t--11 .y. JuLli .11.)ay ,-,,fP j14.11 ,,uac,- k kiqut B jail lu jaaetilp
-
,10-11 C.)4 still 0,611 16.).) 394 La.- 4 toll. e,_)-) C.) _4- 320 ti..-i.Sall u1.11.) caa.,
099'lL4` 1 9 t,t7'6z9` t, is*--Ir6 tt-'-'rt." tilt. 1,6-11 (1.).4 stall 0,1, c5:31)-43 re_p 17.5 wig C.J.341-. 13.4 z,_51:111
,,,,r ffIrt, ) (,( i&r, irri,) fri.cr irr(,,,) ter' re' ce:CILAD
£Z0Z/90/0£ Irr5c
ZZOZ/Z 1/1£
uoull Aac. rxmaii
r Li (e.e.0) --c c) r-na ,r,15-, ,r-rincr irwn Try.; Km, art' W'sq) ,0 igre 1.0/1.0/EZOZ it?
ri re -K. Mr! 172171' 11V' mr! 0C-90-£Z0Z
csssull uilid.a..4 4=411 ..tc.
.41Z11 J.11
3ONVIIIISNINOINn
Head Office: PO Box 119227 Dubai, UAE I Toll Free: 800 UIC4U (84248) I info@unioninsurance.ae I www.unioninsurance.ae 0-sa-aiwo,, .
(1V y-1.!'-) JJJI ro. oj)1.Ai di.i.uJ 1 ffao al Cgoi111 .11_S99 01SW) OW Lei roLS.oil ift.staL ti_Sjub BES1L>
Registered in accordance with the Insurance Companies Agents Law NNoo.. 6 for 2007 (Licence No. 67)
t
IJISL
'J:.tah_u
ECNARUSNINOINU
'"10 lla-tu,rt: 41/80/3202
iywJ
rfc
luhj
iv
03-60-3202
;1.
.,a,u fo
le ,1,:,_1a5.1,).11,13,1A...,.
%vi:ua
tac
);L.e.t(
.c):(
,E-
.).c 10/10/3202
%-5
03/60/3202
:
22 54 0-1 2 b /2ilc
1/
1,4 3
4.1
kic isC
3202/60/03
5j
o
4.1.1.14)..(
114.J
11.4L1.0
llaUAe(
).TI'j
)4.2.A..4.4(
a)._lA(
065,274,1
514,925,1
1%:ALI,c114,s,+3.1.1'iL,
450,562,1
244,803,1
1%:41,
lavlirf.14
605,702
379,022
1+4.L1fc
.6:9s11...,..,.16/4+6
uaj ;10.11.4:i.,
t
uajs
2202/60/03
11411:8..,,4
9c
aj
3202/60/03
4111:.J
(91X
!I.J.&;,
otva..,
lAe(
liivi,
..04.4
)1.J.IAf(
)
(
'
992,493
988,913
),,),11.1Jc
21
525,51
491,51
liev
izA.IIL
131.14*:(
755,71
764,31
0-110
ik-rc/)%:--)k(
IIIV°
350.0
140.0
i.ie.,..,,4
114-*
111_1..
4i:411D.c/)11,:...,..
j0
3.1 Ac lac
11y:k5y,11_:L
cjc
1:,'L5e
f.c.LJ
aisA;
lis
ir 01.13
elab
144AIC
110.41
4 l 4ie
e
ajl
yoba
iiijy
).A? 71
)ac
)tiz
).?710
?A9C
I(Sj
:)L44 .c14_1).
11.41J
111.3.15,
11411,_0. )ke
71 IV(
4-).S.
4lLik:L
11..11:11L,
Ils4
lloys
A4le 0234,4_
DL 3)-
4.( °110k
'"lC
4934-149_j(
3ue
1;4'u
thliiijj
;i
rC
11-21e
11°kL-ec.
LC
"isc
).q.c ht156.
