Financial statements
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Consolidated Statement of Profit or Loss
For the year ended 31 December 2025
(All amounts in Saudi Riyal thousands unless otherwise stated)
| Notes | 2025 | 2024 | |
|---|---|---|---|
| Revenue | 6 | 12,730,189 | 12,063,897 |
| Cost of revenue | (10,052,276) | (9,280,923) | |
| GROSS PROFIT | 2,677,913 | 2,782,974 | |
| General and administration expenses | 7 | (730,825) | (720,231) |
| Selling and distribution expenses | 8 | (305,657) | (402,188) |
| Total operating expenses | (1,036,482) | (1,122,419) | |
| OPERATING PROFIT | 1,641,431 | 1,660,555 | |
| Finance income | 106,365 | 114,396 | |
| Finance cost | 10 | (88,968) | (73,500) |
| Share in net results from equity accounted investees | 19 | 11,665 | 5,818 |
| Other expenses, net | 9 | (25,732) | (65,495) |
| TOTAL OTHER INCOME / (EXPENSES) | 3,330 | (18,781) | |
| PROFIT BEFORE ZAKAT AND INCOME TAX | 1,644,761 | 1,641,774 | |
| Zakat and income tax charge, net | 11 | (132,347) | (38,958) |
| NET PROFIT | 1,512,414 | 1,602,816 | |
| NET PROFIT ATTRIBUTABLE TO: | |||
| Equity holders of the Parent Company | 1,502,536 | 1,596,633 | |
| Non-controlling interests | 9,878 | 6,183 | |
| 1,512,414 | 1,602,816 | ||
| EARNINGS PER SHARE ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT COMPANY: | |||
| Basic | 36 | 12.62 | 13.42 |
| Diluted | 36 | 12.52 | 13.31 |
Consolidated Statement of Comprehensive Income
For the year ended 31 December 2025
(All amounts in Saudi Riyal thousands unless otherwise stated)
| Notes | 2025 | 2024 | |
|---|---|---|---|
| NET PROFIT | 1,512,414 | 1,602,816 | |
| OTHER COMPREHENSIVE LOSS | |||
| Items that will not be reclassified subsequently to the consolidated statement of profit or loss: | |||
| Net share of other comprehensive loss from equity accounted investee | 19 | (1,072) | - |
| Remeasurement of end of service indemnities | 30 | (58,292) | (53,184) |
| Total items that will not be reclassified subsequently to the consolidated statement of profit or loss | (59,364) | (53,184) | |
| Item that may be reclassified subsequently to the consolidated statement of profit or loss: | |||
| Foreign currency translation differences | 32 | 17,820 | (168,411) |
| Total item that may be reclassified subsequently to the consolidated statement of profit or loss | 17,820 | (168,411) | |
| TOTAL OTHER COMPREHENSIVE LOSS | (41,544) | (221,595) | |
| TOTAL COMPREHENSIVE INCOME | 1,470,870 | 1,381,221 | |
| TOTAL COMPREHENSIVE INCOME/ (LOSS) ATTRIBUTABLE TO: | |||
| Equity holders of the Parent Company | 1,457,710 | 1,389,043 | |
| Non-controlling interests | 13,160 | (7,822) | |
| 1,470,870 | 1,381,221 |
Consolidated Statement of Financial Position
As at 31 December 2025
(All amounts in Saudi Riyal thousands unless otherwise stated)
| Notes | 2025 | 2024 | |
|---|---|---|---|
| ASSETS | |||
| CURRENT ASSETS | |||
| Cash and cash equivalents | 12 | 1,748,973 | 1,127,133 |
| Short term murabaha | 13 | 370,000 | 2,575,000 |
| Trade receivables | 14 | 4,659,777 | 3,758,610 |
| Prepayments and other assets | 15 | 589,490 | 436,445 |
| Contract assets | 16 | 2,970,238 | 2,249,371 |
| Inventories | 17 | 406,241 | 212,131 |
| TOTAL CURRENT ASSETS | 10,744,719 | 10,358,690 | |
| NON-CURRENT ASSETS | |||
| Non-current investments and other assets | 18 | 480,967 | 268,450 |
| Investment in equity accounted investees | 19 | 347,735 | 340,686 |
| Intangible assets and goodwill | 20 | 608,483 | 559,813 |
| Property and equipment | 21 | 363,219 | 425,263 |
| Right-of-use assets | 22 | 371,823 | 89,780 |
| TOTAL NON-CURRENT ASSETS | 2,172,227 | 1,683,992 | |
| TOTAL ASSETS | 12,916,946 | 12,042,682 | |
| LIABILITIES AND EQUITY | |||
| LIABILITIES | |||
| CURRENT LIABILITIES | |||
| Trade payables, accruals and other liabilities | 24 | 4,511,601 | 3,885,729 |
| Deferred revenue | 25 | 1,878,758 | 2,089,636 |
| Contract liabilities | 26 | 320,145 | 467,349 |
| Zakat and income tax payable | 11 | 159,174 | 146,273 |
| Borrowings | 27 | 150,745 | 93,027 |
| TOTAL CURRENT LIABILITIES | 7,020,423 | 6,682,014 | |
| NON-CURRENT LIABILITIES | |||
| Lease and other liabilities | 28 | 235,803 | 103,603 |
| End of service indemnities | 30 | 701,937 | 581,700 |
| Borrowings | 27 | 631,633 | 642,271 |
| TOTAL NON-CURRENT LIABILITIES | 1,569,373 | 1,327,574 | |
| TOTAL LIABILITIES | 8,589,796 | 8,009,588 | |
| EQUITY | |||
| Share capital | 31 | 1,200,000 | 1,200,000 |
| Other reserves | 32 | (299,846) | (261,235) |
| Treasury shares | 33 | (144,831) | (151,063) |
| Retained earnings | 3,532,017 | 3,219,890 | |
| EQUITY ATTRIBUTABLE TO THE EQUITY HOLDERS OF THE PARENT COMPANY | 4,287,340 | 4,007,592 | |
| Non-controlling interests | 35 | 39,810 | 25,502 |
| TOTAL EQUITY | 4,327,150 | 4,033,094 | |
| TOTAL LIABILITIES AND EQUITY | 12,916,946 | 12,042,682 |
Consolidated Statement of Changes in Equity
For the year ended 31 December 2025
(All amounts in Saudi Riyal thousands unless otherwise stated)
| Total equity attributable to the equity holders of the Parent Company | ||||||||
|---|---|---|---|---|---|---|---|---|
| Share capital | Other reserves | Treasury shares | Retained earnings | Total | Non-controlling Interest | Total | ||
| Balance as at 1 January 2025 (Note 43) | 1,200,000 | (261,235) | (151,063) | 3,219,890 | 4,007,592 | 25,502 | 4,033,094 | |
| Net profit for the year | – | – | – | 1,502,536 | 1,502,536 | 9,878 | 1,512,414 | |
| Other comprehensive (loss) / income | – | (44,826) | – | – | (44,826) | 3,282 | (41,544) | |
| Total comprehensive (loss) / income | – | (44,826) | – | 1,502,536 | 1,457,710 | 13,160 | 1,470,870 | |
| Capital contribution from NCI (Note 1) | – | – | – | – | – | 1,182 | 1,182 | |
| NCI disposal on liquidation of Subsidiaries (Note 1) | – | – | – | – | – | (34) | (34) | |
| Foreign currency difference reclassified to profit or loss (Note 1) | – | 1,840 | – | – | 1,840 | – | 1,840 | |
| Dividends (Note 34) | – | – | – | (1,190,409) | (1,190,409) | – | (1,190,409) | |
| Share based payment transactions (Note 32) | – | 4,375 | 6,232 | – | 10,607 | – | 10,607 | |
| Balance as at 31 December 2025 | 1,200,000 | (299,846) | (144,831) | 3,532,017 | 4,287,340 | 39,810 | 4,327,150 | |
| Balance as at 1 January 2024 | 1,200,000 | (59,863) | (154,444) | 2,338,270 | 3,323,963 | 28,591 | 3,352,554 | |
| Net profit for the year | – | – | – | 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, Note 43) | – | – | – | – | – | 4,381 | 4,381 | |
| Acquisition of additional interest in subsidiary (Note 1) | – | – | – | (1,015) | (1,015) | 352 | (663) | |
| Share-based payments transactions (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) | (151,063) | 3,219,890 | 4,007,592 | 25,502 | 4,033,094 | |
Consolidated Statement of Cash Flows
For the year ended 31 December 2025
(All amounts in Saudi Riyal thousands unless otherwise stated)
