CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at December 31(Expressed in thousands of Saudi Riyal unless otherwise stated)
| Notes | 2024 $'000 |
2023 $'000 |
|
|---|---|---|---|
| ASSETS | |||
| Property, plant and equipment | 4 | 5,438,447 | 6,046,276 |
| Right-of-use assets | 5 | 3,058,060 | 3,040,384 |
| Intangible assets and goodwill | 6 | 1,399,693 | 1,678,552 |
| Investment property | 7 | 151,796 | 153,629 |
| Equity-accounted investees | 8 | 409,097 | 9,309,103 |
| Investments at fair value through other comprehensive income | 9 | 108,271 | 98,068 |
| Deferred tax asset | 25 | 25,308 | 25,641 |
| Other non-current assets | 17,845 | 16,066 | |
| Non-current assets | 10,608,517 | 20,367,719 | |
| Inventories | 10 | 4,171,221 | 4,251,886 |
| Trade receivables | 11 | 1,956,952 | 1,752,950 |
| Prepayments and other receivables | 12 | 1,637,689 | 1,590,124 |
| Investments at fair value through other comprehensive income | 9 | 121,608 | - |
| Investments at fair value through profit or loss | 9 | 115,986 | 22,871 |
| Term deposits | 13 | 546,941 | 738,395 |
| Cash and cash equivalents | 13 | 2,235,328 | 1,213,193 |
| Current assets | 10,785,725 | 9,569,419 | |
| TOTAL ASSETS | 21,394,242 | 29,937,138 | |
| EQUITY | |||
| Share capital | 15 | 3,000,000 | 5,339,807 |
| Share premium | 342,974 | 342,974 | |
| Shares held under employees' share based payment plan | (37,459) | (120,774) | |
| Statutory reserve | 16 | - | 1,774,085 |
| General reserve | 4,000 | 4,000 | |
| Other reserves | 17 | (67,894) | (456,513) |
| Effect of transactions with non-controlling interests without change in control | (39,772) | (275,117) | |
| Foreign currency translation reserve | (1,388,896) | (2,354,758) | |
| Retained earnings | 2,807,377 | 4,143,441 | |
| Equity attributable to owners of the Company | 4,620,330 | 8,397,145 | |
| Non-controlling interests | 958,733 | 1,137,375 | |
| TOTAL EQUITY | 5,579,063 | 9,534,520 | |
| LIABILITIES | |||
| Loans and borrowings | 20 | 29,435 | 4,699,990 |
| Lease liabilities | 22 | 3,166,786 | 3,092,951 |
| Employee benefits | 23 | 754,969 | 842,718 |
| Provision against asset restoration | 24 | 157,409 | 153,541 |
| Deferred tax liability | 25 | 116,564 | 60,150 |
| Non-current liabilities | 4,225,163 | 8,849,350 | |
| Loans and borrowings | 20 | 3,374,142 | 3,944,497 |
| Lease liabilities | 22 | 426,311 | 429,578 |
| Trade payables | 26 | 3,679,328 | 3,507,964 |
| Put liability | 12 | 343,328 | - |
| Derivative | 12 | - | 274,255 |
| Accrued and other liabilities | 27 | 3,117,558 | 2,863,664 |
| Contract liabilities | 28 | 139,401 | 171,171 |
| Accrued income tax | 29 | 106,080 | 285,847 |
| Accrued zakat | 29 | 403,868 | 76,292 |
| Current liabilities | 11,590,016 | 11,553,268 | |
| TOTAL LIABILITIES | 15,815,179 | 20,402,618 | |
| TOTAL EQUITY AND LIABILITIES | 21,394,242 | 29,937,138 |
The notes from 1 to 46 form an integral part of these consolidated financial statements.
