Back Consolidated Statement of Financial Position
as at 31 December 2021 (ALL AMOUNTS IN SAUDI RIYALS THOUSANDS UNLESS OTHERWISE STATED)|
Notes |
31 December 2021 |
31 December 2020 |
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Assets |
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Non-current assets |
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Property and equipment |
7 |
20,380,112 |
21,320,636 |
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Right of use assets |
8 |
2,730,091 |
2,321,026 |
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Intangible assets |
9 |
7,910,524 |
8,239,770 |
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Capital advances |
32,329 |
43,035 |
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Financial assets |
1.2 |
38,413 |
7,097 |
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Total non-current assets |
31,091,469 |
31,931,564 |
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Current assets |
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Inventories |
10 |
107,728 |
73,333 |
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Contract assets |
23.1 |
566,137 |
485,180 |
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Accounts receivable |
11 |
4,581,715 |
3,895,306 |
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Due from related parties |
12 |
143,329 |
112,199 |
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Prepaid expenses and other assets |
13 |
805,022 |
667,998 |
|
Short term Murabaha |
14 |
1,000,000 |
300,000 |
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Derivatives financial instruments |
17,845 |
12,979 |
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Cash and cash equivalents |
15 |
1,050,663 |
929,498 |
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Total current assets |
8,272,439 |
6,476,493 |
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Total assets |
39,363,908 |
38,408,057 |
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Shareholders’ equity and liabilities |
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Shareholders’ equity |
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Share capital |
1 |
7,700,000 |
7,700,000 |
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Statutory reserve |
26 |
2,648,971 |
2,648,971 |
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Retained earnings |
4,884,263 |
4,205,714 |
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Other reserves |
27 |
(36,988) |
(109,458) |
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Total shareholders’ equity |
15,196,246 |
14,445,227 |
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Non-current liabilities |
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Loans and notes payable |
16 |
9,623,840 |
10,134,358 |
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Lease liabilities |
2,192,886 |
1,835,665 |
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Provision for end of service benefits |
17 |
513,053 |
484,760 |
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Deferred government grants income |
18 |
83,911 |
103,142 |
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Financial and other liabilities |
28 |
273,653 |
250,227 |
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Provision for decommissioning |
19 |
181,119 |
170,116 |
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Total non-current liabilities |
12,868,462 |
12,978,268 |
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Current liabilities |
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Loans and notes payable |
16 |
1,210,518 |
1,349,457 |
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Lease liabilities |
927,505 |
769,101 |
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Accounts payable |
20 |
4,606,445 |
4,668,596 |
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Contract liabilities |
23.2 |
954,174 |
1,066,989 |
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Due to related parties |
12 |
281,563 |
152,836 |
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Accrued expenses and other liabilities |
21 |
2,678,201 |
2,403,804 |
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Derivatives financial instruments |
45,841 |
79,473 |
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Provisions |
466,883 |
401,457 |
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Zakat provision |
22 |
108,839 |
73,618 |
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Deferred government grants income |
18 |
19,231 |
19,231 |
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Total current liabilities |
11,299,200 |
10,984,562 |
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Total liabilities |
24,167,662 |
23,962,830 |
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Total shareholders’ equity and liabilities |
39,363,908 |
38,408,057 |
Consolidated Statement of Profit or Loss
for the year ended 31 December 2021 (ALL AMOUNTS IN SAUDI RIYALS THOUSANDS UNLESS OTHERWISE STATED)|
Notes |
31 December 2021 |
31 December 2020 |
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Revenue |
29 |
14,834,056 |
14,046,168 |
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Cost of revenue |
30 |
(6,162,541) |
(5,893,760) |
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Gross profit |
8,671,515 |
8,152,408 |
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Selling and marketing expenses |
31 |
(1,389,991) |
(1,390,662) |
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General and administrative expenses |
32 |
(1,560,038) |
(1,407,201) |
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Impairment loss on accounts receivable and contract assets |
11,23.1 |
(142,565) |
(14,777) |
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Depreciation and amortization |
7,8,9 |
(3,926,520) |
(3,969,613) |
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Impairment loss on property and equipment |
- |
(14,238) |
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Other income, net |
15,383 |
10,600 |
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Operating profit |
1,667,784 |
1,366,517 |
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Share in losses of joint venture |
1-3 |
(18,848) |
- |
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Finance expenses |
33 |
(504,807) |
(561,115) |
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Finance income |
14 |
5,196 |
20,648 |
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Profit before zakat |
1,149,325 |
826,050 |
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Zakat |
22 |
(77,784) |
(42,796) |
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Profit for the year |
1,071,541 |
783,254 |
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Earnings per share: |
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Basic and diluted earnings per share (in SR) |
34 |
1.39 |
1.02 |
Consolidated Statement of Comprehensive income
as at 31 December 2021 (ALL AMOUNTS IN SAUDI RIYALS THOUSANDS UNLESS OTHERWISE STATED)|
31 December 2021 |
31 December 2020 |
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Profit for the year |
1,071,541 |
783,254 |
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Items that will be reclassified subsequently to profit or loss: |
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Exchange differences on translation of foreign operations |
(589) |
(1,009) |
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Cash flow hedge - change in fair value |
7,122 |
(61,711) |
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Cash flow hedge - reclassified to profit or loss |
34,821 |
20,114 |
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Net total items that will be reclassified subsequently to profit or loss |
41,354 |
(42,606) |
