Consolidated statement of cash flows
(All amounts in Saudi Riyals thousands unless otherwise stated)
| Note | For the year ended 31 December | ||
|---|---|---|---|
| 2023 | 2022 | ||
| Cash flows from operating activities | |||
| Profit before zakat and tax from continuing operations | 1,835,008 | 1,492,147 | |
| Profit before zakat and tax from discontinued operations | (9,927) | 217,137 | |
| Adjustments for: | |||
| Depreciation and amortisation | 5.3, 6.2 | 463,141 | 465,817 |
| Financial charges | 32, 40.1 | 1,474,903 | 1,228,674 |
| Unrealised exchange (gain)/loss | 31, 40.1 | (15,510) | 56,756 |
| Share in net results of equity accounted investees, net of zakat and tax | 7.1 | (237,804) | (291,373) |
| Charge for employees’ end of service benefits | 17.1 | 51,712 | 35,629 |
| Fair value of cash flow hedges recycled to profit or loss | 276 | (5,933) | |
| Provisions | 73,539 | 112,442 | |
| Provision for long‑term incentive plan | 24.3, 27 | 36,100 | 30,814 |
| Gain on disposal of property, plant and equipment | (5,823) | (23,278) | |
| Impairment loss in relation to property, plant and equipment and goodwill | 30.1 | – | 121,595 |
| Gain recognised on loss of control in a subsidiary | 34.5, 34.7 | (3,398) | (235,700) |
| Development cost, provision and write‑offs, net of reversals | 11.3 | 69,582 | 35,438 |
| Loss on disposal of an equity accounted investee | 8,628 | 17,179 | |
| Finance income from shareholder loans and deposits | (441,479) | (259,152) | |
| Gain on remeasurement of derivatives and options | 29 | (54,412) | (106,986) |
| 3,244,536 | 2,891,206 | ||
| Changes in operating assets and liabilities: | |||
| Accounts receivable, prepayments and other receivables | (559,721) | (440,893) | |
| Inventories | (80,098) | (28,948) | |
| Accounts payable, accruals and other liabilities | 200,081 | (7,110) | |
| Due from related parties | 289,919 | (17,643) | |
| Due to related parties | (61,749) | – | |
| Net investment in finance lease | 303,833 | 410,719 | |
| Deferred revenue | 49,095 | 36,320 | |
| Net cash from operations | 3,385,896 | 2,843,651 | |
| Payment of employees’ end of service benefits and long‑term incentive | 17.1, 24.3 | (68,820) | (29,874) |
| Zakat and tax paid | 21.3 | (183,509) | (101,080) |
| Dividends received from equity accounted investees | 7.1, 11 | 211,332 | 198,670 |
| Net cash generated from operating activities | 3,344,899 | 2,911,367 | |
| Cash flows from investing activities | |||
| Addition to property, plant and equipment, and intangible assets | (3,682,008) | (1,562,870) | |
| Proceeds on disposal of equity accounted investees, net of transaction cost | 74,019 | 391,440 | |
| Proceeds on partial disposal of subsidiary without loss of control | – | 60,905 | |
| Proceeds on disposal of property, plant and equipment | 58,147 | 26,982 | |
| Investments in equity accounted investees | (3,359,018) | (949,054) | |
| Finance income from deposits | 231,434 | 118,391 | |
| Other assets | – | (236,250) | |
| Short‑term deposits with original maturities of more than three months | 13 | (1,017,793) | (199,998) |
| Cash deconsolidated on loss of control | (713,198) | (11,162) | |
| Net cash used in investing activities | (8,408,417) | (2,361,616) | |
| Cash flows from financing activities | |||
| Proceeds from financing and funding facilities, net of transaction cost | 6,685,150 | 6,023,840 | |
| Repayment of financing and funding facilities | (827,934) | (3,284,988) | |
| Due to related parties | – | (757,933) | |
| Financial charges paid | (1,575,310) | (1,281,418) | |
| Dividends paid | 14.3 | (705,992) | (625,619) |
| Capital contributions from and other adjustments to non‑controlling interest | 182,209 | 351,672 | |
| Net cash generated from financing activities | 3,758,123 | 425,554 | |
| Net (decrease)/increase in cash and cash equivalents during the year | (1,305,395) | 975,305 | |
| Cash and cash equivalents at beginning of the year | 6,154,524 | 5,172,921 | |
| Cash and cash equivalents in relation to assets classified as held for sale | 34.6 | (100,281) | – |
| Net foreign exchange difference | (7,907) | 6,298 | |
| Cash and cash equivalents at end of the year | 12 | 4,740,941 | 6,154,524 |
The attached notes 1 to 41 form an integral part of these consolidated financial statements.