Statement of Changes in Equity
Statement of Changes in Equity
For the year ended 31 December 2022
|
|
Share capital | Tier 1 capital |
Treasury shares |
Retained earnings/(accumulated losses) |
Board of Directors’ remuneration |
Reinsurance reserve |
Investment revaluation reserve | Legal reserve | Total shareholders’ equity | |
| AED | AED | AED | AED | AED | AED | AED | AED | |||
| Balance as at 1 January 2022 |
118,780,500 |
15,000,000 |
– |
(7,548,693) |
856,796 |
422,793 |
14,271,093 |
7,243,671 |
149,026,160 |
|
| Profit for the year |
– |
– |
– |
4,358,311 |
– |
– |
– |
– |
4,358,311 |
|
| Transfer to statutory reserve | – | – | (435,831) | – | – | – | 435,831 | – | ||
| Treasury shares | – | – | (4,660,318) | – | – | – | – | – | (4,660,318) | |
| Transfer to reinsurance default reserve | – | – | – | (228,055) | – | 228,055 | – | – | – | |
| Other comprehensive income for the year | – | – |
– |
– | – | – | (594,150) | – | (594,150) | |
| Proposed Board of Director’s remuneration | – | – |
– |
(392,248) | 392,248 | – | ||||
| Payment of Board of Directors’ remuneration | – | – | (856,796) | – | – | – | (856,796) | |||
| Transfer of unrealised gain on disposal of equity investments carried at FVTOCI | – | – | 6,501,201 | – | – | (6,501,201) | – | – | ||
| Transfer of unrealised loss on disposal of debt investments carried at FVTOCI | – | – |
– |
– | – | – | 23,226 | – | 23,226 | |
| Tier 1 Capital |
– |
– |
– |
(1,237,499) |
– |
– |
– |
– |
(1,237,499) |
|
| Balance as at 31 December 2022 |
118,780,500 |
15,000,000 |
(4,660,318) |
1,017,186 |
392,248 |
650,848 |
7,198,969 |
7,679,502 |
146,058,935 |
|
The notes from 1 to 23 form an integral part of these financial statements.
|
|
Share capital | Tier 1 capital | Retained earnings/(accumulated losses) |
Board of Directors’ remuneration |
Reinsurance reserve |
Investment revaluation reserve | Legal reserve | Total shareholders’ equity | |
| AED | AED | AED | AED | AED | AED | AED | |||
| Balance as at 1 January 2021 | 118,780,500 | 15,000,000 | (5,446,912) | 979,729 | 423,698 | 20,861 | 6,291,675 | 136,049,551 | |
| Dividends declared (Note 10) |
– |
– |
(4,751,220) |
– |
– |
– |
– |
(4,751,220) |
|
| Profit for the year |
– |
– |
9,519,956 |
– |
– |
– |
– |
9,519,956 |
|
| Transfer to statutory reserve | – | – | (951,966) | – | – | – | 951,566 | – | |
| Transfer from reinsurance default reserve | – | – | 905 | – | (905) | – | – | – | |
| Other comprehensive income for the year | – | – | – | – | – | 10,237,938 | – | 10,237,938 | |
| Proposed Board of Director’s remuneration | – | – | (856,796) | 856,796 | – | – | – | – | |
| Payment of Board of Directors’ remuneration | – | – | – | (937,360) | – | – | – | (937,360) | |
| Adjustment to Board of Directors’ remuneration | – | – | 42,369 | (42,369) | – | – | – | – | |
| Loss on disposal of investment carried at FVTOCI | – | – | (3,867,499) | – | – | 3,867,499 | – | – | |
| Transfer of unrealised loss on disposal of debt investments carried at FVTOCI | – | – | – | – | – | 144,795 | – | 144,795 | |
| Tier 1 Capital |
– |
– |
(1,237,500) |
– |
– |
(1,237,500) |
|||
| Balance as at 31 December 2021 |
118,780,500 |
15,000,000 |
(7,548,693) |
856,796 |
422,793 |
14,271,093 |
7,243,671 |
149,026,160 |
|
The notes from 1 to 23 form an integral part of these financial statements.
