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.

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