4.31
A149...0 ).)ke
.tlit
'.-J4C
5.71
4:uli
p_er
14.1)150,
llats
,)1.,
ate
.caA
9L.J
S.tilto
e-j,
)1j.e.e(
.SL;
115.1--L4
-
sia
114.aily
4.a.u1ast 11.)..1..
11).0--
wo 11.1ZL4
4
:eirflIT
ea.ecnarusninoinu.www
I
ea.ecnarusninoinu@ofni
I )84248(
U4CIU
008
:eerF lloT
I EAU
,iabuD
722911
xoB
OP
:eciffO
daeH
TSEB
4.1
ripS_d
atiC
JI_SLor
oLJgUJIL_j_lo
ggSLI
niloW
ib_an 1 JuLliE
)loof
1111.).;
1-ru
V1(
)76 .oN
ecneciL(
7002 rof
6 .oN
waL
stnegA
seinapmoC
ecnarusnI
eht
htiw ecnadrocca
ni
deretsigeR0-AA:LW l___n_j1J1
lop
UNIONINSURANCE
Detailed Analysis of accumulated losses
Date: 14/08/2023
Listed company name: Union Insurance Company PJSC
Define the period of the For the period ending 30 June 2023
financial statement
Accumulated losses: AED 154,826,000
Accumulated losses to 46.78%
capital ratio: The main reasons leading Provision made for real estate properties: :7-1.,A4 C:1101.4 C..31,,,,^1, 4
to these accumulated losses and their history: During the period ended 30 June 2021, the 4.):111C,I.LI 2021 ..9.435:l 30 ,94.!0-111,51111 Company had provided an amount of AED 72.30 u" A (.551J-41 ,*_>3 0.3.-11.0 72.30 el:L.3 million as a provision towards Investment L jc i 4.11411 clitt.,..=i)11 Lci cask, 714. )1,111.' properties and provided appropriate disclosures 2021 5.)35.4 30 vi AA 11-11 kflin 2 L11 c:-'311.41 j aiS in the Financial Statements for the period ended .7k.S c1L.411 0111 j141 vulao J:333* (si 30 June 2021 and the Board of Directors Report ,51) -0.113 dal al, 4LL..111 i>510 cz2'..)1,3.a.aS" 1:115 4sllx.o and subsequently the company has treated this &-.)-0-) 2020 _.),Ly. 1 Cyz 13-.6r-1 J:11-1.6.)10 as prior period adjustments, and this has resulted st..diamyi cl.)1 xJ ji469 .u5131.4 eA ja 0_01.4 72.3 in increase in accumulated losses as of 1st 43 Lk)). LI?. .6151.1411 J jr -M (r.A &I.. 72 a.3 -) . January 2020 by AED 72.3 million. The aratil ui-CliS .2014 2013 Ls-aa (.11:% investment properties (AED 72.3 million) 0:0 ji L -Ai Lci 60 Cs j.11.1'1 represent purchased assets from a related party `r1:1 1.1 ALLS:" '91i 4,4 ?Sa. Lill 150 14:----
during the years 2013 & 2014. The purchased j95.1.4.11 ..)UtA.011 (21,43 LiiL) ciA411t_i_AJI assets comprise a 60 residential unit in a single 60:3 310 (4..5.,"11) J.U.111 alai 4:1101311./ C.Aci building and a plot of land of 150,000 feet with J9.-`" 144 04 j.9 a) 4SJ 6111 di c 41c 12'4 V.9 i. 01.A integrated infrastructure. The counterparty (a 0 u1_ ^} -.4 "S "'0 ,95:1.0111= i, iI0 1,,,11 L5.6 P.311 04, 4- 4.!<121 related party) to the above transactions never (301-C a 4-S.Y21 sj1-)1 .thC1.8 3,3114 (.:31A e_s 0344 72.3) fulfilled their obligation to the Company (the u B Cu oy me pr) a ns yi nc ne e ithpu er rc ha has se td ha et e. t itlA ec c do erd ei dn sg ly n, ort he a e.L.1 4, .4 1, .5 11 1 J 1 a.a 444611 'A s c jalIc t Si4 ku1 l l :t .S 11 .1 5,,yc _41:11 .2021 ,y1.4- 30 cci 0.4-4A1--,011 possession of the said properties. As a prudent measure, The new Board of the Company has decided to book a full provision (AED 72.3 million) against the said assets. The Company is pursuing legal actions against the involved parties to recover the Company's rights, in accordance with the resolution of Shareholders
Assembly Meeting held on 30 September 2021.