| Notes | 2025 | 2024 | |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net profit before zakat and income tax | 1,644,761 | 1,641,774 | |
| Adjustments for: | |||
| Depreciation and amortization | 20, 21 | 254,536 | 242,657 |
| Depreciation – right of use assets | 22 | 91,444 | 44,347 |
| Expected credit loss (reversal) / charge on trade receivables and contract assets | 14, 16 | (45,266) | 54,818 |
| End of service indemnities expense | 30 | 134,550 | 133,334 |
| Share-based payment expense | 10,012 | 9,599 | |
| (Reversal)/provision for advances to suppliers and future contract losses | (61,033) | 22,510 | |
| Reversal of provision for slow moving and obsolete inventories | 17 | (6,516) | (13,898) |
| Share in results from equity accounted investees | 19 | (11,665) | (5,818) |
| Changes in fair value of investment at FVTPL | (19,828) | (3,177) | |
| Net loss on disposal of property and equipment | 1,589 | - | |
| Remeasurement of contingent consideration liability | 9 | 3,259 | 9,774 |
| Finance cost | 88,968 | 73,500 | |
| Finance income | (106,365) | (114,396) | |
| 1,978,446 | 2,095,024 | ||
| Changes in operating assets and liabilities: | |||
| Trade receivable | (824,052) | 329,918 | |
| Prepayments and other assets | (306,343) | (216,457) | |
| Contract assets | (733,653) | (685,022) | |
| Inventories | (180,375) | (16,849) | |
| Trade payable, accruals and other liabilities | 432,536 | 652,766 | |
| Deferred revenue | (216,418) | (911,435) | |
| Contract liabilities | (166,826) | 338,454 | |
| Cash flows (used in) / generated from operating activities | (16,685) | 1,586,399 | |
| Zakat and income taxes paid | 11 | (131,424) | (129,571) |
| End of service indemnities paid | 30 | (73,535) | (55,215) |
| Finance income received | 120,975 | 107,643 | |
| Net cash (used in) / generated from operating activities | (100,669) | 1,509,256 | |
| INVESTING ACTIVITIES | |||
| Short term murabaha, net | 2,205,000 | (1,725,000) | |
| Proceeds from disposal of property and equipment | 423 | - | |
| Purchase of property and equipment and intangible assets | 20, 21 | (191,092) | (255,196) |
| Proceeds from disposal of investments in financial assets | - | 165,901 | |
| Investment in equity accounted investees | (375) | (297,861) | |
| Dividends received from equity accounted investee | 4,000 | - | |
| Payment for acquisition of subsidiary, net of cash acquired | - | (14,714) | |
| Net cash generated from / (used in) investing activities | 2,017,956 | (2,126,870) | |
| FINANCING ACTIVITIES | |||
| Lease liabilities payments | 29 | (72,289) | (52,703) |
| Dividends paid | 34 | (1,190,409) | (713,998) |
| Repayment of borrowings | (150,608) | (180,097) | |
| Proceeds from borrowings | 180,694 | 206,102 | |
| Proceeds from / (payments for acquisition of) NCI | 1,182 | (663) | |
| Finance cost paid | (67,036) | (66,111) | |
| Net cash used in financing activities | (1,298,466) | (807,470) | |
| NET INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS | 618,821 | (1,425,084) | |
| Cash and cash equivalents at the beginning of the year | 12 | 1,127,133 | 2,588,169 |
| Net foreign exchange difference on cash | 3,019 | (35,952) | |
| CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR | 12 | 1,748,973 | 1,127,133 |
| Significant non-cash items: | |||
| Additions to right of use assets and lease liabilities | 382,787 | 89,826 | |
| Additions to intangible assets | 45,997 | - | |