Consolidated Statement of Financial Position

as at 31 December 2023 (ALL AMOUNTS IN SAUDI RIYALS THOUSANDS UNLESS OTHERWISE STATED)
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Notes

31 December 2023

31 December 2022

Assets

Non-current assets

Property and equipment

7

19,011,971

19,507,574

Intangible assets

8

7,315,942

7,607,659

Right of use assets

9

2,729,910

2,703,004

Investment in joint venture

10

11,152

9,474

Contract costs

11

28,673

29,155

Contract assets

12.1

103,402

80,132

Financial and other assets

13

116,109

115,812

Total non-current assets

29,317,159

30,052,810

Current assets

Inventories

14

150,761

109,047

Contract costs

11

495,107

378,728

Contract assets

12.1

929,380

830,400

Accounts receivable

15

3,390,534

3,337,788

Due from related parties

16.2

161,912

169,660

Financial and other assets

13

590,089

458,622

Short term Murabaha

17

2,127,814

2,013,500

Cash and cash equivalents

18

1,654,378

827,725

Total current assets

9,499,975

8,125,470

Total assets

38,817,134

38,178,280

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

26,311

90,075

Retained earnings

7,247,325

5,919,489

Total shareholders’ equity

17,622,607

16,358,535

Non-current liabilities

Borrowings

21

6,699,593

8,310,441

Lease liabilities

22

2,044,864

2,211,375

Provision for end of service benefits

23

554,393

501,802

Decommissioning provision

24

206,269

190,543

Contract liabilities

12.2

280,648

280,515

Financial and other liabilities

25

211,892

260,425

Total non-current liabilities

9,997,659

11,755,101

Current liabilities

Borrowings

21

1,610,848

1,313,399

Lease liabilities

22

1,178,918

1,009,659

Accounts payable

26

3,341,435

2,940,863

Contract liabilities

12.2

785,828

694,956

Due to related parties

16.2

177,249

161,127

Accrued expenses

27

3,078,018

2,873,311

Provisions

28

615,355

827,067

Zakat and income tax

29

187,009

152,562

Financial and other liabilities

25

222,208

91,700

Total current liabilities

11,196,868

10,064,644

Total liabilities

21,194,527

21,819,745

Total shareholders’ equity and liabilities

38,817,134

38,178,280

Consolidated Statement of Profit or Loss

for the year ended 31 December 2023 (ALL AMOUNTS IN SAUDI RIYALS THOUSANDS UNLESS OTHERWISE STATED)
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Notes

31 December 2023

31 December 2022

Revenue

32

16,762,681

15,717,415

Cost of revenue

33

(7,310,788)

(6,336,078)

Gross profit

9,451,893

9,381,337

Operating expenses

Selling and marketing expenses

34

(1,467,081)

(1,462,886)

General and administrative expenses

35

(1,174,663)

(1,628,231)

Impairment on accounts receivable and contract assets

12.1,15

(185,629)

(111,654)

Depreciation and amortization

7,8,9

(3,647,264)

(3,850,550)

Total operating expenses

(6,474,637)

(7,053,321)

Operating profit

2,977,256

2,328,016

Other income and expenses

Share in profit / (losses) of joint venture

10

30,053

28,226

Finance income

36

163,741

45,990

Finance costs

37

(690,049)

(606,977)

Other expenses, net

38

(31,833)

(16,485)

Total other expenses

(528,088)

(549,246)

Net profit before zakat and income tax

2,449,168

1,778,770

Zakat and income tax

29

(217,191)

(121,830)

Net profit

2,231,977

1,656,940

Earnings per share:

Basic and diluted earnings per share (in SR)

39

2.90

2.15

Consolidated Statement of Comprehensive income

for the year ended 31 December 2023 (ALL AMOUNTS IN SAUDI RIYALS THOUSANDS UNLESS OTHERWISE STATED)
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31 December 2023

31 December 2022

Net profit

2,231,977

1,656,940

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

Actuarial remeasurement of end of service benefits

(18,642)

32,690

Change in fair value of equity investments

(2,742)

(28,789)

Share in other comprehensive income of joint venture

1

96

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

(21,383)