Head Office: PO Box 119227 Dubai, UAE I Toll Free: 800 UIC4U (84248) I info@unioninsurance.ae I www.unioninsurance.ae fiwcialitroiathReung
(-11/ kylh01 ro,i5j) r..v dim] 1 rani 04,41.11 .iLSgg oLS pi) (0 LSnil &sub eLSA IA BEST
Registered in accordance with the Insurance Companies Agents Law No. 6 for 2007 (Licence No. 67)
1J1j_n_tD.W:.tas1.0 ECNARUSNINOINU
sessol
detalumucca fo sisylanA deliateD
3202/80/41
:etaD
CSJP ynapmoC
ecnarusnI noinU
:eman
ynapmoc
detsiL
3202 enuJ 03 gnidne
doirep eht roF
eht
fo
doirep
eht
enifeD
tnemetats
laicnanif
000,628,451
DEA
:sessol
detalumuccA
%87.64
ot
sessol
detalumuccA
:oitar
latipac
'^ 4 11A. 11( lJGljiL;
:seitreporp etatse laer rof edam noisivorP
gnidael
snosaer
niam
ehT
detalumucca
eseht
ot
:1.(111,5)111^0!.a
03 l:9_34.9.. 1202 1+:11C .k:
eht ,1202 enuJ 03 dedne doirep eht gniruD
:yrotsih
rieht
dna
sessol
.-18
03.27 411-.31.C 3je 14-J155.( A idajl + i:4 ,
03.27 DEA fo tnuoma na dedivorp dah ynapmoC
.L:i.A.Lu,k,'
iA...a... icL ..44 i/m....L...tiLe iZ/.14..y: j
tnemtsevnI sdrawot noisivorp a sa noillim
1144.1111-(
114-4A 112:3jk 11-11AA I:cL 03 4.9_3).:).. 1202
serusolcsid etairporppa dedivorp dna seitreporp
CILA
is( *333J$}L141J i.112.1. 3112' itsb_c 12,.j Sa
dedne doirep eht rof stnemetatS laicnaniF eht
ni
).-4-x-ti44
alI "Sa.a.3,1)2zc llaf& 1114.G2 ' ik. 13s, 3111L- )1sL
tropeR srotceriD fo draoB eht dna 1202 enuJ
03
071).s11-1-5.114-351,4-
klI -r6.- 31 1 .yL,J 0202 )-.L8
siht detaert sah ynapmoc eht yltneuqesbus
dna
3.274.101(
aj 4.L,_11.04 64&11.aj 1).lc iyhTius y:
detluser sah siht dna ,stnemtsujda doirep roirp
sa
s)3 a.27
-"ew A.r( llt"-,- 1j.-( 114i2'516' 4:L .))kL 3(
ts1 fo sa sessol detalumucca ni esaercni
ni
%:11.( zt aejL 3102 4102. silC-iu litara
ehT .noillim 3.27 DEA yb 0202 yraunaJ
ij
I'1111
MA° 06 + ecc =a 0:0
)noillim 3.27 DEA( seitreporp tnemtsevni
<sL
051 lliL .aS .-t 4,4 a 01 SIOLa1.1 11r,
ytrap detaler a morf stessa desahcrup tneserper
liL)411.41.(
))-°:--.`33 aL&( 10,11..14.15J.c 11.41Sgas
desahcrup ehT .4102 & 3102 sraey eht gnirud
icA.C
1 1j1.13141:4 J O 12;2j SL; )11-',1).4( "1 p_yt
elgnis a ni tinu laitnediser 06 a esirpmoc stessa
A.10
j 31'i c114 g PJ.C 12.6>_ .. 9.40- 4401 C94
htiw teef 000,051 fo dnal fo tolp a dna gnidliub
A I iC J!.A
,41161 ,cis( lA"11(11C11414.J°. S4}_ lo
a( ytrapretnuoc ehT .erutcurtsarfni detargetni
)3.27
° 4-4 4> 3L 0 s1) _-1j e0 1114j $g;1i 114 .a.*2 aac C ij-1.1(
reven snoitcasnart evoba eht ot )ytrap detaler
i
aisA ).-J150.( 443 O
