For the year ended 31 December 2021
(Saudi Arabian Riyals)
| For the year ended 31 December | |||
| Notes | 2021 | 2020 | |
| Cash flows from operating activities | |||
| Profit after zakat | 587,703,531 | 500,518,870 | |
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Adjustments to reconcile net profit for the period to net cash generated from operating activities: |
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| Zakat | 66,223,360 | 83,561,274 | |
| Depreciation and amortization | 25, 26 | 57,016,184 | 48,213,576 |
| (Reversal)/charge for credit losses on accounts receivable | 9 | (817,875) | 19,735,859 |
| Charge/(reversal) for impairment on investments held at amortized cost | 7 | 2,997 | (1,076,063) |
| Provision for employees’ end-of-service benefits | 15 | 11,430,706 | 11,300,262 |
| Realized gain on sale of investments | 28 | (8,826,153) | (15,751,508) |
| Unrealized gain on investments | 28 | (22,134,258) | (8,817,609) |
| Dividend income | (6,103,257) | (11,367,239) | |
| Special commission income | 28 | (3,519,005) | (2,856,686) |
| Share of loss in equity-accounted investee | 6 | (3,279,208) | (2,101,685) |
| Interest expense on lease liability | 956,484 | 253,057 | |
| Changes in operating assets and liabilities: | |||
| Deposits with Saudi Central Bank (SAMA) | 4,163,991 | (32,177,558) | |
| Accounts receivable | (3,182,793) | (35,920,798) | |
| Prepaid expenses and other current assets | (5,787,784) | 569,165 | |
| Margin deposits from clearing participants | (4,643,633) | 19,030,340 | |
| Members’ contribution to clearing house funds | 479,425 | 3,147,217 | |
| Accounts payable | 808,663 | 5,760,718 | |
| Balance due to Capital Market Authority | (10,477,942) | 10,428,584 | |
| Deferred revenue | (8,562) | 88,497 | |
| Accrued expenses and other current liabilities | 30,131,167 | 25,768,038 | |
| Cash generated from operations | 690,136,038 | 618,306,311 | |
| Employees’ end-of-service benefits paid | 15 | (15,463,571) | (2,872,352) |
| Zakat paid | 23 | (83,120,936) | – |
| Net cash generated from operating activities | 591,551,531 | 615,433,959 | |
| Cash flows from investing activities | |||
| Purchase of investments | (1,990,510,071) | (2,558,201,111) | |
| Additional investment in equity-accounted investee | – | (210,000,000) | |
| Proceeds from disposal of investments | 2,552,364,275 | 2,080,331,477 | |
| Special commission income received | 3,218,820 | 3,998,707 | |
| Proceeds from maturity of sukuk | – | 75,000,000 | |
| Purchase of intangible assets and property and equipment | (43,464,911) | (45,676,373) | |
| Net cash used in investing activities | 521,608,113 | (654,547,300) | |
| Cash flows from financing activities | |||
| Dividends paid | 36 | (1,120,000,000) | (120,000,000) |
| Interest payment of lease liability | (956,484) | (253,057) | |
| Principal repayment of lease liability | (12,804,078) | (12,323,093) | |
| Net cash used in financing activities | (1,133,760,562) | (132,576,150) | |
| Net increase/(decrease) in cash and cash equivalents | (20,600,918) | (171,689,491) | |
| Cash and cash equivalents at the beginning of the period | 96,798,376 | 268,487,867 | |
| Cash and cash equivalents at end of the period | 12 | 76,197,458 | 96,798,376 |
| Non-cash supplemental information | |||
| Conversion of sukuk investment to equity-accounted investee | 6 | – | 130,000,000 |
The accompanying Notes from (1) through (37) form an integral part of these consolidated financial statements.
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| Chairperson | Group Chief Executive Officer | Group Chief Financial Officer |