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(All amounts in Saudi Riyals thousands unless otherwise stated)
| Year ended 31 December |
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| Note |
2024 |
2023 |
|
| Cash Flows From Operating Activities | |||
| Profit before zakat and income tax | 1,451,260 | 1,296,075 | |
| Adjustments for non-cash items | |||
| Share of results from equity-accounted investees | 11 | (1,209,032) | (1,032,833) |
| Depreciation and amortization | 12 , 13 , 14 | 197,005 | 368,614 |
| Unrealized gain on investments at FVTPL | 6 | – | (127,320) |
| Impairment of financial assets | 7 | (1,174) | 5,153 |
| Net fair value gain on derivative | 37 | (13,682) | – |
| Gain on sale of investment properties | 12 | (123,457) | (254,531) |
| Finance income | 12 | (46,872) | (87,204) |
| Finance charges | 984,515 | 1,289,637 | |
| Provision for employee benefit obligations | 32 | 11,958 | 2,062 |
| Reversal of impairment for equity-accounted investee | 11 | (200,000) | – |
| 1,050,521 | 1,459,653 | ||
| Changes in operating assets and liabilities | |||
| Investment at FVTPL | (10,845) | – | |
| Trade receivables | 1,475,546 | (235,802) | |
| Prepayments and other current assets | (98,883) | 45,995 | |
| Due from related parties | 8,965 | (2,882) | |
| Other long-term assets | 500,236 | 12,088 | |
| Derivative financial instruments | – | 74,927 | |
| Accounts payable, accrued expenses and other current liabilities | (24,211) | (126,192) | |
| Due to related parties | (100,875) | 441 | |
| Other long-term liabilities | (1,751) | (27,291) | |
| 2,798,703 | 1,200,937 | ||
| Zakat and income tax paid | 18 | (114,565) | (491,488) |
| Employee benefit obligations paid during the year | 32 | (9,319) | (6,702) |
| Net cash generated from operating activities | 2,674,819 | 702,747 | |
| Cash Flows from Investing Activities | |||
| Purchase of investments at FVOCI | 10 | (3,053,375) | (3,173,907) |
| Proceeds from sales of investments at FVOCI | 10, 9 | 3,673,350 | 6,776,442 |
| Dividends from equity-accounted investees | 11 | 469,606 | 437,647 |
| Additions to investment properties | 12 | – | (94,246) |
| Proceed from sale of investment property | 12 | 980,700 | – |
| Additions to property and equipment | 13 | (276,533) | (284,993) |
| Addition to equity accounted investee | 11 | (233,050) | – |
| Additions to goodwill | 14 | (121) | – |
| Other long-term assets | – | (183,000) | |
| Net cash generated from investing activities | 1,560,577 | 3,477,943 | |
| Cash Flows from Financing Activities | |||
| Proceeds from borrowings | 16 | 3,388,755 | 9,661,639 |
| Repayment of borrowings | 16 | (5,433,087) | (13,151,672) |
| Dividends paid | 35 | (1,037,565) | (1,037,636) |
| Movement in restricted cash | 104,847 | 103,788 | |
| Finance charges paid | (1,457,636) | (1,383,653) | |
| Repayment of a related party loan | 9 | – | (227,319) |
| Proceeds from a related party loan | 9 | 70,006 | 440,793 |
| Net cash utilized in financing activities | (4,364,680) | (5,594,060) | |
| Net change in cash and cash equivalents | (129,284) | (1,413,370) | |
| Cash and cash equivalents at beginning of year | 1,625,187 | 3,038,557 | |
| Cash and cash equivalents at beginning of year | 5 | 1,495,903 | 1,625,187 |
The accompanying notes form an integral part of these consolidated financial statements, which have been authorized for issue by the Board of Directors on behalf of the shareholders, and signed on its behalf by:
