(Saudi Riyal)

Note
31 December 2023
31 December 2022
Cash flows generated from operating activities:
Net profit for the year before zakat 145,833,239 84,827,732
Adjustments to reconcile net income for the year to cash flows generated from operating activities:
Impairment loss/(reversal) of trade receivables 8 5,030,671 (3,757,826)
Depreciation and amortization 4,5,6 51,970,559 23,530,731
Employees’ benefits 15 7,959,954 5,574,726
Finance costs 6,15 6,025,384 3,155,960
Unrealized gains on investments at FVTPL 7 (3,326,897) (1,766,705)
Share-based payments expenses 14 19,484,477 11,896,912
Interest revenue (46,068,207) (22,196,965)
Loss on disposal of right of use assets 6 529,143
Changes in operating assets and liabilities:
Inventory (8,536,741) (726,890)
Trade receivables 8 (9,299,606) (12,108,231)
Prepaid expenses and other receivables 9 10,675,998 (45,547,925)
Proceeds due to customers 16 42,748,742 (45,916,212)
Trade payables 17 22,048,727 22,940,978
Accrued expenses and other current liabilities 18 44,364,173 (7,008,436)
Employees’ benefits paid 15 (1,500,632) (712,817)
Interest paid 6 (5,459,295)
Zakat paid 20b (25,612,169) (4,987,323)
Net cash flows generated from operating activities 256,867,520 7,197,709
Cash flows from investing activities
Payments for purchase of property and equipment 4 (23,343,175) (37,165,475)
Payments to purchase and develop intangible assets 5 (13,497,082) (2,962,556)
Payments to purchase investments at FVTPL 7 (58,040,982) (1,125,000)
Addition of deposits with financial institutions 11 (200,000,000)
Repayment of deposits with financial institutions 11 100,000,000
Proceeds from interests on short-term deposits 38,504,176 22,196,965
Net payment for acquisition of subsidiary 32a (59,691,640)
Net cash flows used in investing activities (16,068,703) (219,056,066)
Cash flows from financing activities
Proceeds from initial public offering 749,093,534
Treasury shares (1,920,000)
Payments of lease liabilities 6 (32,518,198) (24,562,437)
Changes in non-controlling interests 245,000
Payment of short-term loan (1,906,840)
Net cash flows (used in)/generated from financing activities (34,425,038) 722,856,097
Net change in cash and cash equivalents 206,373,779 510,997,740
Cash and cash equivalents as at the beginning of the year 902,685,742 391,688,002
Cash and cash equivalents as at the end of the year 1,109,059,521 902,685,742
Non-cash transactions
Additions in Right-of-use assets against lease liabilities 18,267,517 124,243,233
Disposal in Right-of-use assets against lease liabilities 20,181,208

The accompanying notes from 1 to 35 form an integral part of these Consolidated Financial Statements.

Chairman Signature

HRH Mishal Bin Sultan Bin Abdulaziz Al Saud
Chairman

CEO Signature

Ghassab Bin Salman Bin Mandeel
CEO

CFO Signature

Heni A. Jallouli
CFO