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financial statements
consolidated
statement of
cash flows
|
For the year ended 31 December |
Notes |
2024 (SAR ’000) |
2023 (SAR ’000) |
| Cash Flows from operating activities | |||
| Net Income before Zakat | 21,967,895 | 18,529,285 | |
| Adjustments to reconcile net income before zakat to net cash from operating activities: |
|||
| Gain on investments held at fair value through statement of income (FVIS) | 25 | (66,803) | (32,051) |
| Depreciation on property, equipment and right of use assets,net | 12 | 1,731,741 | 1,380,865 |
| Depreciation on investment properties | 11 | 20,734 | 25,460 |
| Amortization of other intangible assets | 13 | 229,439 | 171,684 |
| Gain on sale of property and equipment, net | 25 | (5,217) | (9,851) |
| Impairment charge for financing and other financial assets, net | 8 | 2,116,744 | 1,504,178 |
| Share in profit of associates | 25 | (137,344) | (87,866) |
| Dividend income | 25 | (303,162) | (136,884) |
| Accretion/amortization relating to Sukuk investments, net | (160,360) | (94,767) | |
| Profit charge against lease obligations | 22,904 | 32,232 | |
| Fair value adjustment for Shariah compliant derivatives | (142,725) | (49,397) | |
| Rental income from investment properties | 25 | (98,543) | (98,077) |
| Employee share plan reserve | 20 | (37,110) | – |
| (Increase)/decrease in operating assets | |||
| Statutory deposit with SAMA and other central banks | (5,250,216) | (2,088,863) | |
| Due from banks and other financial institutions | (4,585,138) | 4,759,466 | |
| Financing, net | (101,321,661) | (27,370,870) | |
| FVIS investments, net | (2,860,673) | (252,238) | |
| Other assets, net | (878,998) | (3,247,700) | |
| Increase/(decrease) in operating liabilities | |||
| Due to banks, Saudi Central Bank and other financial institutions | 76,187,708 | 26,407,772 | |
| Customers’ deposits | 55,137,894 | 8,175,919 | |
| Other liabilities | 13,769,817 | 1,908,356 | |
| Profit payment against lease obligations | (22,904) | (32,232) | |
| Net cash generated from operating activities before Zakat | 55,314,022 | 29,394,421 | |
| Zakat paid | 28 | (2,725,225) | (1,971,690) |
| Net cash generated from operating activities | 52,588,797 | 27,422,731 |
The accompanying notes from 1 to 44 form an integral part of these consolidated financial statements.
Chairman
Chief Executive Officer
Chief Financial Officer
|
For the year ended 31 December |
Notes |
2024 (SAR ’000) |
2023 (SAR ’000) |
| Cash flows from investing activities | |||
| Purchase of property and equipment | 12 | (3,029,286) | (3,193,209) |
| Proceeds from disposal of property and equipment | 340,971 | 441,278 | |
| Goodwill and other intangible assets | (527,838) | (467,705) | |
| Purchase of FVOCI investments | (11,809,617) | (14,874,031) | |
| Proceeds from disposal of FVOCI investments | – | 11,550 | |
| Proceeds from maturities of investments recorded at amortized cost | 6,850,808 | 3,961,479 | |
| Purchase of investments held at amortized cost | (33,952,745) | (20,390,840) | |
| Purchase of Investment properties | (16,714) | (23,260) | |
| Dividend income received | 25 | 303,162 | 136,884 |
| Rental income from investment properties | 25 | 98,543 | 98,077 |
| Net cash used in investing activities | (41,742,716) | (34,299,777) | |
| Cash flows from financing activities | |||
| Dividends paid | 33 | (9,600,000) | (9,600,000) |
| Equity Sukuk costs | (1,035,867) | (820,678) | |
| Equity Sukuk issuance | 21 | 7,053,815 | – |
| Payment against lease obligation | (260,896) | (254,901) | |
| Sukuk issued | 17 | 4,661,636 | 3,789,117 |
| Net cash generated from/(used in) financing activities | 818,688 | (6,886,462) | |
| Net increase/(decrease) in cash and cash equivalents | 11,664,769 | (13,763,508) | |
| Cash and cash equivalents at the beginning of the year | 12,435,642 | 26,199,150 | |
| Cash and cash equivalents at end of the year | 34 | 24,100,411 | 12,435,642 |
| Financing and investment income received during the year | 45,188,022 | 37,849,749 | |
|
|
21,890,213 | 16,308,742 | |
| Supplemental Non–cash transactions: | |||
| ROU assets | 89,069 | 133,075 | |
| Lease Liability | 111,217 | 166,677 | |
| Net change in fair value of FVOCI investments | (324,281) | 297,685 | |
| Remeasurement gain on EOSB | 57,481 | 2,821 | |
| Disposal group classified as held for sale | 1,002,450 | – | |
| Liabilities associated with disposal group classified as held for sale | 846,376 | – |
The accompanying Notes from 1 to 44 form an integral part of these consolidated financial statements.
Chairman
Chief Executive Officer
Chief Financial Officer