Financial Statements
Consolidated Statement of Financial Position
As at December 31, 2024 All amounts in Saudi Riyals| Note | December 31, 2024 |
December 31, 2023 |
|
|---|---|---|---|
| ASSETS | |||
| NON-CURRENT ASSETS | |||
| Property and equipment | 11 | 518,080,773 | 375,183,246 |
| Capital work in progress | 12 | 51,062,073 | 119,813,847 |
| Right-of-use assets | 13 | 557,750,104 | 230,798,737 |
| Intangible assets | 14 | 70,612,641 | 107,177,789 |
| Finance lease receivables - non-current | 15 | 73,409,363 | - |
| Investments in associates and a joint venture | 16 | 6,687,350 | 2,137,153 |
| Other financial assets | 17 | 230,879,131 | 227,906,324 |
| Long term prepaid expenses | 20 | 19,070,247 | 32,033,446 |
| TOTAL NON-CURRENT ASSETS | 1,527,511,682 | 1,095,050,542 | |
| CURRENT ASSETS | |||
| Accounts receivable | 18 | 2,895,222,777 | 2,322,353,701 |
| Contract assets | 19 | 641,667,693 | 847,625,684 |
| Finance lease receivables - current | 15 | 21,399,046 | - |
| Prepaid expenses and other current assets | 20 | 310,748,048 | 372,877,131 |
| Other financial assets | 17 | 480,597,586 | 18,797,335 |
| Murabaha deposits | 21 | 1,426,071,000 | 3,056,113,638 |
| Cash and cash equivalents | 22 | 2,250,797,179 | 384,394,607 |
| TOTAL CURRENT ASSETS | 8,026,503,329 | 7,002,162,096 | |
| TOTAL ASSETS | 9,554,055,011 | 8,097,212,638 | |
| EQUITY AND LIABILITIES | |||
| EQUITY | |||
| Share capital | 23 | 800,000,000 | 800,000,000 |
| Statutory reserve | 24 | 174,708,101 | |
| Treasury shares | 25 | (293,112,576) | (294,758,400) |
| Other reserves | 27 | 60,669,508 | 12,826,478 |
| Retained earnings | 4,725,547,762 | 3,301,731,675 | |
| Equity attributable to equity holders of the parent Company | 5,293,104,694 | 3,994,507,854 | |
| Non-controlling interest | 140,882 | 164,000 | |
| TOTAL EQUITY | 5,293,245,576 | 3,994,671,854 | |
| LIABILITIES | |||
| NON-CURRENT LIABILITIES | |||
| Lease liabilities - non-current | 13 | 481,013,080 | 212,090,689 |
| End of service benefits provision | 29 | 387,235,689 | 360,689,127 |
| TOTAL NON-CURRENT LIABILITIES | 868,248,769 | 572,779,816 | |
| CURRENT LIABILITIES | |||
| Accounts payable and other current liabilities | 30 | 2,479,580,023 | 2,805,055,424 |
| Contract liabilities | 31 | 609,806,315 | 503,707,390 |
| Zakat | 32 | 218,172,525 | 183,613,319 |
| Liabilities of purchasing property | 11 | 25,396,063 | |
| Lease liabilities - current | 13 | 85,001,803 | 11,988,772 |
| TOTAL CURRENT LIABILITIES | 3,392,560,666 | 3,529,760,968 | |
| TOTAL LIABILITIES | 4,260,809,435 | 4,102,540,784 | |
| TOTAL EQUITY AND LIABILITIES | 9,554,055,011 | 8,097,212,638 |
Accompanying notes from 1 to 42 form an integral part of these consolidates statements.
