Financial Report
Consolidated statement of cash flows
For the year ended 31 December
| Notes |
2021 SR |
2020 SR |
|
| OPERATING ACTIVITIES | |||
| Profit before zakat | 904,025,183 | 753,773,622 | |
| Adjustments for: | |||
|
Depreciation, impairment and amortization – property and equipment and intangible assets |
16 & 17 | 191,116,049 | 89,813,403 |
| Impairment of accounts receivable and contract assets | 12 & 14 | 150,859,346 | 46,113,660 |
| End of service indemnities expense | 23 | 60,124,352 | 90,132,654 |
| Depreciation – right-of-use assets | 18 | 17,429,938 | 18,772,331 |
|
Provision against lease contracts, advances to supplier & other receivables |
12,120,951 | 30,440,020 | |
| Share-based payment expense | 24.4 | 9,640,352 | 216,016 |
| Provision for slow moving and obsolete inventories | 15 | 7,054,771 | 8,092,437 |
| Provision for future contract losses | 3,988,030 | 6,126,639 | |
| Finance charges | 9 | 1,072,276 | 2,537,652 |
| Gain on disposal of property and equipment | (162,142) | - | |
| Finance income | 9 | (3,889,722) | (1,639,140) |
| 1,353,379,384 | 1,044,379,294 | ||
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (367,665,197) | (217,527,654) | |
| Prepayments and other assets | (142,593,233) | 978,910 | |
| Contract assets | 248,342,778 | (335,550,829) | |
| Inventories | (168,671,773) | 30,192,871 | |
| Contract costs | (16,487,138) | (424,814) | |
| Accounts payable and accruals | (35,743,731) | 491,609,478 | |
| Deferred revenue | 571,536,599 | 278,360,284 | |
| Contract liabilities | 18,081,516 | (116,218,219) | |
| Cash flows generated from operating activities | 1,460,179,205 | 1,175,799,321 | |
| Zakat paid | 10 | (51,978,119) | (38,951,120) |
| End of service indemnities paid | 23 | (32,669,849) | (19,765,830) |
| Finance income received, net | 3,265,255 | 1,981,146 | |
| NET CASH GENERATED FROM OPERATING ACTIVITIES | 1,378,796,492 | 1,119,063,517 | |
| INVESTING ACTIVITIES | |||
| Proceeds from disposal of property and equipment | 191,787 | – | |
| Purchase of property and equipment and intangible assets | 16 & 17 | (154,949,278) | (535,999,978) |
| NET CASH USED IN INVESTING ACTIVITIES | (154,757,491) | (535,999,978) | |
| FINANCING ACTIVITIES | |||
| Lease liabilities payment | 22 | (28,756,121) | (3,870,853) |
| Dividends paid | 24.2 | (400,000,000) | – |
| Treasury shares | 24.3 | (181,200,000) | – |
| NET CASH USED IN FINANCING ACTIVITIES | (609,956,121) | (3,870,853) | |
| NET INCREASE IN CASH AND CASH EQUIVALENTS | 614,082,880 | 579,192,686 | |
| Cash and cash equivalents at the beginning of the year | 993,473,644 | 414,280,958 | |
| CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR | 11 | 1,607,556,524 | 993,473,644 |
| Significant non-cash items: | |||
| Increase in share capital | 24 | – | 1,100,000,000 |
| Recognition of right-of-use assets under IFRS 16 | 18 | – | 13,289,341 |
| Recognition of lease liabilities under IFRS 16 | 22 | – | 12,933,987 |
Chief Financial Officer
Chief Executive Officer
Authorized Board Member
The accompanying notes 1 to 35 form an integral part of these consolidated financial statements.
