Consolidated Statement of Financial Position

as at 31 December 2022 (ALL AMOUNTS IN SAUDI RIYALS THOUSANDS UNLESS OTHERWISE STATED)
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Notes

31 December 2022

31 December 2021

Assets

Non-current assets

Property and equipment

7

19,507,574

20,380,112

Intangible assets

8

7,607,659

7,910,524

Right of use assets

9

2,703,004

2,730,091

Investment in joint venture

10

9,474

-

Contract costs

11

29,155

116,926

Contract assets

12.1

80,132

71,007

Financial and other assets

13

115,812

70,742

Total non-current assets

30,052,810

31,279,402

Current assets

Inventories

14

109,047

107,728

Contract costs

11

378,728

380,919

Contract assets

12.1

830,400

495,130

Accounts receivable

15

4,928,663

4,593,349

Due from related parties

16.2

169,660

143,329

Financial and other assets

13

458,622

313,388

Short term Murabaha

17

2,013,500

1,000,000

Cash and cash equivalents

18

827,725

1,050,663

Total current assets

9,716,345

8,084,506

Total assets

39,769,155

39,363,908

Shareholders’ equity and liabilities

Shareholders’ equity

Share capital

1

7,700,000

7,700,000

Statutory reserve

19

2,648,971

2,648,971

Other reserves

20

90,075

(36,988)

Retained earnings

5,919,489

4,884,263

Total shareholders’ equity

16,358,535

15,196,246

Non-current liabilities

Borrowings

21

8,310,441

9,623,840

Lease liabilities

2,211,375

2,192,886

Provision for end of service benefits

22

501,802

513,053

Provision for decommissioning

23

190,543

181,119

Contract liabilities

12.2

280,515

216,561

Financial and other liabilities

24

260,425

357,564

Total non-current liabilities

11,755,101

13,085,023

Current liabilities

Borrowings

21

1,313,399

1,210,518

Lease liabilities

1,009,659

927,505

Accounts payable

25

4,531,738

4,606,445

Contract liabilities

12.2

694,956

737,613

Due to related parties

16.2

161,127

281,563

Accrued expenses

26

2,873,311

2,561,464

Provisions

27

827,067

466,883

Zakat and income tax

28

152,562

127,205

Financial and other liabilities

24

91,700

163,443

Total current liabilities

11,655,519

11,082,639

Total liabilities

23,410,620

24,167,662

Total shareholders’ equity and liabilities

39,769,155

39,363,908

Consolidated Statement of Profit or Loss

for the year ended 31 December 2022 (ALL AMOUNTS IN SAUDI RIYALS THOUSANDS UNLESS OTHERWISE STATED)
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Notes

31 December 2022

31 December 2021

Revenue

31

15,668,915

14,834,056

Cost of revenue

32

(6,305,559)

(6,162,541)

Gross profit

9,363,356

8,671,515

Operating expenses

Selling and marketing expenses

33

(1,462,886)

(1,389,991)

General and administrative expenses

34

(1,628,231)

(1,558,438)

Impairment on accounts receivable and contract assets

12.1,15

(111,654)

(142,565)

Depreciation and amortization

7,8,9

(3,850,550)

(3,926,520)

Total operating expenses

(7,053,321)

(7,017,514)

Operating profit

2,310,035

1,654,001

Other income and expenses

Share in profit / (losses) of joint venture

10

28,226

(18,848)

Finance income

45,990

5,196

Finance costs

35

(606,977)

(504,807)

Other income, net

1,496

15,383

Total other expenses

(531,265)

(503,076)

Net profit before zakat and income tax

1,778,770

1,150,925

Zakat and income tax

28

(121,830)

(79,384)

Net profit

1,656,940

1,071,541

Earnings per share:

Basic and diluted earnings per share (in SR)

36

2.15

1.39

Consolidated Statement of Comprehensive income

for the year ended 31 December 2022 (ALL AMOUNTS IN SAUDI RIYALS THOUSANDS UNLESS OTHERWISE STATED)
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31 December 2022

31 December 2021

Net profit

1,656,940

1,071,541

Items that will not be reclassified subsequently to profit or loss:

Actuarial remeasurement of end of service benefits

32,690

(7,992)

Change in fair value of equity investments

(28,789)

31,116

Share in other comprehensive income of joint venture

96

-

Total items that will not be reclassified subsequently to profit or loss

3,997

23,124

Items that will be reclassified subsequently to profit or loss:

