FINANCIAL STATEMENTS

ACHIEVING RECORD-BREAKING
FINANCIAL RESULTS

Consolidated Statement of Financial Position

as at 31 December 2024 (All amounts in Saudi Riyals thousands unless otherwise stated)
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Notes 31 December
2024		 31 December
2023
Assets
Non-current assets
Property and equipment 7 18,851,032 19,011,971
Intangible assets 8 6,997,670 7,315,942
Right of use assets 9 2,718,792 2,729,910
Investment in joint venture 10 52,420 11,152
Contract costs 11 4,278 28,673
Contract assets 12.1 89,959 103,402
Financial and other assets 13 304,722 116,109
Total non-current assets 29,018,873 29,317,159
Current assets
Inventories 14 212,992 150,761
Contract costs 11 359,940 495,107
Contract assets 12.1 1,003,495 929,380
Accounts receivable 15 3,929,559 3,390,534
Due from related parties 16.2 107,332 161,912
Financial and other assets 13 696,921 677,019
Short term Murabaha 17 1,786,374 2,127,814
Cash and cash equivalents 18 1,399,542 1,641,306
Total current assets 9,496,155 9,573,833
Total assets 38,515,028 38,890,992
Shareholders’ equity and liabilities
Shareholders’ equity
Share capital 1 7,700,000 7,700,000
Statutory reserve 19 - 2,648,971
Other reserves 20 (22,669) 26,311
Retained earnings 11,198,161 7,247,325
Total shareholders’ equity 18,875,492 17,622,607
Non-current liabilities
Borrowings 21 5,725,122 6,699,593
Lease liabilities 22 2,061,787 2,044,864
Provision for employees’ end of service benefits 23 601,496 554,393
Provision for Decommissioning 24 208,462 206,269
Contract liabilities 12.2 321,510 280,648
Financial and other liabilities 25 309,532 211,892
Total non-current liabilities 9,227,909 9,997,659
Current liabilities
Borrowings 21 459,588 1,610,848
Lease liabilities 22 1,213,068 1,178,918
Accounts payable 26 3,603,538 3,415,293
Contract liabilities 12.2 831,150 785,828
Due to related parties 16.2 193,439 177,249
Accrued expenses 27 3,281,876 3,078,018
Provisions 28 369,491 615,355
Zakat and income tax 29 117,005 187,009
Financial and other liabilities 25 342,472 222,208
Total current liabilities 10,411,627 11,270,726
Total liabilities 19,639,536 21,268,385
Total shareholders’ equity and liabilities 38,515,028 38,890,992

The attached notes from 1 to 45 are an integral part of these consolidated financial statements.

Consolidated Statement of Profit or Loss

for the year ended 31 December 2024 (All amounts in Saudi Riyals thousands unless otherwise stated)
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Notes 31 December
2024		 31 December
2023
Revenue 32 18,206,447 16,762,681
Cost of revenue 33 (8,312,421) (7,509,193)
Gross profit 9,894,026 9,253,488
Operating expenses
Selling and marketing expenses 34 (1,344,412) (1,249,600)
General and administrative expenses 35 (1,208,657) (1,193,739)
Impairment on accounts receivable and contract assets 12.1, 15 (146,316) (185,629)
Depreciation and amortization 7, 8, 9 (3,664,224) (3,647,264)
Total operating expenses (6,363,609) (6,276,232)
Operating profit 3,530,417 2,977,256
Other income and expenses
Share in profit of joint venture 10 43,791 30,053
Finance income 36 174,739 163,741
Finance costs 37 (615,340) (690,049)
Other income / (expenses), net 38 59,446 (31,833)
Total other income and expenses (337,364) (528,088)
Net profit before zakat and income tax 3,193,053 2,449,168
Zakat and income tax 29 (86,205) (217,191)
Net profit 3,106,848 2,231,977
Earnings per share:
Basic and diluted earnings per share (in % ) 39 4.03 2.90

The attached notes from 1 to 45 are an integral part of these consolidated financial statements.