eht( ynapmoC eht ot noitagilbo rieht dellifluf
uluZ
. 1 .i4 i) c.1011_c 11,644; ,:;...1. li'.1)12 ... t.,
eht ,ylgnidroccA .etad esahcrup ecnis )reyuB
i1,..,.1.44
/)2,15)..A 1112j , ii1.1 1J ).?L. -...t 11AALA4L.a1141,uiS av 03 oT"-- ,.J 1202.
a ron sdeed eltit eht sah rehtien ynapmoC tnedurp a sA .seitreporp dias eht fo noissessop sah ynapmoC eht fo draoB wen ehT ,erusaem 3.27 DEA( noisivorp lluf a koob ot dediced si ynapmoC ehT .stessa dias eht tsniaga )noillim devlovni eht tsniaga snoitca lagel gniusrup ni ,sthgir s'ynapmoC eht revocer ot seitrap sredloherahS fo noituloser eht htiw ecnadrocca .1202 rebmetpeS 03 no dleh gniteeM ylbmessA
,n i TeR
Shtw Ee Btah , ,, t,,,f ea.ecnarusnin o Ain Su L.w ew sw eli I r e a d.ecnarusni
n 4oi 0nu 0@ )o if pn i SL I o ) 8 q4 g2 S4 L8( ic U i4 dC aIU W 00 8 ). : be uer rF 1 l l 1oT i
I a
E vA ..U
r
, )i ia nb ,u oD
r
172
02
h91 p1 .
kxo
B /1
1O
(P
:eciffO
daeH
eoM )76 .oN ecneciL( 7002
rof 6 .oN waL stnegA seinapmoC ecnarusnI eht htiw
ecnadrocca
ni
deretsigeRImpairment of free hold land: .211.411 et i4 cjt* Lilt.)
In prior years, the Company had recorded free (.4.19:9 va.:412111 45_41 c,:ti4L,11 csi
hold land at an amount of AED 82,045 thousand. .116J-) Lill 82,045 d aid, ji- iN .3 -1,3 -1 1,1 r11
The land was obtained in an exchange e- Le; :41aLg; .Leta. J=am L):0 L
transaction which occurred on 15 July 2018. The *A-44 (.541-,-,11(.1-,i'il . 2018 ...9:11,3:115 Lci
previous asset was recorded at an amount of AED -11,u1 ,J.A4:111 ;k!tac- *.}4 0)4_, eA, Lill 82,045
82,045 thousand and as part of the exchange the L11159,210 ka.AI J,Wt malt, yetJyl :tS__>,111
Company received the land for the fair value of j4c* oktAtt A±SI. c,111. 4502111 cAati.1
jti cals.,
AED 59,210 thousand. The Company received 1.s 4 j..)t-1..31 .1i,41. jcNali J..)16.11
the title deeds for the land and the exchange was 59,210 k.4):. t".` ' "4 (.5,-:=11JS11 C.)1 0:05"1 U
considered to have commercial substance. On 43U1 oJill 1.111.- ot4e i,.Ajr4 4*.k5 ca.11 Sall the date of exchange, the land should have been J ,-.521 59,210 k L 4.,-3) Jail e Au ld i I J-11 recorded at AED 59,210 thousand. The Company to 22,834 0:311&.;Icr 114 cia cc" restated the prior period cost of the free hold L j1 11 22,834 :L.* B.)1.419 "LI 31.1x.4113 cr_31<11,,11" va land to AED 59,210 thousand. This correction 2020 1 1-4-C 4"k.S15,-.11 j)ti-L&-11" crsi et.J-) resulted in AED 22,834 thousand reduction in .2020 ..sa-qa 31 "property and equipment" and AED 22,834 thousand increase in "accumulated losses" as at each of 1 January 2020 and 31 December 2020. Allowance for doubtful receivable for isteLial 1.41,frziaL vg ,11,A1.4 j4).5.)4 rta5 oaAait former major shareholder (Related party): :(;Ce)t J Le4J