Exchange differences on translation of foreign operations

(5,354)

(589)

Cash flow hedge - change in fair value

153,462

7,122

Cash flow hedge - reclassified to profit or loss

7,744

34,821

Total items that will be reclassified subsequently to profit or loss

155,852

41,354

Other comprehensive income

159,849

64,478

Total comprehensive income

1,816,789

1,136,019

Consolidated Statement of Changes in Shareholders’ Equity

for the year ended 31 December 2022 (ALL AMOUNTS IN SAUDI RIYALS THOUSANDS UNLESS OTHERWISE STATED)
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Share capital

Statutory reserve

Other reserves

Retained earnings

Total shareholders’ equity

Balance as at 1 January 2022

7,700,000

2,648,971

(36,988)

4,884,263

15,196,246

Net profit

-

-

-

1,656,940

1,656,940

Other comprehensive income

-

-

127,063

32,786

159,849

Total comprehensive income

-

-

127,063

1,689,726

1,816,789

Dividends

-

-

-

(654,500)

(654,500)

Balance as at 31 December 2022

7,700,000

2,648,971

90,075

5,919,489

16,358,535

Balance as at 1 January 2021

7,700,000

2,648,971

(109,458)

4,205,714

14,445,227

Net profit

-

-

-

1,071,541

1,071,541

Other comprehensive income / (loss)

-

-

72,470

(7,992)

64,478

Total comprehensive income

-

-

72,470

1,063,549

1,136,019

Dividends

-

-

-

(385,000)

(385,000)

Balance as at 31 December 2021

7,700,000

2,648,971

(36,988)

4,884,263

15,196,246

Consolidated Statement of Cash Flows

for the year ended 31 December 2022 (ALL AMOUNTS IN SAUDI RIYALS THOUSANDS UNLESS OTHERWISE STATED)
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Notes

31 December 2022

31 December 2021

CASH FLOWS FROM OPERATING ACTIVITIES

Profit for the year

1,656,940

1,071,541

Adjustments:

Depreciation and amortization

7,8,9

3,850,550

3,926,520

Impairment loss on accounts receivable and contract assets

12.1,15

111,654

142,565

Inventory obsolescence

14

11,175

(77,859)

Provision for end of service benefits

22

71,533

62,200

Provisions

449,586

216,665

Loss on sale of property and equipment

17,550

17,783

Share in (profit) / losses of joint venture

10

(28,226)

18,848

Finance income

(45,990)

(5,196)

Finance costs

35

606,977

504,807

Zakat and income tax

28

121,830

79,384

Others

(19,183)

(13,704)

Changes in:

Inventories

(12,494)

43,464

Contract costs

89,962

(59,375)

Contract assets

(316,343)

(86,463)

Accounts receivable

(566,394)

(849,327)

Due from related parties

(26,331)

(31,130)

Financial assets and others

(38,470)

(73,743)

Accounts payable

220,916

51,080

Contract liabilities

21,297

(112,815)

Due to related parties

(120,436)

128,727

Accrued expenses

213,157

327,297

Provisions

(68,957)

(170,609)

Financial liabilities and others

(25,841)

6,860

Provision for decommissioning

(2,308)

(2,558)

Cash generated from operating activities

6,172,154

5,114,962

End of service benefits paid

22

(50,094)

(41,899)

Finance costs paid

(358,439)

(299,514)

Zakat and income tax paid

28

(79,728)

(44,171)

Net cash generated from operating activities

5,683,893

4,729,378

CASH FLOWS FROM INVESTING ACTIVITIES

Payment of property and equipment

(2,329,482)

(2,132,089)

Payment of intangible assets

(101,500)

(87,236)

Proceeds from sale of property and equipment

681

334

Short term Murabaha

(1,013,500)

(700,000)

Finance income received

37,846

2,899

Net cash used in investing activities

(3,405,955)

(2,916,092)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from borrowings

-

700,000

Payment of borrowings

(1,259,886)

(1,403,750)

Payment of lease liabilities

(600,756)

(610,864)

Dividends paid

(640,234)

(377,507)

Net cash used in financing activities

(2,500,876)

(1,692,121)

Net changes in cash and cash equivalents

(222,938)

121,165

Cash and cash equivalents at beginning of the year

1,050,663

929,498

Cash and cash equivalents at end of the year

18

827,725

1,050,663