Consolidated Statement of Changes in Equity
For the years ended December 31, 2017 and 2016| 2017 SAR ’000 | ||||||||||
| Notes |
Share capital |
Statutory reserve |
Other reserves |
Retained earnings |
Proposed dividends |
Shares held for employee options, net |
Shareholders’ equity |
Tier I Sukuk |
Total equity |
|
| Balances at the beginning of the year as previously reported (Audited) | 7,000,000 | 4,210,000 | 509,651 | 966,421 | 420,000 | (62,884) | 13,043,188 | 500,000 | 13,543,188 | |
| Effect of the retroactive application of the new Zakat and Income Tax Policy and other adjustments | 41 | – | – | – | (139,646) | (70,000) | – | (209,646) | – | (209,646) |
| Balances at the beginning of the year as restated | 7,000,000 | 4,210,000 | 509,651 | 826,775 | 350,000 | (62,884) | 12,833,542 | 500,000 | 13,333,542 | |
| Net income | – | – | – | 1,410,798 | – | – | 1,410,798 | – | 1,410,798 | |
| Total other comprehensive loss | – | – | (305,173) | – | – | – | (305,173) | – | (305,173) | |
| Total comprehensive income (loss) | – | – | (305,173) | 1,410,798 | – | – | 1,105,625 | – | 1,105,625 | |
| Foreign shareholder income tax reimbursement | – | – | – | 13,332 | – | – | 13,332 | – | 13,332 | |
| Zakat for current period | – | – | – | (45,323) | – | – | (45,323) | – | (45,323) | |
| Income tax for current period | – | – | – | (27,386) | – | – | (27,386) | – | (27,386) | |
| Income tax for prior periods, net | – | – | – | (2,091) | – | – | (2,091) | – | (2,091) | |
| Dividends paid | 26 | – | – | – | – | (350,000) | – | (350,000) | – | (350,000) |
| Bonus shares issued | 26 | 500,000 | – | – | (500,000) | – | – | – | – | – |
| Tier I Sukuk proceeds | 39 | – | – | – | – | – | – | – | 285,000 | 285,000 |
| Tier I Sukuk Costs | 39 | – | – | – | (38,247) | – | – | (38,247) | – | (38,247) |
| Transfer to statutory reserve | 18 | – | 353,000 | – | (353,000) | – | – | – | – | – |
| Net movement in shares held for employee options | 38 | – | – | – | – | – | 4,615 | 4,615 | – | 4,615 |
| Balances at the end of the year | 7,500,000 | 4,563,000 | 204,478 | 1,284,858 | – | (58,269) | 13,494,067 | 785,000 | 14,279,067 | |
The accompanying Notes 1 to 42 form an integral part of these consolidated financial statements.
| 2016 SAR ’000 | ||||||||||
| Notes |
Share capital |
Statutory reserve |
Other reserves |
Retained earnings |
Proposed dividends |
Shares held for employee options, net |
Shareholders’ equity |
Tier I Sukuk |
Total equity |
|
| Balances at the beginning of the year | 6,500,000 | 3,946,000 | 11,768 | 1,100,949 | 534,500 | (56,755) | 12,036,462 | – | 12,036,462 | |
| Effect of the retroactive
application of the new Zakat and Income Tax Policy and other adjustments |
– | – | – | (160,426) | (47,000) | – | (207,426) | – | (207,426) | |
| Balances at the beginning of the year as restated | 6,500,000 | 3,946,000 | 11,768 | 940,523 | 487,500 | (56,755) | 11,829,036 | – | 11,829,036 | |
| Net income | – | – | – | 1,052,958 | – | – | 1,052,958 | – | 1,052,958 | |
| Total other comprehensive income | – | – | 497,883 | – | – | – | 497,883 | – | 497,883 | |
| Total comprehensive income | – | – | 497,883 | 1,052,958 | – | – | 1,550,841 | – | 1,550,841 | |
| Zakat for current period | – | – | – | (26,144) | – | – | (26,144) | – | (26,144) | |
| Zakat for prior periods, net | – | – | – | 141 | – | – | 141 | – | 141 | |
| Income Tax for current period | – | – | – | (7,869) | – | – | (7,869) | – | (7,869) | |
| Income Tax for prior periods, net | – | – | – | (15,348) | – | – | (15,348) | – | (15,348) | |
| Dividends paid | 26 | – | – | – | – | (487,500) | – | (487,500) | – | (487,500) |
| Bonus shares issued | 26 | 500,000 | – | – | (500,000) | – | – | – | – | – |
| Proposed dividends | 26 | – | – | – | (350,000) | 350,000 | – | – | – | – |
| Tier I Sukuk proceeds | 39 | – | – | – | – | – | – | – | 500,000 | 500,000 |
| Tier I Sukuk Costs | 39 | – | – | – | (3,486) | – | – | (3,486) | – | (3,486) |
| Transfer to statutory reserve | 18 | – | 264,000 | – | (264,000) | – | – | – | – | – |
| Net movement in shares held for employee options | 38 | – | – | – | – | – | (6,129) | (6,129) | – | (6,129) |
| Balances at the end of the year | 7,000,000 | 4,210,000 | 509,651 | 826,775 | 350,000 | (62,884) | 12,833,542 | 500,000 | 13,333,542 | |
The accompanying Notes 1 to 42 form an integral part of these consolidated financial statements.