The company has made a bad debt provision of cri 49,t.11 aVail :LS C-14119
AED 26.2 million against insurance receivables e-.3 J,L9 0 L;.11-4) eu.) ilia- 26.2 44.4L. from former major shareholder during the years Ls -a. (Y-iL (.5-4..) ('131-"4 (y. 13:11411 CV -4.1-111 2019 (AED 4.7 million) and 2020 (AED 21.5 21.5) 2020 y (4-51.)-.) eibi3 03,1. 4.7) 2019 J million). (4-51..)1-.) eta as:4 Loss in fair value of the financial 114 41l.411 jl.tlizt.1 :thtJi 2t_41.11 t"i JLa investments since 2015. .2015 et.Q Initial adoption of IFRS 17 and IFRS 9. juice 31.1c,y cr1.9.01 jt..41.4.1 .0.1111 .1u:tall J ain ..11.1Y (Ala JL2-411,9 17 A) .A4.1-411 Due to the adoption of IFRS 17 for the first time, . 9 0..) .41-411 the financial statements of previous periods have j
been restated. The adoption led to accumulated 11,11,L411 _9)1111 allay L51_,Ait 3+,411 aul jt jy ' iI Jlii
losses increasing by AED 33.7 million, while the k..11. e:,1 '911 U sac.) cLi.z 4 S JA 17
adoption of IFRS 9 resulted in an increase of j,) auty La.! jai) ...kiyut
accumulated losses by AED 10.6 million. The a,..AA 333 .)11:, 4AS15,..:11 *o.A..).3 Lrl)
impact of IFRS 17 on AED 33.7 million is in the juLical au..y csi au.so jai tiia vi ,e1,3
)cA c yrc 1Y,Iu.V tte DILS
:dnal dloh eerf fo tnemriapmI
icc
13,1j 11,L4it:,c aiSA' 111i.:eL y:14.(
eerf
dedrocer dah ynapmoC eht ,sraey roirp
nI
111
-1 -13 -,1 .1 i.) j_ 4 L1.9-4 L 5 (4 m0,28 a lli =J
.dnasuoht
540,28 DEA fo tnuoma na ta dnal
dloh
ar
..ateL. ;4a14: i:A..Jzc
egnahcxe
na ni deniatbo saw dnal
ehT
'ydit
icL
51.43 8102 1..?4.J iJullic 44-A'
ehT
.8102 yluJ 51 no derrucco hcihw noitcasnart
.
540,28
llA .).ke J c 4.)2( r4.1!A 10.11-jc
DEA
fo tnuoma na ta dedrocer saw tessa suoiverp
iY,ley tak
lasSk
1WJ14 1411-G: 012,951122L
eht
egnahcxe eht fo trap sa dna dnasuoht 540,28
1M...4ac 12.054 ASAC ,LSik ttAtko iaA.j
fo
eulav riaf eht rof dnal eht deviecer ynapmoC
11.4.J
ila÷tj 1.4.1,wsli_:c 44&' .1:tj 1..t 13..-t)..j .)*(
deviecer
ynapmoC ehT .dnasuoht 012,95
DEA
U
114-iijikO 1).C 3.C-JJ.C lit)...1=:-,5( 41- `."t .:)4.k 012,95
saw
egnahcxe eht dna dnal eht rof sdeed eltit
eht
11.x:4 ASA' ,h.ctas e4to ;slia lli Js 1U3.iZ
nO
.ecnatsbus laicremmoc evah ot deredisnoc
iiarc ...cae 111- tA liaJ AL 012,95 iltiL )-)_.c.
