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