Consolidated Statement of Profit or Loss
For The Year Ended December 31, 2024 All amounts in Saudi Riyals| Note | December 31, 2024 |
December 31, 2023 |
|
|---|---|---|---|
| Revenues | 5 | 7,406,794,402 | 5,898,362,840 |
| Cost of revenues | 6 | (4,381,074,053) | (3,566,638,564) |
| GROSS PROFIT | 3,025,720,349 | 2,331,724,276 | |
| EXPENSES | |||
| Research and development | 7 | (75,532,533) | (51,585,026) |
| Selling and marketing | 8 | (335,606,445) | (278,660,069) |
| Expected credit losses | 37-A | (142,748,596) | (91,770,357) |
| General and administrative | 9 | (551,198,293) | (433,233,560) |
| Depreciation and amortization | 11, 13, 14 | (198,838,582) | (119,972,900) |
| Impairment of non-current assets | 12, 14 | (21,343,476) | (5,918,692) |
| OPERATING PROFIT | 1,700,452,424 | 1,350,583,672 | |
| Finance cost | 11, 13 | (28,447,260) | (5,861,229) |
| Income from murabaha deposits | 21, 22 | 145,475,642 | 127,856,085 |
| Share in results from investments in associates and a joint venture | 16 | (1,644,095) | (11,946,369) |
| Gains / (Loss) at fair value of financial assets | 16, 17 | 34,211,615 | (15,968,640) |
| Other income, net | 10 | 103,820,056 | 28,588,884 |
| NET PROFIT BEFORE ZAKAT | 1,953,868,382 | 1,473,252,403 | |
| Zakat | 32 | (127,019,914) | (117,057,649) |
| NET PROFIT | 1,826,848,468 | 1,356,194,754 | |
| Net profit/(loss) attributable to: | |||
| Equity holders of the parent Company | 1,826,871,586 | 1,356,230,754 | |
| Non-controlling interests | (23,118) | (36,000) | |
| 1,826,848,468 | 1,356,194,754 | ||
| Earnings per share from net profit attributable to equity holders of the parent company : | |||
| Basic | 28 | 23.51 | 17.46 |
| Diluted | 28 | 22.84 | 16.95 |
Accompanying notes from 1 to 42 form an integral part of these consolidates statements.
Consolidated Statement of Total Comprehensive Income
For The Year Ended December 31, 2024 All amounts in Saudi Riyals| Note | December 31, 2024 |
December 31, 2023 |
|
|---|---|---|---|
| NET PROFIT | 1,826,848,468 | 1,356,194,754 | |
| OTHER COMPREHENSIVE INCOME | |||
| Items that may be reclassified subsequently to profit or loss: | |||
| Foreign currency translation difference | 215,146 | - | |
| Items that will not be reclassified subsequently to profit or loss | |||
| Change in fair value of financial assets through other comprehensive income | 17 | (16,059,887) | 26,381,472 |
| Re-measurement of end of service benefits provision | 29 | (2,927,075) | (5,463,042) |
| TOTAL OTHER COMPREHENSIVE INCOME | (18,771,816) | 20,918,430 | |
| TOTAL COMPREHENSIVE INCOME | 1,808,076,652 | 1,377,113,184 | |
| Total comprehensive income attributable to: | |||
| Equity holders of the parent Company | 1,808,099,770 | 1,377,149,184 | |
| Non-controlling interests | (23,118) | (36,000) | |
| 1,808,076,652 | 1,377,113,184 |
Accompanying notes from 1 to 42 form an integral part of these consolidates statements.
Consolidated Statement of Changes in Equity
For The Year Ended December 31, 2024 All amounts in Saudi Riyals| Equity attributable to the equity holders of the Parent | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Note | Share capital | Treasury shares | Statutory reserve | Other reserves | Retained earnings | Total | Non-controlling interest | Total equity | |
| Balance as at January 1, 2023 | 800,000,000 | (307,200,000) | 174,708,101 | (24,180,887) | 2,403,679,701 | 3,047,006,915 | - | 3,046,970,915 | |
| Net profit | - | - | - | - | 1,356,230,754 | 1,356,230,754 | (36,000) | 1,356,194,754 | |
| Other comprehensive income | - | - | - | 20,918,430 | - | 20,918,430 | - | 20,918,430 | |
| Total comprehensive income | - | - | - | 20,918,430 | 1,356,230,754 | 1,377,149,184 | (36,000) | 1,377,113,184 | |
| Treasury shares settlement | - | 12,441,600 | - | (20,446,020) | 8,004,420 | - | - | - | |
| Share-based payment transactions | - | - | - | 36,534,955 | - | 36,534,955 | - | 36,534,955 | |
| Dividends | - | - | - | - | (466,183,200) | (466,183,200) | - | (466,183,200) | |
| Transactions with non-controlling interests | - | - | - | - | - | - | 200,000 | 200,000 | |
| Balance as at December 31, 2023 | 800,000,000 | (294,758,400) | 174,708,101 | 12,826,478 | 3,301,731,675 | 3,994,507,854 | 164,000 | 3,994,671,854 | |
| Balance as at January 1, 2024 | 800,000,000 | (294,758,400) | 174,708,101 | 12,826,478 | 3,301,731,675 | 3,994,507,854 | 164,000 | 3,994,671,854 | |
| Net profit | - | - | - | - | 1,826,871,586 | 1,826,871,586 | (23,118) | 1,826,848,468 | |
| Other comprehensive income | - | - | - | (18,771,816) | - | (18,771,816) | - | (18,771,816) | |
| Total comprehensive income | - | - | - | (18,771,816) | 1,826,871,586 | 1,808,099,770 | (23,118) | 1,808,076,652 | |
| Treasury shares settlement | 25,26 | - | 1,645,824 | - | (6,611,224) | 4,965,400 | - | - | - |
| Share-based payment transactions | 26 | - | - | - | 73,226,070 | - | 73,226,070 | - | 73,226,070 |
| Dividends | 40 | - | - | - | - | (582,729,000) | (582,729,000) | - | (582,729,000) |
| Transferred from Statutory reserve | - | - | (174,708,101) | - | 174,708,101 | - | - | - | |
| Balance as at December 31, 2024 | 800,000,000 | (293,112,576) | - | 60,669,508 | 4,725,547,762 | 5,293,104,694 | 140,882 | 5,293,245,576 | |
Accompanying notes from 1 to 42 form an integral part of these consolidates statements.