neeb
evah dluohs dnal eht ,egnahcxe fo etad
eht
lac
cic 431116:--N-4 j&i-tik>L4ii-4-A 438,22 lliJ' )-)_ 4.(
ynapmoC
ehT .dnasuoht 012,95 DEA ta dedrocer
av
"11-hcd 3114,1.131L" 91.446- ,..944,.4 438,22
dloh
eerf eht fo tsoc doirep roirp eht detatser
)-J.te
oc "13&L-i-t)j 13(-15.1S.L:"4C-A-licL 13.4t.,:).. 0202
noitcerroc
sihT .dnasuoht 012,95 DEA ot
dnal
13
)...4)_ 0202.
ni
noitcuder dnasuoht 438,22 DEA ni detluser
438,22
DEA dna "tnempiuqe dna ytreporp"
ta
sa "sessol detalumucca" ni esaercni dnasuoht .0202 rebmeceD 13 dna 0202 yraunaJ 1 fo
hcae
4.1" -u 5sc 414 4.1A,11, g 1 1.4.L
rof
elbaviecer luftbuod rof ecnawollA
).)u J04/1 -su .-L:d '..J )*1a(:
:)ytrap detaleR( redloherahs rojam remrof
114:.0S4 415 ..ua 11:.ya 11.it,<94 isc
fo
noisivorp tbed dab a edam sah ynapmoc
ehT
.L.4.4-4 2.62 -14.3a YA? )4-115,.L AAJ lA?
selbaviecer
ecnarusni tsniaga noillim 2.62
DEA
.0
111-1.4-1:).C
11411:31 °-"141'( ).":'er .a- sL
sraey
eht gnirud redloherahs rojam remrof
morf
9102
)7.4 .13,30 ).ae )4-).15-4( J 0202 )5.12
5.12
DEA( 0202 dna )noillim 7.4 DEA(
9102
5-
4*.1.."(
)-JAe )414155.(
.)noillim
a..tj 9,L llam.; diotled; Uz.,ruz t, tac 114.l14 411
laicnanif
eht fo eulav riaf ni ssoL
ate 5102.
.5102 ecnis stnemtsevni
11 .G4:4.11.. 1149,1.0.4 114-1plj 13.93F, 1,ct..13 111111u;)...
.9 SRFI dna 71 SRFI fo noitpoda laitinI
11A.t1 A JO 71 9-114-241. liap 1210.2- 11"1.11." ,it 9
,emit
tsrif eht rof 71 SRFI fo noitpoda eht ot
euD
evah
sdoirep suoiverp fo stnemetats laicnanif
eht
ailyt
y...- ua tiA,_15L yalla ativ_ 14L )J(
detalumucca
ot del noitpoda ehT .detatser
neeb
71
J AJ o* 4 z.iLc dlos 11.i*9_1J:e llA_ 1J_c
eht
elihw ,noillim 7.33 DEA yb gnisaercni
sessol
11...,.1I.54.
