Consolidated Statement of Profit or Loss
For the year ended 31 December 2024 (All amounts in Saudi Riyals thousands unless otherwise stated)| Note | 2024 | 2023 | |
|---|---|---|---|
| Revenue | 6 | 12,063,897 | 11,040,493 |
| Cost of revenue | (9,280,923) | (8,442,875) | |
| GROSS PROFIT | 2,782,974 | 2,597,618 | |
| General and administration expenses | 7 | (720,231) | (714,908) |
| Selling and distribution expenses | 8 | (402,188) | (495,821) |
| TOTAL OPERATING EXPENSES | (1,122,419) | (1,210,729) | |
| OPERATING PROFIT | 1,660,555 | 1,386,889 | |
| Finance income | 12 & 13 | 114,396 | 145,447 |
| Finance cost | 10 | (73,500) | (76,075) |
| Other expenses, net | 9 | (65,495) | (51,662) |
| Share in net results from equity accounted investee | 19 | 5,818 | 127 |
| TOTAL OTHER (EXPENSE) / INCOME | (18,781) | 17,837 | |
| PROFIT BEFORE ZAKAT AND INCOME TAX | 1,641,774 | 1,404,726 | |
| Zakat and income tax, net | 11 | (38,958) | (209,581) |
| NET PROFIT | 1,602,816 | 1,195,145 | |
| NET PROFIT ATTRIBUTABLE TO: | |||
| Equity holders of the Parent Company | 1,596,633 | 1,192,148 | |
| Non-controlling interests | 6,183 | 2,997 | |
| 1,602,816 | 1,195,145 | ||
| Earnings per share attributable to Equity holders of the Parent Company: | |||
| Basic | 36 | 13.42 | 10.02 |
| Diluted | 36 | 13.31 | 9.93 |
The accompanying notes 1 to 45 form 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)| Note | 2024 | 2023 | |
|---|---|---|---|
| NET PROFIT | 1,602,816 | 1,195,145 | |
| OTHER COMPREHENSIVE LOSS | |||
| Item that will not be reclassified subsequently to consolidated profit or loss: | |||
| Remeasurement of end of service indemnities | 29 | (53,184) | (41,833) |
| Total items that may not be reclassified subsequently to consolidated statement of profit or los | (53,184) | (41,833) | |
| Item that may be reclassified subsequently to consolidated profit or loss: | |||
| Foreign currency translation differences | (168,411) | (55,409) | |
| Total items that may be reclassified subsequently to consolidated statement of profit or loss | (168,411) | (55,409) | |
| TOTAL OTHER COMPREHENSIVE LOSS | (221,595) | (97,242) | |
| TOTAL COMPREHENSIVE INCOME | 1,381,221 | 1,097,903 | |
| TOTAL COMPREHENSIVE INCOME/ (LOSS) ATTRIBUTABLE TO: | |||
| Equity holders of the Parent Company | 1,389,043 | 1,098,988 | |
| Non-controlling interests | (7,822) | (1,085) | |
| 1,381,221 | 1,097,903 |
The accompanying notes 1 to 45 form an integral part of these consolidated financial statements
Consolidated Statement of Financial Position
As at 31 December 2024 (All amounts in Saudi Riyals thousands unless otherwise stated)| Note | 2024 | 2023 | |
|---|---|---|---|
| ASSETS | |||
| CURRENT ASSETS | |||
| Cash and cash equivalents | 12 | 1,127,133 | 2,588,169 |
| Short term murabaha | 13 | 2,575,000 | 850,000 |
| Trade receivables | 14 | 3,758,610 | 4,363,682 |
| Prepayments, short-term investments and other assets | 15 | 436,445 | 554,445 |
| Contract assets | 16 | 2,249,371 | 1,691,484 |
| Inventories | 17 | 212,131 | 248,553 |
| TOTAL CURRENT ASSETS | 10,358,690 | 10,296,333 | |
| NON-CURRENT ASSETS | |||
| Non-current investments and other assets | 18 | 268,450 | 150,393 |
| Investment in equity accounted investees | 19 | 340,686 | 3,368 |
| Intangible assets and goodwill | 20 | 557,229 | 625,501 |
| Property and equipment | 21 | 425,263 | 390,349 |
