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(Saudi Riyal)
Note |
31 December 2023
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31 December 2022 |
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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.
HRH Mishal Bin Sultan Bin Abdulaziz Al Saud Chairman
Ghassab Bin Salman Bin Mandeel CEO
Heni A. Jallouli CFO