Consolidated Statement of Cash Flows
For the year ended 31 December 2023
| 2023 | 2022 | ||
|---|---|---|---|
| Notes | KD 000’s | KD 000’s (Restated) | |
| Operating activities | |||
| Profit for the year before taxation from continuing operations | 47,852 | 44,068 | |
| Loss from discontinued operations | (8,872) | ‑ | |
| Profit before tax | 38,980 | 44,068 | |
| Adjustments for: | |||
| Depreciation of property and equipment | 2,553 | 2,202 | |
| Amortisation of intangible assets | 11 | 6,507 | 4,893 |
| Gain on bargain purchase from acquisition of a subsidiary | 17 | (4,642) | ‑ |
| Net investment income | (46,126) | (28,183) | |
| Impairment of investment in associates | 10,824 | ‑ | |
| Share of results of associates | 10 | (2,318) | (2,389) |
| Finance costs | 7,288 | 3,628 | |
| Monetary loss from hyperinflation | 1,244 | 3,957 | |
| Impairment of intangible assets | 11 | 173 | ‑ |
| Foreign currency translation reserve recycled to statement of profit or loss | 27 | 7,533 | ‑ |
| Impairment of investment in a subsidiary held for sale | 27 | 4,641 | ‑ |
| Gain on sale of a subsidiary | 27 | (11) | ‑ |
| 26,646 | 28,176 | ||
| Changes in operating assets and liabilities: | |||
| Insurance contract assets | 11,960 | 15,012 | |
| Reinsurance contract assets | (30,836) | 61,442 | |
| Other assets | 10,971 | (12,146) | |
| Insurance contract liabilities | 34,639 | (98,185) | |
| Reinsurance contract liabilities | 13,506 | 14,692 | |
| Other liabilities | (33,444) | 6,716 | |
| Remuneration paid to directors | (185) | (185) | |
| Net cash flows from operating activities | 33,257 | 15,522 |
The attached notes 1 to 28 form part of these consolidated financial statements
| 2023 | 2022 | ||
|---|---|---|---|
| Notes | KD 000’s | KD 000’s (Restated) | |
| Investing activities | |||
| Movement in time deposits | 5,621 | 13,266 | |
| Net movement of investments | (95,464) | (11,624) | |
| Loans secured by life insurance policies | (138) | 18 | |
| Purchase of property and equipment | (1,655) | (1,696) | |
| Additions on intangible assets | 11 | (7,011) | (3,284) |
| Proceeds from sale of property and equipment | 1,051 | 57 | |
| Proceeds from sale of investments properties | 1,352 | - | |
| Interest income received | 3 | 29,927 | 21,083 |
| Dividend income received | 3 | 2,504 | 1,871 |
| Dividend received from associates | 10 | 2,154 | 2,182 |
| Proceeds from sale of a subsidiary | 221 | - | |
| Acquisition of a subsidiary, net of cash acquired | 17 | (566) | - |
| Net cash flows (used in) from investing activities | (62,004) | 21,873 | |
| Financing activities | |||
| Net movement in bank overdraft | 3,082 | - | |
| Term loans paid | (4,961) | (17,407) | |
| Finance costs paid | (7,288) | (3,628) | |
| Interest on subordinated perpetual Tier 2 bonds | (2,893) | (2,326) | |
| Dividends paid | (14,938) | (9,523) | |
| Dividends paid to non-controlling interests | (2,624) | (3,242) | |
| Net cash flows used in financing activities | (29,622) | (36,126) | |
| Net (decrease) increase in cash and cash equivalents | (58,369) | 1,269 | |
| Cash and cash equivalents at beginning of the year | 227,748 | 231,601 | |
| Foreign currency translation adjustments | (3,545) | (5,122) | |
| Cash and cash equivalents at end of the year | 5 | 165,834 | 227,748 |
The attached notes 1 to 28 form part of these consolidated financial statements.