| Right of use assets | 22 | 89,780 | 50,300 |
| TOTAL NON-CURRENT ASSETS | 1,681,408 | 1,219,911 | |
| TOTAL ASSETS | 12,040,098 | 11,516,244 | |
| LIABILITIES AND EQUITY | |||
| CURRENT LIABILITIES | |||
| Trade payables, accruals and other liabilities | 23 | 3,886,613 | 3,314,910 |
| Deferred revenue | 24 | 2,089,636 | 3,048,839 |
| Contract liabilities | 25 | 467,349 | 380,316 |
| Zakat and income tax payable | 11 | 146,273 | 240,030 |
| Bank overdraft and borrowings | 26 | 93,027 | 211,343 |
| TOTAL CURRENT LIABILITIES | 6,682,898 | 7,195,438 | |
| NON-CURRENT LIABILITIES | |||
| Other non-current liabilities | 27 | 103,603 | 18,936 |
| End of service indemnities | 29 | 581,700 | 450,189 |
| Borrowings | 26 | 642,271 | 499,127 |
| TOTAL NON-CURRENT LIABILITIES | 1,327,574 | 968,252 | |
| TOTAL LIABILITIES | 8,010,472 | 8,163,690 | |
| EQUITY | |||
| Share capital | 30 | 1,200,000 | 1,200,000 |
| Other reserves | 32 | (261,235) | (59,863) |
| Treasury Shares | 33 | (151,063) | (154,444) |
| Retained earnings | 3,219,890 | 2,338,270 | |
| EQUITY ATTRIBUTABLE TO THE EQUITY HOLDERS OF THE PARENT COMPANY | 4,007,592 | 3,323,963 | |
| Non-controlling interests | 35 | 22,034 | 28,591 |
| TOTAL EQUITY | 4,029,626 | 3,352,554 | |
| TOTAL LIABILITIES AND EQUITY | 12,040,098 | 11,516,244 |
The accompanying notes 1 to 45 form an integral part of these consolidated financial statements
Consolidated Statement of Changes in Equity
As at 31 December 2024 (All amounts in Saudi Riyals thousands unless otherwise stated)| Total equity attributable to the equity holders of the Parent Company | ||||||||
|---|---|---|---|---|---|---|---|---|
| Share capital | Statutory reserve | Other reserves | Retained earnings | Treasury Shares | Total | Noncontrolling Interest | Total | |
| Balance as at 1 January 2024 | 1,200,000 | - | (59,863) | 2,338,270 | (154,444) | 3,323,963 | 28,591 | 3,352,554 |
| Net profit | - | - | - | 1,596,633 | - | 1,596,633 | 6,183 | 1,602,816 |
| Other comprehensive loss | - | - | (207,590) | - | - | (207,590) | (14,005) | (221,595) |
| Total comprehensive income / (loss) | - | - | (207,590) | 1,596,633 | - | 1,389,043 | (7,822) | 1,381,221 |
| Acquisition of a subsidiary (Note 1) | - | - | - | - | - | - | 913 | 913 |
| Acquisition of additional interest in subsidiary (Note 1) | - | - | - | (1,015) | - | (1,015) | 352 | (663) |
| Share-based payments (Note 32) | - | - | 6,218 | - | 3,381 | 9,599 | - | 9,599 |
| Dividends (Note 34) | - | - | - | (713,998) | - | (713,998) | - | (713,998) |
| Balance as at 31 December 2024 | 1,200,000 | - | (261,235) | 3,219,890 | (151,063) | 4,007,592 | 22,034 | 4,029,626 |
| Balance as at 1 January 2023 | 1,200,000 | 308,758 | 24,850 | 1,432,245 | (155,973) | 2,809,880 | 29,676 | 2,839,556 |
| Net profit | - | - | - | 1,192,148 | - | 1,192,148 | 2,997 | 1,195,145 |
| Other comprehensive loss | - | - | (93,160) | - | - | (93,160) | (4,082) | (97,242) |
| Total comprehensive income / (loss) | - | - | (93,160) | 1,192,148 | - | 1,098,988 | (1,085) | 1,097,903 |
| Transfer from statutory reserve to retained earnings (Note 31) | - | (308,758) | - | 308,758 | - | - | - | - |
| Share-based payments (Note 32) | - | - | 8,447 | - | 1,529 | 9,976 | - | 9,976 |
| Dividends (Note 34) | - | - | - | (594,881) | - | (594,881) | - | (594,881) |
| Balance as at 31 December 2023 | 1,200,000 | - | (59,863) | 2,338,270 | (154,444) | 3,323,963 | 28,591 | 3,352,554 |
