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Financial
Statements
Consolidated Statement of Financial Position
as at 31 December 2023 (ALL AMOUNTS IN SAUDI RIYALS THOUSANDS UNLESS OTHERWISE STATED)
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)
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)
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)
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)
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 |