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
As at December 31(Expressed in thousands of Saudi Riyal unless otherwise stated)
| Notes | 2024 $'000 |
2023 $'000 |
|
|---|---|---|---|
| Continuing Operations | |||
| Revenues | 34 | 23,986,655 | 24,149,521 |
| Cost of revenues | 35 | (19,029,636) | (19,103,682) |
| Gross profit | 4,957,019 | 5,045,839 | |
| Share of results in investment in equity-accounted investees, net of zakat and tax | 8.1 | 808,635 | 718,813 |
| Selling and distribution expenses | 36 | (2,991,905) | (2,931,087) |
| Administrative expenses | 37 | (938,698) | (869,798) |
| Impairment (charge) / reversal, net | 40 | (390,409) | 130,190 |
| Net impairment reversal / (loss) on financial assets | 11 | 456 | (24,096) |
| Other operating income / (expense) | 38 | 9,582 | (7,935) |
| Results from operating activities | 1,454,680 | 2,061,926 | |
| Finance income | 132,548 | 98,446 | |
| Finance cost | (1,139,071) | (966,038) | |
| Net finance cost | 41 | (1,006,523) | (867,592) |
| Gain on distribution of investment in equity accounted investee | 8 | 11,554,662 | -- |
| Loss on derecognition of investment in equity accounted investee | 14 | (139,001) | -- |
| Gain on sale of assets and liabilities classified as held for sale | -- | 18,677 | |
| Profit before zakat and income tax | 11,863,818 | 1,213,011 | |
| Income tax expense | 29 | (216,466) | (123,235) |
| Zakat expense | 29 | (350,010) | (38,467) |
| Profit for the year from continuing operations | 11,297,342 | 1,051,309 | |
| (Loss) / profit from discontinued operations | 21 | (1,381,990) | 19,167 |
| Profit for the year | 9,915,352 | 1,070,476 | |
| Other comprehensive income | |||
| Items that will not be reclassified to profit or loss | |||
| Re-measurements of the defined benefit liability | 23 | 62,891 | 43,935 |
| Investments at fair value through other comprehensive income – net change in fair value | 9 | 1,911 | (6,360) |
| Equity accounted investees - share of other comprehensive income | 8 | (19,806) | (29,572) |
| Items that are or may be reclassified subsequently to profit or loss | |||
| Release of foreign currency translation differences on disposal of subsidiaries | 21 | 1,563,014 | -- |
| Equity accounted investees – share of foreign currency translation differences reclassified to profit or loss | (11,907) | -- | |
| Release of reserve – equity accounted investee | 3,200 | -- | |
| Foreign operations – foreign currency translation differences | (613,642) | (341,815) | |
| Investment in equity accounted investees - share of other comprehensive income | 8 | (89,086) | 39,268 |
| Equity accounted investees - share of other comprehensive loss reclassified to profit or loss | 17 | 367,101 | -- |
| Cash flow hedges – effective portion of changes in fair value | 23,872 | (20,003) | |
| Other comprehensive income / (loss) for the year – net of tax | 1,287,548 | (314,547) | |
| Total comprehensive income for the year | 11,202,900 | 755,929 | |
| Profit / (loss) attributable to: | |||
| Owners of the Company | 9,974,266 | 899,185 | |
| Non-controlling interests | (58,914) | 171,291 | |
| Profit for the year | 9,915,352 | 1,070,476 | |
| Profit / (loss) attributable to owners of the Company from: | |||
| Continuing operations | 11,301,864 | 911,356 | |
| Discontinued operations | (1,327,598) | (12,171) | |
| 9,974,266 | 899,185 | ||
| Total comprehensive income / (loss) attributable to: | |||
| Owners of the Company | 11,271,637 | 645,543 | |
| Non-controlling interests | (68,737) | 110,386 | |
| Total comprehensive income for the year | 11,202,900 | 755,929 | |
| Total comprehensive income / (loss) attributable to owners of the Company: | |||
| Continuing operations | 11,255,948 | 840,798 | |
| Discontinued operations | 11,271,637 | 645,543 | |
| Earnings per share attributable to the Owners of the Company from continuing operations (in $) (*Restated): | |||
| Basic | 31 | 12.02 | 1.00* |
| Diluted | 31 | 12.00 | 1.00* |
| Earnings per share attributable to the Owners of the Company (in $) (*Restated): | |||
| Basic | 31 | 10.61 | 0.99* |
| Diluted | 31 | 10.59 | 0.99* |
The notes from 1 to 46 form an integral part of these consolidated financial statements.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended December 31(Expressed in thousands of Saudi Riyal unless otherwise stated)
| Equity attributable to the Owners of the Company | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Share Capital ($'000) |
Share Premium ($'000) |
Shares held under employees' share based payment plan ($'000) |
