| |
Notes |
2019 |
2018 |
| |
|
AED |
AED |
| OPERATING ACTIVITIES |
|
|
|
| Net profit for the year |
|
16,166,174 |
10,643,090 |
| Adjustments for non-cash items: |
|
|
|
| Depreciation of property and equipment |
4 |
1,829,476 |
1,161,219 |
| Write-off of long outstanding payables |
|
973,907 |
– |
| Changes in fair value for investment carried at FVTPL |
15 |
(402,277) |
3,905,241 |
| Gain on sale of investments carried at FVTPL |
|
(349,626) |
(861,732) |
| Gain on sale of investments carried at FVTOCI |
|
(48,064) |
|
| Interest and dividend income |
15 |
(6,020,922) |
(5,409,026) |
| Provision for employees’ end-of-service benefits |
12 |
280,843 |
549,978 |
| Expected credit losses |
16 |
1,084,985 |
1,651,296 |
| Impairment of investment properties |
|
–
|
1,038,961
|
| Operating profit before changes in working capital |
|
13,514,496 |
12,679,027 |
| Changes in working capital |
|
|
|
| Premium and insurance balances receivables |
|
(13,200,089) |
12,890,745 |
| Reinsurance contract assets |
|
(3,675,417) |
3,626,958 |
| Technical provisions |
|
1,451,963 |
(7,386,896) |
| Other receivables and prepayments |
|
(5,917,688) |
(3,460,068) |
| Insurance and other payables |
|
(6,025,020)
|
5,545,152
|
| Net cash flow (used in)/ generated from operating activities |
|
(13,851,755) |
23,894,918 |
| Employees’ end-of-service benefits paid |
12 |
(80,766) |
(7,578) |
| Directors’ remuneration |
|
(839,000)
|
(730,000)
|
| Net cash flow (used in)/ generated from operating activities |
|
(14,771,521)
|
23,157,340
|
| |
|
|
|
| INVESTING ACTIVITIES |
|
|
|
| Payments for purchase of property and equipment |
4 |
(538,727) |
(1,233,122) |
| Payments for purchase of investment properties |
5 |
– |
(40,000,000) |
| Purchase of investments carried at FVTOCI |
6 |
(12,034,256) |
(39,159,148) |
| Proceeds from sale of investments carried at FVTOCI |
6 |
18,101,759 |
2,579,520 |
| Purchase of investments carried at FVTPL |
6 |
(2,094,970) |
(17,255,368) |
| Proceeds from sale of investments carried at FVTPL |
6 |
8,444,655 |
8,622,871 |
| Proceeds from redemption of investments carried at amortised cost |
|
– |
7,786,521 |
| Interest and dividend received |
|
6,020,922
|
5,409,026
|
| Net cash generated from/ (used in) investing activities |
|
17,899,383
|
(73,249,700)
|
| |
|
|
|
| FINANCING ACTIVITIES |
|
|
|
| Tier 1 Capital |
|
14,037,496 |
– |
| Dividends paid |
|
(1,187,805)
|
–
|
| Net cash generated from financing activities |
|
12,849,691
|
–
|
| Net change in cash and cash equivalents |
|
15,977,553 |
(50,092,360) |
| Cash and cash equivalents, beginning of the year |
|
58,986,672
|
109,079,032
|
| Cash and cash equivalents, end of the year |
10 |
74,964,225
|
58,986,672
|
