Consolidated Statement of Financial Position

As at 31 December 2023
(In thousands of Saudi Riyals)
Note 2023 2022
ASSETS
NON-CURRENT ASSETS
Property and equipment 6 14,009,488 13,960,421
Projects under construction 7 905,035 935,512
Right of use assets 18 661,384 420,412
Intangible assets 8 324,537 373,897
Equity accounted investees 9 1,833,985 1,575,117
Other non-current financial assets 10 74,958 64,205
TOTAL NON-CURRENT ASSETS 17,809,387 17,329,564
CURRENT ASSETS
Inventories 11 498,376 511,198
Trade receivables and contract assets 12 1,298,001 2,069,025
Prepayments and other current assets 13 587,364 458,952
Cash and cash equivalents 14 2,913,117 2,529,358
TOTAL CURRENT ASSETS 5,296,858 5,568,533
TOTAL ASSETS 23,106,245 22,898,097
EQUITY AND LIABILITIES
EQUITY
Share capital 15 7,382,812 4,921,875
Statutory reserve 15 - 351,750
Share premium 1,489,103 1,489,103
Other reserves 14,493 34,403
Retained earnings 2,952,169 3,694,023
Equity attributable to equity holders of the Parent Company 11,838,577 10,491,154
Non-controlling interests 31 803,659 624,196
TOTAL EQUITY 12,642,236 11,115,350
LIABILITIES
NON-CURRENT LIABILITIES
Loans and borrowings 16 7,060,164 8,537,438
Employees’ end of service benefits 17 100,325 79,315
Lease liabilities 18 498,840 341,298
Derivative financial instruments 4,168 5,002
TOTAL NON-CURRENT LIABILITIES 7,663,497 8,963,053
CURRENT LIABILITIES
Loans and borrowings 16 609,117 980,634
Lease liabilities 18 188,028 97,069
Trade and other payables 19 1,752,378 1,486,545
Provision for Zakat and income tax 20 250,989 255,446
TOTAL CURRENT LIABILITIES 2,800,512 2,819,694
TOTAL LIABILITIES 10,464,009 11,782,747
TOTAL EQUITY AND LIABILITIES 23,106,245 22,898,097

The accompanying notes 1 to 32 form an integral part of these consolidated financial statements.

Consolidated Statement of Profit or Loss

For the year ended 31 December 2023
(In thousands of Saudi Riyals)
Note 2023 2022
Revenue 21 8,777,500 8,582,580
Operating costs 22 (6,861,726) (7,204,452)
Gross profit before bunker subsidy 1,915,774 1,378,128
Bunker subsidy 157,352 93,005
Gross profit 2,073,126 1,471,133
General and administrative expenses 23 (241,175) (200,469)
(Provision)/reversal on trade receivables and contract assets 12 (2,564) 25,609
Other income 24 340,323 186,874
Operating profit 2,169,710 1,483,147
Share of results of equity accounted investees 9 266,168 59,642
Finance income 14 79,618 10,143
Finance costs 25 (621,648) (297,408)
Profit before Zakat and income tax 1,893,848 1,255,524
Zakat and income tax 20 (100,836) (92,927)
Profit for the year 1,793,012 1,162,597
Profit for the year attributable to:
Equity holders of the Parent Company 1,613,428 1,040,909
Non-controlling interests 31 179,584 121,688
1,793,012 1,162,597
Earnings per share:
Basic & diluted 26 2.19 1.41

The accompanying notes 1 to 32 form an integral part of these consolidated financial statements.

Consolidated Statement of Comprehensive Income

For the year ended 31 December 2023
(In thousands of Saudi Riyals)
Note 2023 2022
Profit for the year 1,793,012 1,162,597
Items that will not be reclassified to profit or loss
Re-measurement loss of employees’ end of service benefits 17 (7,698) (2,730)
Items that are or may be reclassified subsequently to profit or loss
Equity accounted investees-share of OCI 9 (12,333) 36,881
Total comprehensive income for the year 1,772,981 1,196,748
Total comprehensive income attributable to:
Equity holders of the Parent Company 1,593,518 1,075,126
Non-controlling interests 179,463 121,622
Total comprehensive income for the year 1,772,981 1,196,748

The accompanying notes 1 to 32 form an integral part of these consolidated financial statements.

