For the year ended 31 December 2022
(Saudi Arabian Riyals)
| For the year ended 31 December | Notes | 2022 | 2021 |
| Cash flows from operating activities | |||
| Profit before zakat for the period | 492,288,738 | 653,926,891 | |
| Adjustments to reconcile profit before zakat for the year to net cash generated from operating activities: |
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| Depreciation and amortization | 23,24 | 63,179,908 | 57,016,184 |
| Allowance/(reversal) of allowance for expected credit losses | 9 | 315,081 | (817,875) |
| (Reversal)/allowance for expected credit losses on investments held at amortized cost |
8.1.1 | (46,656) | 2,997 |
| Provision for employees’ end-of-service benefits | 14 | 12,305,828 | 11,430,706 |
| Realized gain on sale of investments | 26 | (17,707,501) | (8,826,153) |
| Unrealized gain on investments | 26 | (8,722,423) | (22,134,258) |
| Dividend income | 26 | (5,513,917) | (6,103,257) |
| Commission income | 26 | (42,780,411) | (3,532,606) |
| Share of results of associates | 6 | 9,918,562 | (3,279,208) |
| Interest expense on lease liability | 130,602 | 956,484 | |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (4,115,863) | (3,182,793) | |
| Prepaid expenses and other current assets | (8,045,825) | (5,787,784) | |
| Accounts payable | 24,143,165 | 808,663 | |
| Balance due to Capital Market Authority (CMA) | (2,905,513) | (10,477,942) | |
| Deferred revenue | 13,507,459 | (8,562) | |
| Accrued expenses and other current liabilities | 28,686,901 | 30,131,167 | |
| Clearing participant financial assets | (4,023,898,360) | 4,163,991 | |
| Clearing participant financial liabilities | 4,013,762,224 | (4,164,208) | |
| Net cash generated from operations | 544,501,999 | 690,122,437 | |
| Employees’ end-of-service benefits paid | 14 | (6,970,326) | (15,463,571) |
| Zakat paid | 21 | (67,132,242) | (83,120,936) |
| Net cash flows from operating activities | 470,399,431 | 591,537,930 | |
| Cash flows from investing activities | |||
| Purchase of investments | (901,297,885) | (1,990,510,071) | |
| Proceeds from disposal of investments | 2,943,673,156 | 2,552,112,946 | |
| Commission income received on investment at amortized cost | 3,142,172 | 3,218,820 | |
| Dividend income received | 1,446,909 | 264,930 | |
| Commission received on time deposits | 21,674,617 | – | |
| Purchase of intangible assets and property and equipment | (99,094,375) | (43,464,911) | |
| Investment in associate | (35,000,000) | – | |
| Net cash flows from investing activities | 1,934,544,594 | 521,621,714 | |
| Cash flows from financing activities | |||
| Finance cost paid of lease liabilities | (130,602) | (956,484) | |
| Principal repayment of lease liabilities | (12,184,785) | (12,804,078) | |
| Dividends paid | 35 | (360,000,000) | (1,120,000,000) |
| Net cash flows in financing activities | (372,315,387) | (1,133,760,562) | |
| Net increase/(decrease) in cash and cash equivalents | 2,032,628,638 | (20,600,918) | |
| Cash and cash equivalents at the beginning of the year | 86,197,458 | 106,798,376 | |
| Cash and cash equivalents at end of the year | 12 | 2,118,826,096 | 86,197,458 |
The accompanying notes from (1) through (37) form an integral part of these consolidated financial statements.
Chairperson
Group Chief Executive Officer
Group Chief Financial Officer