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Items that will not be reclassified subsequently to profit or loss: |
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Actuarial losses on re-measurement of end of service benefits |
(7,992) |
(46,233) |
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Change in fair value of equity investments |
31,116 |
(538) |
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Net total items that will not be reclassified subsequently to profit or loss |
23,124 |
(46,771) |
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Other comprehensive income / (loss) for the year |
64,478 |
(89,377) |
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Total comprehensive income for the year |
1,136,019 |
693,877 |
Consolidated Statement of Changes in Shareholders’ Equity
for the year ended 31 December 2021 (ALL AMOUNTS IN SAUDI RIYALS THOUSANDS UNLESS OTHERWISE STATED)|
Share capital |
Statutory reserve |
Retained earnings |
Other reserves |
Total shareholders’ equity |
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As at 1 January 2021 |
7,700,000 |
2,648,971 |
4,205,714 |
(109,458) |
14,445,227 |
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Profit for the year |
- |
- |
1,071,541 |
- |
1,071,541 |
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Other comprehensive (loss) / income for the year |
- |
- |
(7,992) |
72,470 |
64,478 |
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Total comprehensive income for the year |
- |
- |
1,063,549 |
72,470 |
1,136,019 |
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Dividends |
- |
- |
(385,000) |
- |
(385,000) |
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As at 31 December 2021 |
7,700,000 |
2,648,971 |
4,884,263 |
(36,988) |
15,196,246 |
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As at 1 January 2020 |
7,700,000 |
2,648,971 |
3,469,231 |
(66,852) |
13,751,350 |
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Profit for the year |
- |
- |
783,254 |
- |
783,254 |
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Other comprehensive loss for the year |
- |
- |
(46,233) |
(43,144) |
(89,377) |
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Total comprehensive income / (loss) for the year |
- |
- |
737,021 |
(43,144) |
693,877 |
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Transfers |
- |
- |
(538) |
538 |
- |
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As at 31 December 2020 |
7,700,000 |
2,648,971 |
4,205,714 |
(109,458) |
14,445,227 |
Consolidated Statement of Cash Flows
for the year ended 31 December 2021 (ALL AMOUNTS IN SAUDI RIYALS THOUSANDS UNLESS OTHERWISE STATED)|
Notes |
31 December 2021 |
31 December 2020 |
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OPERATING ACTIVITIES |
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Profit for the year |
1,071,541 |
783,254 |
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Adjustments for: |
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Change in provision for inventory obsolescence |
(77,859) |
16,945 |
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Depreciation |
7,8 |
3,561,029 |
3,606,152 |
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Amortization of intangible assets |
9 |
365,491 |
363,461 |
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Impairment loss on property and equipment |
7 |
- |
14,238 |
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Provision for end of service benefits |
17 |
62,200 |
70,354 |
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Impairment loss on accounts receivable and contract assets |
11,23.1 |
142,565 |
14,777 |
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Provisions |
216,665 |
144,573 |
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Government grants |
(19,231) |
(19,231) |
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Zakat |
22 |
77,784 |
42,796 |
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Loss on sale of property and equipment |
17,783 |
16,139 |
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Other expense |
5,527 |
8,857 |
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Share in results of joint venture |
1.3 |
18,848 |
- |
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Finance expenses |
33 |
504,807 |
561,115 |
|
Finance income |
(5,196) |
(20,648) |
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Changes in: |
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Accounts receivable |
(849,327) |
(876,736) |
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Inventories |
43,464 |
14,469 |
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Contract assets |
(86,463) |
(163,548) |
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Prepaid expenses and other assets |
(134,726) |
124,491 |
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Derivatives financial instruments |
- |
(31,340) |
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Accounts payable |
51,080 |
(193,431) |
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Contract liabilities |
(112,815) |
(46,082) |
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Accrued expenses and other liabilities |
418,536 |
475,577 |
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Utilization of provision for decommissioning |
(2,558) |
(1,648) |
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Provisions used |
(170,609) |
(148,287) |
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Due from related parties |
(31,130) |
(21,933) |
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Due to related parties |
128,727 |
(111,929) |
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Cash generated from operating activities |
5,196,133 |
4,622,385 |
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End of service benefits paid |
17 |
(41,899) |
(69,857) |
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Finance expenses paid |
(299,514) |
(378,166) |
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Zakat paid |
22 |
(42,563) |
(4,562) |
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Net cash generated from operating activities |
4,812,157 |
4,169,800 |
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INVESTING ACTIVITIES |
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Short term Murabaha |
(700,000) |
539,000 |
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Finance income received |
2,899 |
31,151 |
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Purchase of property and equipment |
(2,132,089) |
(3,369,198) |
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Proceeds from sale of property and equipment |
334 |
9,676 |
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Proceeds from sale of investment |
- |
1 |
|
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Acquisition of intangible assets |
(87,236) |
(76,902) |
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Net cash used in investing activities |
(2,916,092) |
(2,866,272) |
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FINANCING ACTIVITIES |
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Proceeds from loans and notes payable |
700,000 |
310,294 |
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Payment of loans and notes payable and related fees |
(1,403,750) |
(1,266,737) |
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Payment of lease liabilities |
(693,643) |
(669,267) |
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Dividends paid |
(377,507) |
- |
|
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Net cash used in financing activities |
(1,774,900) |
(1,625,710) |
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Net changes in cash and cash equivalents |
121,165 |
(322,182) |
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Cash and cash equivalents at 1 January |
929,498 |
1,251,680 |
|
|
Cash and cash equivalents at 31 December |
15 |
1,050,663 |
929,498 |