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Operating Performance
Statement of Cash Flows
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For the year ended |
Notes | 31 December 2024 X |
31 December 2023 X |
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| Cash flows from operating activities | ||||
| Net profit for the year before Zakat and tax | 505,715,873 | 158,562,123 | ||
| 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 | 2,444,377 | 1,775,673 | |
| Investment income calculated using effective profit rate | 24 | (68,240,189) | (53,278,483) | |
| Income from Tier 1 Sukuk | 25 | (8,590,914) | (5,181,590) | |
| Special commission expense on margin loan payable | 1,802,326 | 1,677,423 | ||
| Depreciation and amortization of property and equipment and intangibles | 27 | 3,340,087 | 2,713,931 | |
| Realized (gains)/losses on investments held at fair value through income statement | 25 | (15,946,925) | 18,672 | |
| Unrealized losses/(gains) on investments held at fair value through income statement | 25 | 7,410 | (4,871,961) | |
| Dividend income | 25 | (522,095) | (1,390,123) | |
| Share of profit of equity accounted investee | 11 | (2,510,590) | (40,070,637) | |
| Gain on sale of investment in an equity accounted investee | 11 | (365,949,388) | – | |
| (Reversal)/charge for the expected credit losses | (1,196,586) | 108,091 | ||
| Operating income before changes in operating assets and liabilities | 50,353,386 | 60,063,119 | ||
| Changes in operating assets and liabilities: | ||||
| Reinsurance contract assets | (14,301,193) | 27,209,268 | ||
| Reinsurance contract liabilities | 370,347,235 | 368,624,656 | ||
| Retrocession contract assets | (188,334,339) | (250,347,092) | ||
| Retrocession contract liabilities | 16,742,367 | (11,966,091) | ||
| Prepaid expenses, deposits and other assets | 14,780,693 | (91,951,025) | ||
| Accrued expenses and other liabilities | (30,299,853) | (96,658,682) | ||
| 219,288,296 | 4,974,153 | |||
| Zakat and tax paid | 16 | (30,781,182) | (10,117,416) | |
| Employees’ end of service benefits paid | 15 | (3,615,638) | (744,421) | |
| Net cash from/(used in) operating activities | 184,891,476 | (5,887,684) | ||
| Cash flows from investing activities | ||||
| Additions to financial investments measured at amortized cost | 6 | (2,225,861,361) | (214,672,255) | |
| Proceeds from maturity of financial investments measured at amortized cost | 6 | 1,445,835,854 | 126,765,889 | |
| Receipt of special commission income | 65,190,141 | 49,062,047 | ||
| Dividends received | 522,095 | 1,390,123 | ||
| Purchase of property and equipment, net | (1,916,653) | (3,473,912) | ||
| Proceeds from disposal of investment in an equity accounted investee | 11 | 579,061,348 | – | |
| Additions to financial investments measured at FVIS | 6 | (1,046,778,424) | (273,799,473) | |
| Proceeds from disposal of financial investments measured at FVIS | 6 | 1,122,349,259 | 396,850,320 | |
| Additions to financial investments measured at FVOCI | 6 | (138,737,500) | (21,000,000) | |
| Net cash (used in)/from investing activities | (200,335,241) | 61,122,739 | ||
| Cash flows used in financing activity | ||||
| Special commission expense paid against margin loan | (1,802,326) | (1,677,423) | ||
| Net cash used in financing activity | (1,802,326) | (1,677,423) | ||
| INCREASE IN CASH AND CASH EQUIVALENTS | (17,246,091) | 53,557,632 | ||
| Cash and cash equivalents at the beginning of the year | 83,979,142 | 30,421,510 | ||
| CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR | 5 | 66,733,051 | 83,979,142 |
Chief Financial Officer
Chairman of the Board
Chief Financial Officer