)iaj !.aL 11-334, jiaba
fo
esaercni na ni detluser 9 SRFI fo noitpoda
114..t1.4k
)1.,L ),taS t14.1.51S.44 ".ilJ 7.33 .A..j
ehT
.noillim 6.01 DEA yb sessol detalumucca
61e, isL ). 111.9_55L yella laciLuA_
eht
ni si noillim 7.33 DEA no 71 SRFI fo tcapmiform of a deferred liability. This amount will be 10.6 ,)3i4-.J.A-,S1j3-411.5-11-,&11&113 c5-1) 9 (jJ 411-411
released to the profit and loss statement j .e).).)(1941- a
depending on the changes in liabilities. i1 7 c.i A41. WI i,utilli .iac.)/ L.,..1_,.D J1 f1 .).)tri (D)
.14:Y' With i(D ic i i4.171. .).) 0.341-4 33.7 e.)-:
i.i..4:k.) ja.:,Iii c l4 yt..,..1.1i....11iieb j:J......i -. ,
.C1.41.511V1 oarh L5.1a 41,21_ 11 cLi. i. j.!.;;111 Jr,
Measures to be taken to The above -mentioned incidents are related to ala.1-4c.ia.110-%kr-1 (:),.6.).3C- la A4:311111_,L5-1_3'il;1--..("11
address accumulated one-off events. The company has reported a net 13.4 °..A. C-.).) cs.9" AS.,'"1. 1 cL1.1." Ai ' .6-1.1_9 .6J-41
losses: profit of AED 13.4 million for the period ended 30 sili 2023 lily. 30 cci AA 7-11 '651241 (.A_)-) Calla June 2023 and the implementation of planned 1+11-1-"I i+.111-1I1 .9 ''. IPd 1J-. 41 c):=1-1-' 1.1-._A11 1:1'Llt
measures to enhance profitability by the (-1-C4' *A-41.51-4.11 )Cosh CL4.91_.9 ;i71--.1.)11 ;614.3.1
company will lead to a significant decrease in its .;wu.ill _pill LY:l& j..1..).S accumulated losses over the coming periods.
Abdul Muttaleb M. H. Al Jaedi
Chief Executive Officer
114-114
Jj(
9 )1-,.ci.11.3711&,-11-5.11.4.-,51S,A.J.-4i3),
6.01
eb
lliw
tnuoma
sihT
.ytilibail
derrefed
a
fo
mrof
a -1491())..e.
j
tnemetats
ssol
dna
tiforp
eht
ot
desaeler
)j( irta:J.i
114..,41j
D.,_1.5.L
/)..cl.i.
illituA_
11...l
.A..il
i.c
71
.seitilibail
ni
segnahc
eht
no
gnidneped
j
:-).e
7.33
4:91.C
).J
Ae
-1724)..
c)..(
h
tjiW
.''
436k.
,,,i.e
i...)....J.J
atal
i1.N:.a.L:j
).k:Ali
cirL
111;!.!.).1
.iLc 11_12,LL;-
6..,.L
4rao
1V11314.1.C.
11'4..--12
li'3_15L,_111113:1.,A
13.b:,.,)
.c
1-rk)'011.ai.c4-1.ala
ot
detaler
era
stnedicni
denoitnem-
evoba
ehT
ot
nekat
eb
ot
serusaeM
1AJS
)-/1'6.
6 9k
"4L'.
llA-
SA "ASL
).4C
.A..°
4.31
ten
a
detroper
sah
ynapmoc
ehT
.stneve
ffo-eno
detalumucca
sserdda
allaC
)-J4w(
'!llis
11-7
AA
icc 03
.ylil
3202
iliS
03
dedne
doirep
eht
rof
noillim
4.31
DEA
fo
tiforp
:sessol
1.)L,
11''')..)-1-1=:).C
14-).01
.'L` 9.
llisi1.+iA"-11-il
dennalp
fo
noitatnemelpmi
eht
dna
3202
enuJ
412'6.
11)_.1.--17i;
9._3.4iL`.
A:1..(
11
t1:)__
11-15.1'-';
'4C-1-(
eht
yb
ytilibatiforp
ecnahne
ot
serusaem
SI..4.j
&.A.L
llaijAlc
llAak.
sti
ni
esaerced
tnacifingis
a
ot
dael
lliw
ynapmoc
.sdoirep
gnimoc
eht
revo
sessol
detalumucca
ideaJ
lA
.H
.M
belattuM
ludbA
reciffO
evitucexE
feihC

Sentiment: negative