FINANCIAL REPORTS
Consolidated statement of cash flows
For the year ended 31 December 2019
(Saudi Arabian Riyals)
| For the year ended 31 December | Notes |
2019 | 2018 |
| Cash flows from operating activities: | |||
| Profit for the year | 153,293,786 | 148,186,665 | |
| Adjustments to reconcile net profit for the year to net cash generated from operating activities: |
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| Depreciation and amortization | 20&21 | 51,272,542 | 32,271,083 |
| Charge for credit losses on account receivables | 148,493 | 3,839,671 | |
| (Reversal) for impairment on investments held at amortized cost | (342,923) | (65,573) | |
| Loss on sale of property and equipment | – | 49,355 | |
| Provision for employees’ end-of-service benefits | 14 | 10,966,445 | 14,418,075 |
| Realized gain on investments | 22 | (5,425,998) | (10,679,758) |
| Unrealized (gain) on investments | 22 | (50,234,343) | (3,753,316) |
| Share of loss in equity-accounted investee | 6 | 1,610,095 | 6,629,084 |
| Interest expense on lease liability | 149,208 | – | |
| Reversal of provision for specific obligation | (17,430,875) | – | |
| Changes in operating assets and liabilities: | |||
| Account receivables | (2,734,030) | (15,543,634) | |
| Prepaid expenses and other current assets | (70,881,119) | (7,020,494) | |
| Account payables | 18,115,824 | 36,151,101 | |
| Balance due to Capital Market Authority | (34,330,800) | 44,779,519 | |
| Deferred revenue | (1,598,140) | (1.096,690) | |
| Accrued expenses and other current liabilities | 15,881,400 | 10,625,595 | |
| Cash generated from operations | 68,459,565 | 258,790,683 | |
| Employees’ end-of-service benefits paid | 14 | (14,279,612) | (13,880,716) |
| Lease rental paid | (21,584,615) | – | |
| Net cash flows generated from operating activities | 32,595,338 | 244,909,967 | |
| Cash flows from investing activities: | |||
| Purchase of investments | (1,219,357,541) | (1,224,838,967) | |
| Proceeds from disposal of investments | 1,306,182,897 | 907,992,408 | |
| Purchase of intangible assets and property and equipment | (94,111,745) | (57,467,089) | |
| Proceeds from disposal of property and equipment | – | (475,228) | |
| Net cash flows used in investing activities | (7,286,389) | (374,788,876) | |
| Cash flows from financing activities: | |||
| Dividend paid | (120,000,000) | (120,000,000) | |
| Net cash used in financing activities | (120,000,000) | (120,000,000) | |
| Net decrease/in cash and cash equivalents | (94,691,051) | (249,878,909) | |
| Cash and cash equivalents at the beginning of the year | 363,178,918 | 613,057,827 | |
| Cash and cash equivalents at the end of the year | 268,487,867 | 363,178,918 |
The accompanying Notes from (1) through (31) form an integral part of these consolidated financial statements.