Consolidated Statement of Cash Flows

For the year ended 31 December 2023
(In thousands of Saudi Riyals)
Note 2023 2022
OPERATING ACTIVITIES
Profit for the year 1,793,012 1,162,597
Adjustments to reconcile profit for the year to net cash flows from operating activities
Depreciation of property and equipment 6 1,151,064 1,122,842
Depreciation of right of use assets 18 198,783 124,499
Amortization/ derecognition of intangible assets 8 55,805 84,931
Provision/ (reversal) on trade receivables and contract assets 12 2,564 (25,609)
Finance costs 25 621,648 297,408
Share of results of equity accounted investees 9 (266,168) (59,642)
Realized gain from investment in Murabaha fund at FVTPL - (1,523)
Gain on disposal of property and equipment 24 (214,084) (159,840)
Zakat and income tax 20 100,836 92,927
Employees’ end of service benefits 17 16,056 14,246
3,459,516 2,652,836
Changes in working capital:
Inventories 12,822 (31,340)
Trade receivables and contract assets 768,460 (659,907)
Prepayments and other current assets (108,989) 203,193
Trade and other liabilities 207,125 120,490
Cash from operating activities 4,338,934 2,285,272
Finance costs paid (587,978) (227,622)
Zakat and income tax paid 20 (105,293) (59,948)
Employees’ end of service benefits paid 17 (2,744) (8,171)
Net cash from operating activities 3,642,919 1,989,531
INVESTING ACTIVITIES
Additions of property and equipment 6 (253,138) (225,496)
Additions of projects under construction 7 (1,387,637) (1,080,084)
Additions of intangible assets 8 (6,445) (4,772)
Proceeds from disposals of property and equipment 685,205 694,261
Investments in equity accounted investees 9 (90,260) (94,625)
Dividend received from equity accounted investee 9 85,227 113,636
Proceeds of sale in Murabaha fund at FVTPL - 189,979
Other non-current financial assets 2,247 14,661
Net cash used in investing activities (964,801) (392,440)
FINANCING ACTIVITIES
Proceeds from loans and borrowings 16 886,800 4,999,128
Repayment of loans and borrowings 16 (2,755,014) (5,090,403)
Dividends paid 30 (246,095) -
Payment of lease liabilities (180,050) (113,332)
Net change in non-controlling interest - (41,395)
Net cash used in financing activities (2,294,359) (246,002)
Increase in cash and cash equivalents 383,759 1,351,089
Cash and cash equivalents at beginning of the year 2,529,358 1,178,269
Cash and cash equivalents at end of the year 14 2,913,117 2,529,358
Significant non-cash transactions:
Projects under construction transferred to property and equipment 6&7 1,418,114 1,443,036
Additions and (modifications) of right of use assets 18 439,755 29,190

The accompanying notes 1 to 32 form an integral part of these consolidated financial statements.

Consolidated Statement of Changes in Equity

For the year ended 31 December 2023
(In thousands of Saudi Riyals)
Attributable to equity holders of the Parent Company
Share capital Statutory reserve Share premium Other reserves Retained earnings Total Non-
controlling
interests		 Total equity
Balance at 1 January 2022 3,937,500 1,232,034 1,489,103 186 2,754,283 9,413,106 546,891 9,959,997
Profit for the year - - - - 1,040,909 1,040,909 121,688 1,162,597
Other comprehensive income - - - 34,217 - 34,217 (66) 34,151
Total comprehensive income for the year - - - 34,217 1,040,909 1,075,126 121,622 1,196,748
Transferred to share capital 984,375 (984,375) - - - - - -
Net change in non-controlling interest - - - - 2,922 2,922 (44,317) (41,395)
Transferred to statutory reserve - 104,091 - - (104,091) - - -
Balance at 31 December 2022 4,921,875 351,750 1,489,103 34,403 3,694,023 10,491,154 624,196 11,115,350
Balance at 1 January 2023 4,921,875 351,750 1,489,103 34,403 3,694,023 10,491,154 624,196 11,115,350
Profit for the year - - - - 1,613,428 1,613,428 179,584 1,793,012
Other comprehensive income - - - (19,910) - (19,910) (121) (20,031)
Total comprehensive income for the year - - - (19,910) 1,613,428 1,593,518 179,463 1,772,981
Transferred to share capital (note 15) 2,460,937 (351,750) - - (2,109,187) - - -
Dividends (note 30) - - - - (246,095) (246,095) - (246,095)
Balance at 31 December 2023 7,382,812 - 1,489,103 14,493 2,952,169 11,838,577 803,659 12,642,236

The accompanying notes 1 to 32 form an integral part of these consolidated financial statements.

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