Statement of Cash Flows
Statement of Cash Flows
For the year ended 31 December 2023
| Notes | (Restated) | ||
| 31 December 2023 | 31 December
2022 |
||
| AED | AED | ||
| OPERATING ACTIVITIES | |||
| Loss for the year | (41,974,615) | (27,752,753) | |
| Adjustments for non-cash items: | |||
| Depreciation of property and equipment | 4 | 1,580,328 | 1,364,693 |
| Un-realized loss/(gain) on investments measured at FVTPL | 13 | 6,329 | (903,959) |
| Dividends and interest income | 13 | (2,939,855) | (3,800,961) |
| Realised gain on sale of investments carried at FVTPL | (915,739) | (1,369,367) | |
| Charge for employees’ end-of-service benefits | 11 | 560,255 | 667,476 |
| Reclassification of unrealized loss on disposal of investment at FVTOCI | (69,751) | 23,223 | |
| Cash used in operating activities | (43,753,048) | (31,771,648) | |
| Changes in working capital | |||
| Decrease/(increase) in reinsurance contract assets | 5 | 5,427,265 | (48,592,565) |
| Increase in other receivables and prepayments | 8 | (30,819,898) | (2,784,347) |
| (Decrease)/ increase in insurance contract liabilities | 5 | (27,935,300) | 58,028,730 |
| (Decrease)/ increase in other payables | 12 | (207,392) | 5,828,712 |
| Cash used in operating activities | (97,288,373) | (19,291,118) | |
| Payment for employees’ end of service benefits obligation | 11 | (1,237,550) | (342,174) |
| Net cash used in operations activities | (98,525,923) | (19,633,292) | |
| INVESTING ACTIVITIES | |||
| Purchase of property and equipment | 4 | (746,009) | (1,113,223) |
| Proceeds from disposal of property and equipment | 4 | 34,596,019 | – |
| Purchase of investments carried at FVTPL | 6 | (3,973,624) | (10,119,102) |
| Purchase of investments carried at FVOCI | 6 | – | (11,330,115) |
| Proceeds from disposals of investments carried at FVTPL | 6 | 11,765,794 | 10,692,630 |
| Proceeds from disposals of investments carried at FVOCI | 6 | 30,422,387 | 21,530,100 |
| Proceeds from redemption of fixed deposit | 9 | 14,000,000 | – |
| Dividends received | 13 | 1,551,319 | 2,000,465 |
| Interest received | 13 | 1,388,536 | 1,800,496 |
| Net cash generated from investing activities | 89,004,422 | 13,461,251 | |
| FINANCING ACTIVITIES | |||
| Tier 1 capital coupon | (1,237,509) | (1,237,499) | |
| Directors’ remuneration paid | (392,248) | (856,796) | |
| Purchase of treasury shares | – | (4,660,318) | |
| Net cash used in financing activities | (1,629,757) | (6,754,613) | |
| Net change in cash and cash equivalents | (11,151,258) | (12,926,654) | |
| Cash and cash equivalents, beginning of the year | 41,930,903 | 54,857,557 | |
| Reclassified from financial assets (Note 6) | 7,000,000 | – | |
| Cash and cash equivalents, end of the year | 9 | 37,779,645 | 41,930,903 |