Consolidated Statement of Cash Flows
For The Year Ended December 31, 2024 All amounts in Saudi Riyals| Notes | December 31, 2024 | December 31, 2023 | |
|---|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES | |||
| Net profit before zakat | 1,953,868,382 | 1,473,252,403 | |
| Adjustments for non-cash items: | |||
| Depreciation and amortization | 11, 13, 14 | 198,838,582 | 119,972,900 |
| Amortization of long term prepayments | 15,978,712 | 26,557,197 | |
| Impairment of non-current assets | 12, 14 | 21,343,476 | 5,918,692 |
| Expected credit losses | 37-A | 142,748,596 | 91,770,357 |
| End of service benefits provision | 77,895,144 | 67,760,770 | |
| Share based payment transactions | 26 | 73,226,070 | 36,534,955 |
| Finance cost | 11, 13 | 28,447,260 | 5,861,229 |
| Income from murabaha deposits | 21, 22 | (145,475,642) | (127,856,085) |
| Share in results from investments in associates and a joint venture | 16 | 1,644,095 | 11,946,369 |
| (Gains)/Loss at fair value of financial assets through profit or loss | 16, 17 | (34,211,615) | 15,968,640 |
| (Other income)/expenses, net | 10 | (63,537,769) | 51,497 |
| 2,270,765,291 | 1,727,738,924 | ||
| Working capital adjustments: | |||
| Accounts receivable | 18 | (717,919,542) | (933,306,211) |
| Contract assets | 19 | 207,873,087 | (56,820,705) |
| Prepaid expenses and other current assets | 20 | 120,126,413 | (85,958,086) |
| Accounts payable and other current liabilities | 30 | (324,779,331) | 877,039,462 |
| Contract liabilities | 31 | 106,098,925 | 31,444,171 |
| Cash from operations | 1,662,164,843 | 1,560,137,555 | |
| Zakat paid | 32 | (92,460,708) | (71,878,782) |
| Proceeds from income from murabaha deposits | 143,910,435 | 90,360,772 | |
| End of service benefits paid | 29 | (54,275,657) | (19,996,797) |
| Net cash generated from operating activities | 1,659,338,913 | 1,558,622,748 | |
| INVESTING ACTIVITIES | |||
| Murabaha deposits | 21 | 1,607,785,901 | (1,057,743,644) |
| Purchase of property, equipment and intangible assets | 11, 14 | (62,749,712) | (58,337,767) |
| Proceeds from sale of property and equipment | 11 | - | 390,108 |
| Proceeds from other financial assets | 17 | 304,000,000 | 467,929,663 |
| Proceeds from disposal of investments in associates | 16 | - | 150,000 |
| Purchase of investment in associate and joint venture | (4,530,000) | - | |
| Additions to long term prepayments | (22,737,301) | (34,500,818) | |
| Investments in other financial assets | 16, 17 | (752,285,622) | (432,696,961) |
| Payments for capital works in progress | 12 | (165,399,192) | (115,757,975) |
| Net cash from /(used in) investing activities | 904,084,074 | (1,230,567,394) | |
| FINANCING ACTIVITIES | |||
| Payment of lease liabilities | 13 | (81,286,841) | (39,484,748) |
| Payment of liabilities for purchasing property | 11 | (25,396,063) | (24,746,387) |
| Finance costs paid | 11, 13 | (7,607,646) | (1,925,803) |
| Dividends paid | 40 | (582,729,000) | (466,183,200) |
| Net cash used in financing activities | (697,019,550) | (532,340,138) | |
| Net change in cash and cash equivalents | 1,866,403,437 | (204,284,784) | |
| Cash and cash equivalents at the beginning of the year | 22 | 384,394,607 | 588,679,391 |
| Net foreign currency exchange | (865) | - | |
| Cash and cash equivalents at the end of the year | 2,250,797,179 | 384,394,607 |
The attached notes from 1 to 42 are an integral part of these consolidated financial statements.
