Statement of Changes in Equity
Statement of Changes in Equity
For the year ended 31 December 2019
| Share capital | Tier 1 capital | Treasury shares | Accumulated losses | Board of Directors’ remuneration | Investment revaluation reserve | Statutory reserve | Total equity | |
| AED | AED | AED | AED | AED | AED | AED | ||
| Balance as at 1 January 2019 |
118,780,500 |
– |
– |
(19,026,036) |
– |
(4,242,730) |
3,586,470 | 99,098,204 |
| Tier 1 Capital | – | 15,000,000 | – | – | – | – | – | 15,000,000 |
| Dividends declared (Note 11) | – | – | – | (1,187,805) | – | – | – | (1,187,805) |
| Net profit for the year |
– |
– |
– |
16,166,174 |
– |
– |
– |
16,166,174 |
| Transfer to statutory reserve | – | – | – | (1,616,617) | – | – | 1,616,617 | – |
| Other comprehensive income for the year | – | – | – | (839,000) | – | 4,871,759 | – | 4,032,759 |
| Transfer of realized loss on disposal of investment at FVTOCI | – | – | – | – | – | 236,506 | – | 236,506 |
| Tier 1 Capital accrued coupon | – | – | – | (962,504) | – | – | – | (962,504) |
| Proposed board of directors’ remuneration | – | – | – | (1,454,955) | 1,454,955 | – | – | – |
| Balance as at 31 December 2019 |
118,780,500 |
15,000,000 |
– |
(8,920,743) |
1,454,955 |
865,535 |
5,203,087 |
132,383,334 |
| Balance as at 1 January 2018 | 120,000,000 | – | (1,673,587) | (27,590,764) | (1,762,702) | 2,522,161 | 91,495,108 | |
| Net profit for the year |
– |
– |
– |
10,643,090 |
– |
– |
10,643,090 |
|
| Transfer to statutory reserve | – | – | – | (1,064,309) | – | 1,064,309 | – | |
| Other comprehensive loss for the year | – | – | – | (730,000) | (2,309,994) | – | (3,039,994) | |
| Cancellation of treasury shares | (1,219,500) | – | 1,673,587 | (454,087) | – | – | – | |
| Transfer of realized gains on disposal of Investment at FVTOCI | – | – | – | 170,034 | (170,034) | – | – | |
| Balance as at 31 December 2018 |
118,780,500 |
– |
– |
(19,026,036) |
(4,242,730) |
3,586,470 |
99,098,204 |