The accompanying notes 1 to 45 form 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)| Notes | 2024 | 2023 | |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net profit before zakat and income tax | 1,641,774 | 1,404,726 | |
| Adjustments for: | |||
| Depreciation and amortization | 242,657 | 251,630 | |
| Depreciation – right of use assets | 44,347 | 30,642 | |
| Expected credit losses on trade receivables and contract assets, net | 54,818 | 180,167 | |
| End of service indemnities expense | 29 | 133,334 | 95,533 |
| Share-based payment expense | 9,599 | 9,976 | |
| Provision for advances to suppliers and future contract losses | 22,510 | 8,281 | |
| Reversal of provision for slow moving and obsolete inventories | 17 | (13,898) | (19,403) |
| Share in results from equity accounted investees | 19 | (5,818) | (127) |
| Changes in fair value of FVTPL investment | (3,177) | - | |
| Remeasurement of contingent consideration liability | 9,774 | - | |
| Finance charges | 73,500 | 76,075 | |
| Finance income | (114,396) | (145,447) | |
| 2,095,024 | 1,892,053 | ||
| Changes in operating assets and liabilities | |||
| Trade receivable | 329,918 | (64,439) | |
| Prepayments and other assets | (216,457) | (155,533) | |
| Contract assets | (685,022) | (208,151) | |
| Inventories | (16,849) | 93,018 | |
| Trade payable, accruals and other liabilities | 652,766 | 535,458 | |
| Deferred revenue | (911,435) | (261,234) | |
| Contract liabilities | 338,454 | (107,469) | |
| Cash flows generated from operating activities | 1,586,399 | 1,723,703 | |
| Zakat and income taxes paid | 11 | (129,571) | (112,837) |
| End of service indemnities paid | 29 | (55,215) | (43,699) |
| Finance income received | 107,643 | 148,170 | |
| Net cash generated from operating activities | 1,509,256 | 1,715,337 | |
| INVESTING ACTIVITIES | |||
| Short term murabaha, net | 13 | (1,725,000) | 1,850,800 |
| Purchase of property and equipment and intangible assets | 20, 21 | (255,196) | (111,952) |
| Proceeds from disposal of / (payment for) investments in financial assets | 165,901 | (287,606) | |
| Investment in equity accounted investees | 19 | (297,861) | - |
| Payment for acquisition of subsidiary, net of cash acquired | (14,714) | (415,083) | |
| Net cash (used in) / generated from investing activities | (2,126,870) | 1,036,159 | |
| FINANCING ACTIVITIES | |||
| Lease liabilities payments | (52,703) | (38,131) | |
| Dividends paid | 34 | (713,998) | (594,881) |
| Repayment of bank overdrafts | (180,097) | - | |
| Proceeds from borrowings, net | 206,102 | 14,068 | |
| Acquisition of non-controlling interests | 1 | (663) | - |
| Finance cost paid | (66,111) | (70,032) | |
| Net cash used in financing activities | (807,470) | (688,976) | |
| NET (DECREASE) / INCREASE IN CASH AND CASH EQUIVALENTS | (1,425,084) | 2,062,520 | |
| Change in cash and cash equivalents | (1,425,084) | 2,062,520 | |
| Cash and cash equivalents at the beginning of the year | 12 | 2,588,169 | 543,976 |
| Net foreign exchange difference on cash | (35,952) | (18,327) | |
| Cash and cash equivalents at the end of the year | 12 | 1,127,133 | 2,588,169 |
| Significant non-cash items | |||
| Additions to Right of Use Assets | 89,926 | 11,500 |
The accompanying notes 1 to 45 form an integral part of these consolidated financial statements
