For the year ended 31 December (Saudi Riyal)
| For the year ended (Saudi Riyal) |
31 December 2022 |
31 December 2021 |
| Cash flows generated from operating activities: | ||
| Net profit for the year before zakat | 84,827,732 | 121,197,798 |
| Adjustments to reconcile net income for the year to cash flows generated from operating activities: | ||
| (Reversal)/ impairment loss of trade receivables | (3,757,826) | 2,501,412 |
| Depreciation and amortization | 23,530,731 | 6,043,719 |
| Employees’ benefits | 5,574,726 | 2,885,590 |
| Finance costs | 3,155,960 | 456,352 |
| Unrealized gains on investments at FVTPL | (1,766,705) | (8,212,032) |
| Share-based payments expenses | 11,896,912 | — |
| Returns form financial institutions | (22,196,965) | — |
| Changes in operating assets and liabilities: | ||
| Inventory | (726,890) | (103,710) |
| Trade receivables | (12,328,585) | (6,995,458) |
| Prepaid expenses and other receivables | (45,547,925) | (32,626,419) |
| Due from related parties | 220,354 | 252,352 |
| Proceeds due to customers | (45,916,212) | 58,823,237 |
| Trade payables | 22,576,228 | 23,444,671 |
| Accrued expenses and other current liabilities | (7,008,436) | 40,572,096 |
| Due to related parties | 362,750 | (890,053) |
| Employees’ benefits paid | (712,817) | (34,709) |
| Zakat paid | (4,987,323) | (1,136,479) |
| Net cash flows generated from operating activities | 7,197,709 | 206,178,367 |
| Cash flows from investing activities | ||
| Payments for purchase of property and equipment | (37,165,475) | (3,878,688) |
| Payments to purchase and develop intangible assets | (2,962,556) | (1,416,462) |
| Payments to purchase investments at FVTPL | (1,125,000) | (11,625,000) |
| Addition of deposits with financial institutions | (200,000,000) | — |
| Proceeds from interests on short-term deposits | 22,196,965 | — |
| Net cash flows used in investing activities | (219,056,066) | (16,920,150) |
| Cash flows from financing activities | ||
| Proceeds from initial public offering | 749,093,534 | — |
| Treasury shares | (1,920,000) | — |
| Repayments of lease liabilities on right-of-use assets | (24,562,437) | (3,294,171) |
| Changes in non-controlling interests | 245,000 | — |
| Net cash flows generated from / (used in) financing activities | 722,856,097 | (3,294,171) |
| Net change in cash and cash equivalents | 510,997,740 | 185,964,046 |
| Cash and cash equivalents as at the beginning of the year | 391,688,002 | 205,723,956 |
| Cash and cash equivalents as at the end of the year | 902,685,742 | 391,688,002 |
| Non-cash transactions | ||
| Transferred from retained earnings to share capital | — | 63,500,000 |
| Transferred from projects under construction to intangible assets | — | 2,813,039 |
| Transferred from projects under construction to property and equipment | — | 801,992 |
| Transferred from retained earnings to statutory reserve | — | 12,523,023 |
| Transferred from due to related parties to share capital | — | 26,000,000 |
| Right-of-use assets against lease liabilities | 124,243,233 | 22,317,810 |
The accompanying notes from 1 to 33 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