Statutory Reserve ($'000) |
General Reserve ($'000) |
Other Reserves ($'000) |
Effect of transactions with non-controlling interests without change in control ($'000) |
Foreign currency translation reserve ($'000) |
Retained Earnings ($'000) |
Total ($'000) |
Noncontrolling interests ($'000) |
Total Equity ($'000) |
||
| Balance at January 1, 2023 | 5,339,807 | 342,974 | (51,862) | 1,774,085 | 4,000 | (452,731) | (187,979) | (2,066,346) | 3,552,764 | 8,254,712 | 1,061,981 | 9,316,693 | |
| Total comprehensive income / (loss) for the year | |||||||||||||
| Profit for the year | - | - | - | - | - | - | - | - | 899,185 | 899,185 | 171,291 | 1,070,476 | |
| Other comprehensive income / (loss) | - | - | - | - | - | (8,965) | - | (288,412) | 43,735 | (253,642) | (60,905) | (314,547) | |
| - | - | - | - | - | (8,965) | - | (288,412) | 942,920 | 645,543 | 110,386 | 755,929 | ||
| Transaction with non-controlling interest without change in control | - | - | - | - | - | - | (87,138) | - | - | (87,138) | 27,138 | (60,000) | |
| Charge for equity-settled employees' share based payment plan | - | - | - | - | - | 5,183 | - | - | - | 5,183 | (6) | 5,177 | |
| Purchase of shares held under employees' share based payment plan | - | - | (80,000) | - | - | - | - | - | - | (80,000) | - | (80,000) | |
| Dividends | - | - | - | - | - | - | - | - | (352,427) | (352,427) | (62,124) | (414,551) | |
| Dividend on Treasury Shares | - | - | - | - | - | - | - | - | 184 | 184 | - | 184 | |
| Settlement of treasury Shares | - | - | 11,088 | - | - | - | - | - | - | 11,088 | - | 11,088 | |
| Balance at December 31, 2023 | 5,339,807 | 342,974 | (120,774) | 1,774,085 | 4,000 | (456,513) | (275,117) | (2,354,758) | 4,143,441 | 8,397,145 | 1,137,375 | 9,534,520 | |
| Equity attributable to the Owners of the Company | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Share Capital ($'000) |
Share Premium ($'000) |
Shares held under employees' share based payment plan ($'000) |
Statutory Reserve ($'000) |
General Reserve ($'000) |
Other Reserves ($'000) |
Effect of transactions with non-controlling interests without change in control ($'000) |
Foreign currency translation reserve ($'000) |
Retained Earnings ($'000) |
Total ($'000) |
Noncontrolling interests ($'000) |
Total Equity ($'000) |
||
| Balance at January 1, 2024 | 5,339,807 | 342,974 | (120,774) | 1,774,085 | 4,000 | (456,513) | (275,117) | (2,354,758) | 4,143,441 | 8,397,145 | 1,137,375 | 9,534,520 | |
| Total comprehensive income / (loss) for the year | |||||||||||||
| Profit / (loss) for the year | - | - | - | - | - | - | - | - | 9,974,266 | 9,974,266 | (58,914) | 9,915,352 | |
| Other comprehensive income / (loss) | - | - | - | - | - | 277,759 | - | 965,862 | 53,750 | 1,297,371 | (9,823) | 1,287,548 | |
| - | - | - | - | - | 277,759 | - | 965,862 | 10,028,016 | 11,271,637 | (68,737) | 11,202,900 | ||
| Charge for equity-settled employees' share based payment plan | - | - | - | - | - | 36,304 | - | - | - | 36,304 | 52 | 36,356 | |
| Issue of new shares via right issue | 6,000,000 | - | (33,348) | - | - | - | - | - | - | 5,966,652 | - | 5,966,652 | |
| Transaction cost related to right issue, capital reduction and distribution | - | - | - | - | - | - | - | - | (47,691) | (47,691) | - | (47,691) | |
| Capital Reduction | (8,339,807) | - | 104,138 | - | - | - | - | - | - | (8,235,669) | - | (8,235,669) | |
| Impact of Capital reduction on share-based payment reserves | - | - | - | - | - | (17,882) | - | - | 6,495 | (11,387) | - | (11,387) | |
| Transfer on derecognition of equity accounted investees | - | - | - | - | - | 104,963 | - | - | (104,963) | - | - | - | |
| Transfer on disposal of subsidiary | - | - | - | - | - | - | 238,979 | - | (238,979) | - | - | - | |
| Dividends distribution in-kind | - | - | - | - | - | - | - | - | (12,753,027) | (12,753,027) | (53,016) | (12,806,043) | |
| Derecognition of non-controlling interest | - | - | - | - | - | - | - | - | - | - | (89,933) | (89,933) | |
| Settlement of Treasury shares | - | - | 12,525 | - | - | (12,525) | - | - | - | - | - | - | |
| Acquisition of subsidiary | - | - | - | - | - | - | (3,634) | - | - | (3,634) | 32,992 | 29,358 | |
| Transfer from statutory reserve to retained earnings | - | - | - | (1,774,085) | - | - | - | - | 1,774,085 | - | - | - | |
| Balance at December 31, 2024 | 3,000,000 | 342,974 | (37,459) | - | 4,000 | (67,894) | (39,772) | (1,388,896) | 2,807,377 | 4,620,330 | 958,733 | 5,579,063 | |
The notes from 1 to 46 form an integral part of these consolidated financial statements.