3,997

Items that will be reclassified subsequently to profit or loss:

Exchange differences on translation of foreign operations

(388)

(5,354)

Cash flow hedge - change in fair value

47,590

153,462

Cash flow hedge - reclassified to profit or loss

(108,224)

7,744

Total items that will be reclassified subsequently to profit or loss

(61,022)

155,852

Other comprehensive income

(82,405)

159,849

Total comprehensive income

2,149,572

1,816,789

Consolidated Statement of Changes in Shareholders’ Equity

for the year ended 31 December 2023 (ALL AMOUNTS IN SAUDI RIYALS THOUSANDS UNLESS OTHERWISE STATED)
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Notes

Share capital

Statutory reserve

Other reserves

Retained earnings

Total shareholders’ equity

Balance as at 1 January 2023

7,700,000

2,648,971

90,075

5,919,489

16,358,535

Net profit

-

-

-

2,231,977

2,231,977

Other comprehensive income

-

-

(63,764)

(18,641)

(82,405)

Total comprehensive income

-

-

(63,764)

2,213,336

2,149,572

Dividends

43

-

-

-

(885,500)

(885,500)

Balance for the year ended 31 December 2023

7,700,000

2,648,971

26,311

7,247,325

17,622,607

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 / (loss)

-

-

127,063

32,786

159,849

Total comprehensive income

-

-

127,063

1,689,726

1,816,789

Dividends

43

-

-

-

(654,500)

(654,500)

Balance as at 31 December 2022

7,700,000

2,648,971

90,075

5,919,489

16,358,535

Consolidated Statement of Cash Flows

for the year ended 31 December 2023 (ALL AMOUNTS IN SAUDI RIYALS THOUSANDS UNLESS OTHERWISE STATED)
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Notes

31 December 2023

31 December 2022

CASH FLOWS FROM OPERATING ACTIVITIES

Profit for the year

2,231,977

1,656,940

Adjustments:

Depreciation and amortization

7,8,9

3,647,264

3,850,550

Impairment loss on accounts receivable and contract assets

12.1,15

185,629

111,654

Provision for end of service benefits

23

80,565

71,533

Provision

(174,947)

449,586

Loss on sale of property and equipment

38

8,832

17,550

Share in (profit) / losses of joint venture

10

(30,053)

(28,226)

Finance income

36

(163,741)

(45,990)

Finance costs

37

690,049

606,977

Zakat and income tax

29

217,191

121,830

Others

(9,180)

(8,008)

Changes in:

Inventories

(51,763)

(12,494)

Contract costs

(115,897)

89,962

Contract assets

(122,263)

(316,343)

Accounts receivable

(200,894)

(105,786)

Due from related parties

42,724

(26,331)

Financial assets and others

(222,040)

(38,470)

Accounts payable

55,423

(239,692)

Contract liabilities

91,004

21,297

Due to related parties

16,122

(120,436)

Accrued expenses

190,345

213,157

Provisions

(36,765)

(68,957)

Financial liabilities and others

117,040

(28,149)

Cash generated from operating activities

6,446,622

6,172,154

End of service benefits paid

23

(46,616)

(50,094)

Finance costs paid

(507,598)

(358,439)

Zakat and income tax paid

29

(121,116)

(79,728)

Net cash generated from operating activities

5,771,292

5,683,893

CASH FLOWS FROM INVESTING ACTIVITIES

Payment of property and equipment

(1,916,410)

(2,329,482)

Payment of intangible assets

(119,944)

(101,500)

Proceeds from sale of property and equipment

2,533

681

Short term Murabaha

(114,314)

(1,013,500)

Finance income received

132,051

37,846

Investment in joint venture

(6,600)

Net cash used in investing activities

(2,022,684)

(3,405,955)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds of borrowings

(1,351,612)

(1,259,886)

Payment of lease liabilities

(718,042)

(600,756)

Dividends paid

(852,301)

(640,234)

Net cash used in financing activities

(2,921,955)

(2,500,876)

Net changes in cash and cash equivalents

826,653

(222,938)

Cash and cash equivalents at beginning of the year

827,725

1,050,663

Cash and cash equivalents at end of the year

18

1,654,378

827,725