Consolidated Statement of Comprehensive income

for the year ended 31 December 2024 (All amounts in Saudi Riyals thousands unless otherwise stated)
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31 December
2024		 31 December
2023
Net profit 3,106,848 2,231,977
Items that will not be reclassified subsequently to profit or loss:
Actuarial remeasurement of employees’ end of service benefits 4,517 (18,641)
Change in fair value of equity investments (2,764) (2,742)
Total items that will not be reclassified subsequently to profit or loss 1,753 (21,383)
Items that will be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations (1,585) (388)
Cash flow hedge - change in fair value (2,159) 47,590
Cash flow hedge - reclassified to profit or loss (42,472) (108,224)
Total items that will be reclassified subsequently to profit or loss (46,216) (61,022)
Other comprehensive loss (44,463) (82,405)
Total comprehensive income 3,062,385 2,149,572

The attached notes from 1 to 45 are an integral part of these consolidated financial statements

Consolidated Statement of Cash Flows

for the year ended 31 December 2024 (All amounts in Saudi Riyals thousands unless otherwise stated)
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Notes 31 December
2024		 31 December
2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net profit 3,106,848 2,231,977
Adjustments:
Depreciation and amortization 7,8,9 3,664,224 3,647,264
Impairment loss on receivables & contract assets 12.1,15 146,316 185,629
Provision for employees’ benefits 23 76,713 74,415
Provisions (221,414) (174,947)
Loss on disposal of property and equipment 38 5,338 8,832
Share in profit of joint venture 10 (43,791) (30,053)
Finance income 36 (174,739) (163,741)
Finance costs 37 615,340 690,049
Zakat and income tax 29 86,205 217,191
Others (15,832) (9,180)
Changes in:
Inventories (64,605) (51,763)
Contract costs 159,562 (115,897)
Contract assets (64,716) (122,263)
Accounts receivable (639,544) (200,894)
Due from related parties 19,603 42,724
Financial assets and others (79,104) (235,112)
Accounts payable (30,304) 55,423
Contract liabilities 86,185 91,004
Due to related parties 16,190 16,122
Accrued expenses 230,858 190,345
Provisions (21,042) (36,765)
Financial liabilities and others 116,784 117,040
Cash generated from operating activities 6,975,075 6,427,400
Employees’ end of service benefits paid 23 (30,784) (46,616)
Finance costs paid (447,848) (507,598)
Zakat and income tax paid 29 (159,685) (121,116)
Net cash from operating activities 6,336,758 5,752,070
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment (2,587,524) (1,910,260)
Purchase of intangible assets (82,429) (119,944)
Proceeds from disposal of property and equipment 425 2,533
Net proceed (payment) from short term Murabaha 341,440 (114,314)
Finance income received 190,223 132,051
Government grant received 144,111 -
Investment in joint venture - (6,600)
Dividends received 37,500 -
Net cash used in investing activities (1,956,254) (2,016,534)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings repaid (6,306,229) (1,351,612)
Borrowings received 4,135,000 -
Lease liabilities paid (687,879) (718,042)
Dividends paid (1,763,160) (852,301)
Net cash used in financing activities (4,622,268) (2,921,955)
Net change in cash and cash equivalents (241,764) 813,581
Cash and cash equivalents at beginning of year 1,641,306 827,725
Cash and cash equivalents at end of year 18 1,399,542 1,641,306

The attached notes from 1 to 45 are an integral part of these consolidated financial statements

Consolidated Statement of Changes in Shareholders’ Equity

for the year ended 31 December 2024 (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 2024 7,700,000 2,648,971 26,311 7,247,325 17,622,607
Net profit - - - 3,106,848 3,106,848
Other comprehensive (loss)/income - - (48,980) 4,517 (44,463)
Total comprehensive income - - (48,980) 3,111,365 3,062,385
Dividends 43 - - - (1,809,500) (1,809,500)
Transfer from statutory reserve 19 - (2,648,971) - 2,648,971 -
Balance as at 31 December 2024 7,700,000 - (22,669) 11,198,161 18,875,492
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 loss - - (63,764) (18,641) (82,405)
Total comprehensive income - - (63,764) 2,213,336 2,149,572
Dividends 43 - - - (885,500) (885,500)
Balance as at 31 December 2023 7,700,000 2,648,971 26,311 7,247,325 17,622,607

The attached notes from 1 to 45 are an integral part of these consolidated financial statements.