Investments (Tables)

12 Months Ended

Dec. 31, 2022

Investments [Abstract]

Schedule of group financial investments

	2022
	Amortized cost			Fair value through other comprehensive income		Fair value through profit or loss		Total
	USD ’000			USD ’000		USD ’000		USD ’000
Unquoted bonds*		2,623			-		-		2,623
Quoted bonds		-			489,081		-		489,081
Quoted funds and alternative investments		-			-		12,237		12,237
Quoted equities		-			10,845		13,201		24,046
Unquoted equities**		-			7,364		-		7,364
Expected credit losses and impairment		(629	)		-		-		(629	)
		1,994			507,290		25,438		534,722

	2021
	Amortized cost			Fair value through other comprehensive income		Fair value through profit or loss		Total
	USD ’000			USD ’000		USD ’000		USD ’000
Unquoted bonds*		2,934			-		-		2,934
Quoted bonds		-			418,445		-		418,445
Quoted funds and alternative investments		-			-		14,377		14,377
Quoted equities		-			13,721		14,162		27,883
Unquoted equities**		-			7,046		-		7,046
Expected credit losses and impairment		(463	)		-		-		(463	)
		2,471			439,212		28,539		470,222

* In 2021, this included an investment in an unquoted bond denominated in JOD (USD pegged currency) issued by ’Specialized Investment Compound Co.’ a local company based in Jordan with a maturity date of 22 February 2016. The said company is currently under liquidation, due to which 85% of original bond holdings with nominal value amounting to USD 1,236 thousand were not paid on that maturity date.

** The Group has two unquoted equity investments under level 3 designated at fair value through OCI valued at USD 6,990 thousand (2021: USD 6,614 thousand) and USD 374 thousand (2021: USD 432 thousand). As at 31 December 2022 and 2021, the Group has measured the fair value of the unquoted investment valued at USD 6,990 thousand (2021: USD 6,614 thousand) by adopting a market valuation approach namely ‘multiples-based valuation’ whereby earnings-based multiples of comparable companies were considered for the valuation.

*** As at 31 December 2022, the fair value measurement of the unquoted equity investment valued at USD 6,990 thousand (2021: USD 6,614 thousand) (2020: USD 6,314 thousand) was based on a combination of valuation multiples, with greater weight given to price to book value multiple. This has implied an equity value range of USD 7,714 thousand to USD 6,266 thousand (2021: USD 7,277 thousand to USD 5,951 thousand) (2020: USD 5,612 thousand to USD 7,015 thousand).

Schedule of expected credit losses and impairment provision for the bonds

	2022		2021
	USD ’000		USD ’000
Opening balance		463		397
Addition of provision for investment held at amortized cost		166		66
Ending balance		629		463

Schedule of fair value of level 3 financial assets

	%	Positive impact		Negative impact			Valuation variables
		USD ’000		USD ’000
2022	+/- 10		724		(724	)	Market multiples applied to a range of financial performance measures***
2021	+/- 10		663		(663	)	Market multiples applied to a range of financial performance measures
2020	+/- 10		701		(701	)	Market multiples applied to a range of financial performance measures And market multiples applied to implied value in a recent official sale offer

*** As at 31 December 2022, the fair value measurement of the unquoted equity investment valued at USD 6,990 thousand (2021: USD 6,614 thousand) (2020: USD 6,314 thousand) was based on a combination of valuation multiples, with greater weight given to price to book value multiple. This has implied an equity value range of USD 7,714 thousand to USD 6,266 thousand (2021: USD 7,277 thousand to USD 5,951 thousand) (2020: USD 5,612 thousand to USD 7,015 thousand).