Statement of Changes in Equity
Statement of Changes in Equity
For the year ended 31 December 2023
| Share capital | Tier 1 capital | Treasury shares | Accumulated losses | Reinsurance
reserve |
Proposed
Board of Directors’ remuneration |
Investment revaluation reserve | Statutory reserve | Total shareholders’ equity | |
| AED | AED | AED | AED | AED | AED | AED | AED | AED | |
| Balance at 1 January 2023 | 118,780,500 | 15,000,000 | (4,660,318) | 1,017,186 | 650,848 | 392,248 | 7,198,968 | 7,679,502 | 146,058,934 |
| Adjustment due to misstatements (Note 22) | – | – | – | (75,031,826) | – | – | – | – | (75,031,826) |
| Balance at 1 January 2023 – Restated | 118,780,500 | 15,000,000 | (4,660,318) | (74,014,640) | 650,848 | 392,248 | 7,198,968 | 7,679,502 | 71,027,108 |
| Adjustment on initial application of IFRS 17(Note 3.16) | – | – | – | (9,615,607) | – | – | – | – | (9,615,607) |
| Restated balance at 1 January 2023 | 118,780,500 | 15,000,000 | (4,660,318) | (83,630,247) | 650,848 | 392,248 | 7,198,968 | 7,679,502 | 61,411,501 |
| Net loss for the year | – | – | – | (41,974,615) | – | – | – | – | (41,974,615) |
| Payment of Board of Director’s remuneration | – | – | – | – | – | (392,248) | – | – | (392,248) |
| Other comprehensive income for the year | – | – | – | – | – | – | 961,770 | – | 961,770 |
| Transfer to reinsurance reserve | – | – | – | (530,344) | 530,344 | – | – | – | – |
| Tier 1 capital accrued coupon | – | – | – | (1,237,509) | – | – | – | – | (1,237,509) |
| Transfer of realized gain on disposal of investment at FVTOCI – equity | – | – | – | 8,236,558 | – | – | (8,236,558) | – | – |
| Transfer of realized loss on disposal of investment at FVTOCI – debt | – | – | – | – | – | – | 69,751 | – | 69,751 |
| Restated balance at 31 December 2023 | 118,780,500 | 15,000,000 | (4,660,318) | (119,136,157) | 1,181,192 | – | (6,069) | 7,679,502 | 18,838,650 |
| Balance at 1 January 2022 | 118,780,500 | 15,000,000 | – | (7,548,693) | 422,793 | 856,796 | 14,271,093 | 7,243,671 | 149,026,160 |
| Adjustment due to misstatements (Note 22) | – | – | – | (52,866,070) | – | – | – | – | (52,866,070) |
| Balance at 1 January 2022 Restated | 118,780,500 | 15,000,000 | – | (60,414,763) | 422,793 | 856,796 | 14,271,093 | 7,243,671 | 96,160,090 |
| Adjustment on initial application of IFRS 17 | – | – | – | 329,701 | – | – | – | – | 329,701 |
| Restated balance at 1 January 2022 | 118,780,500 | 15,000,000 | – | (60,085,062) | 422,793 | 856,796 | 14,271,093 | 7,243,671 | 96,489,791 |
| Net loss for the year | – | – | – | (27,752,753) | – | – | – | – | (27,752,753) |
| Other comprehensive loss for the year | – | – | – | – | – | – | (594,150) | – | (594,150) |
| Transfer to reinsurance reserve | – | – | – | (228,055) | 228,055 | – | – | – | – |
| Proposed Board of Director’s remuneration | – | – | – | (392,248) | – | 392,248 | – | – | – |
| Tier 1 capital accrued coupon | – | – | – | (1,237,499) | – | – | – | – | (1,237,499) |
| Treasury shares | – | – | (4,660,318) | – | – | – | – | – | (4,660,318) |
| Transfer to statutory reserve | – | – | – | (435,831) | – | – | – | 435,831 | – |
| Payment of Board of Directors’ remuneration | – | – | – | – | – | (856,796) | – | – | (856,796) |
| Transfer of realized gain on disposal of investment at FVTOCI – equity | – | – | – | 6,501,201 | – | – | (6,501,201) | – | – |
| Transfer of realized gain on disposal of investment at FVTOCI – debt | – | – | – | – | – | – | 23,226 | – | 23,226 |
| Balance at 31 December 2022 Restated | 118,780,500 | 15,000,000 | (4,660,318) | (83,630,247) | 650,848 | 392,248 | 7,198,968 | 7,679,502 | 61,411,501 |
