At the moment, there are no entries available for display
| For the year ended 31 December
|
Notes
|
2023
SR |
2022
SR |
| Cash flows (used in)/from operating activities | |||
| Net profit for the year before Zakat and tax | 158,562,123 | 91,317,887 | |
| Adjustments to reconcile net income for the period before Zakat and tax to net cash generated from operating activities: |
|||
| Provision for employees’ end of service benefits | 15 | 1,775,673 | 1,561,131 |
| Special commission income from debt securities and sukuk | (16,778,661) | (19,332,886) | |
| Special commission expense on margin loan payable | 1,677,423 | 1,207,363 | |
| Special commission income from time deposits | 24 | (39,794,920) | (16,722,235) |
| Amortization of discount and premium on financial investments at amortized cost, net |
(1,886,492) | (2,672,417) | |
| Depreciation of property and equipment | 27 | 2,713,931 | 2,822,173 |
| Realized losses/(gains) on financial investments at fair value through income statement |
25 | 18,672 | (6,529,722) |
| Unrealized (gains)/losses on financial investments at fair value through income statement |
25 | (4,871,961) | 33,979,564 |
| Share of profit of equity accounted investee | 11 | (40,070,637) | (33,104,574) |
| Dividend income | 25 | (1,390,123) | (2,160,538) |
| Provision of expected credit losses | 108,091 | 1,339,952 | |
| Operating income before changes in operating assets and liabilities | 60,063,119 | 51,705,698 | |
| Changes in operating assets and liabilities: | |||
| Reinsurance contract assets | 27,209,268 | (28,242,136) | |
| Reinsurance contract liabilities | 367,910,245 | 55,691,601 | |
| Retrocession contract assets | (250,347,092) | 22,303,143 | |
| Retrocession contract liabilities | (11,966,091) | 12,155,744 | |
| Prepaid expenses, deposits and other assets | 104,645,880) | (62,952,473) | |
| Accrued expenses and other liabilities | (83,249,416) | 35,713,726 | |
| 4,974,153 | 86,375,303 | ||
| Zakat and tax paid | 16 | (10,117,416) | (12,998,578) |
| Employees’ end of service benefits paid | 15 | (744,421) | (443,884) |
| Net cash (used in)/from operating activities | (5,887,684) | 72,932,841 | |
| Cash flows from/(used in) investing activities | |||
| Placements in time deposits | (204,672,255) | (534,383,617) | |
| Proceeds from maturity of time deposits | 78,765,889 | 30,810,000 | |
| Receipt of special commission income from time deposits | 31,363,856 | 11,573,182 | |
| Receipt of special commission income from debt securities and sukuk | 17,698,191 | 20,967,464 | |
| Dividends received | 1,390,123 | 2,160,538 | |
| Purchase of property and equipment, net | (3,473,912) | (2,045,555) | |
| Additions to financial investments held at amortized cost | (10,000,000) | (49,477,415) | |
| Proceeds from maturity of financial investments held at amortized cost | 48,000,000 | 24,000,000 | |
| Additions to financial investments at fair value through income statement | (273,799,473) | (242,152,144) | |
| Proceeds from disposal of financial investments fair value through income statement |
396,850,320 | 704,771,857 | |
| Additions to financial investments at fair value through other comprehensive income |
(21,000,000) | (35,335,572) | |
| Net cash from/(used in) investing activities | 61,122,739 | (69,111,262) | |
| Financing activities | |||
| Special commission expense paid against margin loans | (1,677,423) | (1,207,363) | |
| Net cash used in financing activities | (1,677,423) | (1,207,363) | |
| INCREASE IN CASH AND CASH EQUIVALENTS | 53,557,632 | 2,614,216 | |
| Cash and cash equivalents at the beginning of the year | 30,421,510 | 27,807,294 | |
| CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR | 6 | 83,979,142 | 30,421,510 |
Managing Director/Chief Executive Officer
Chairman of the Board
Chief Financial Officer