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended December 31(Expressed in thousands of Saudi Riyal unless otherwise stated)
| Notes | 2024 $'000 |
2023 $'000 |
|
|---|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES | |||
| Profit for the year | 9,915,352 | 1,070,476 | |
| Adjustments for: | |||
| Depreciation and amortisation | 1,154,964 | 1,123,106 | |
| Net finance cost | 21 & 41 | 1,030,227 | 1,051,142 |
| Share of results in investment in equity-accounted investees, net of zakat and tax | 8 | (808,635) | (718,813) |
| Share based payment expense | 18 | 36,356 | 5,177 |
| Impairment charge / (reversal), net | 40 | 390,409 | (111,932) |
| Loss / (gain) on sale of property, plant and equipment and write-off of software | 895 | (17,769) | |
| Gain on sale of assets and liabilities classified as held for sale | -- | (18,677) | |
| Gain on distribution of equity accounted investee | 8 | (11,554,662) | -- |
| Loss on derecognition of equity accounted investee | 14 | 139,001 | -- |
| Loss on derecognition of subsidiaries | 21 | 1,422,268 | -- |
| Loss on FVTPL investments | 18,496 | 20,577 | |
| Net impairment loss on financial assets | 11 | 1,987 | 48,566 |
| Provision for employee benefits | 23 | 111,776 | 139,177 |
| Zakat expense | 29 | 350,010 | 38,467 |
| Income tax expense | 25 & 29 | 252,604 | 190,042 |
| 2,461,048 | 2,819,539 | ||
| Changes in: | |||
| Inventories | (330,979) | 87,208 | |
| Trade receivables | (672,982) | (287,666) | |
| Prepayments and other receivables | (201,103) | 66,808 | |
| Trade payables | 532,126 | (175,117) | |
| Accrued and other liabilities | 582,577 | 133,845 | |
| Cash generated from operating activities | 2,370,687 | 2,644,617 | |
| Finance cost paid on loans and borrowings | 20 | (768,056) | (744,770) |
| Finance cost paid on lease liabilities | 22 | (178,404) | (201,182) |
| Zakat and income tax paid | 29 | (202,347) | (76,931) |
| Employee benefits paid | 23 | (81,987) | (82,370) |
| Net cash generated from operating activities | 1,139,893 | 1,539,364 | |
| Cash flows from investing activities | |||
| Acquisition of property, plant and equipment | 4 | (733,345) | (890,472) |
| Acquisition of intangible assets | 6 | (41,034) | (19,756) |
| Acquisition of investment property | 7 | -- | (5,214) |
| Proceeds from sale of property, plant and equipment | 136,304 | 34,129 | |
| Additions in investment in associate | 8 | (59,965) | -- |
| Acquisition of subsidiary | 14 | 173,065 | -- |
| Finance income from bank deposits | 132,548 | 138,044 | |
| Cash outflow due to derecognition of subsidiary | 21 | (452,165) | -- |
| Proceeds from disposal of subsidiary | 21 | 231,413 | -- |
| Net proceeds from sale of assets and liabilities classified as held for sale | -- | 41,403 | |
| Dividends received from equity accounted investments | 8 | 368,540 | 366,746 |
| Net change in term deposits with maturity of more than three months | (191,454) | (181,104) | |
| Net cash used in investing activities | (436,093) | (516,224) | |
| Cash flows from financing activities | |||
| Net change in short term loans and borrowings | 136,566 | 130,514 | |
| Proceed from long-term loans and borrowings | 20 | 976,535 | 1,154,309 |
| Repayments of long-term loans and borrowings | 20 | (5,782,930) | (582,076) |
| Right issue proceeds | 15 | 6,000,000 | -- |
| Transaction cost related to right issue, capital reduction and distribution | (47,691) | -- | |
| Payment against put option | 12 | (64,842) | -- |
| Payment of lease liabilities – Principal | 22 | (482,171) | (477,618) |
| Transaction with non-controlling interest without change in control | 1 | -- | (60,000) |
| Dividends paid to the owners of the Company | (2,533) | (384,987) | |
| Dividends paid to non-controlling interests | (53,016) | (62,124) | |
| Purchase of shares held under employees' share based payment plan | 18 | (33,348) | (80,000) |
| Net cash generated from / (used) in financing activities | 646,570 | (361,982) | |
| Net change in cash and cash equivalents | 1,350,370 | 661,158 | |
| Effect of movement in exchange rates on cash and cash equivalents | (334,865) | (129,458) | |
| Cash and cash equivalents at beginning of the year | 1,132,459 | 600,759 | |
| Cash and cash equivalents at December 31 | 13 | 2,147,964 | 1,132,459 |
| Supplemental schedule of non-cash financial information: | |||
| Other reserves | (79,909) | (16,167) | |
| Foreign currency translation reserve | (613,642) | (341,815) | |
| Actuarial reserve | 23 | 62,891 | 43,935 |
| Addition to right-of-use assets | 5 | 580,888 | 375,705 |
| Addition to lease liabilities | 22 | 586,824 | 366,652 |
The notes from 1 to 46 form an integral part of these consolidated financial statements.
