Page 85 - Inegrated Annual Report 2020-Eng
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | 31 DECEMBER 2020
21. CONTRACT COSTS
2020 2019
AED’000 AED’000
Direct project costs 2,694,724 2,012,382
Cost of operating dredgers, support craft and 379,890
boosters 421,496
Cost of workshop and stores 35,468 33,666
Other operating costs 117,218 110,923
3,268,906 2,536,861
22. GENERAL AND ADMINISTRATIVE EXPENSES
2020 2019
AED’000 AED’000
Salaries and other benefits 52,224 53,508
Board remuneration and employee bonus 38,037 52,020
Depreciation 5,760 5,107
Others 35,613 26,622
131,634 137,257
Included in other expenses is AED 10,340 thousand (2019: AED 2,672 thousand) towards social contributions
made during the year.
23. FINANCE COSTS AND FINANCE INCOME
Finance costs
Finance costs mainly include bank interest on overdraft facilities and other bank transaction charges. Overdraft
facilities carry interest at prevailing market rates.
2019 2019
AED’000 AED’000
Interest charges 14,091 21,869
Unwinding of discount on finance lease (note 3) 403 447
14,494 22,316
Finance income
Finance income comprises income from short term deposits, which carry interest at variable market rates plus
a spread.
2020 Integrated Annual Report 85
