Consolidated Statement of Financial Position

As at 31 December 2024
(In thousands of Saudi Riyals)
Note 2024 2023
ASSETS
NON-CURRENT ASSETS
Property and equipment 6 16,616,175 14,009,488
Projects under construction 7 2,291,663 905,035
Right of use assets 18 948,623 661,384
Intangible assets 8 283,205 324,537
Equity accounted investees 9 2,175,143 1,833,985
Other non-current financial assets 10 49,346 74,958
Total Non-Current Assets 22,364,155 17,809,387
CURRENT ASSETS
Inventories 11 468,063 498,376
Trade receivables and contract assets 12 1,273,381 1,298,001
Prepayments and other current asset 13 681,834 587,364
Cash and cash equivalents 14 1,821,500 2,913,117
Total Current Assets 4,244,778 5,296,858
Total Assets 26,608,933 23,106,245
EQUITY AND LIABILITIES
EQUITY
Share capital 15 7,382,812 7,382,812
Share premium 1,489,103 1,489,103
Other reserves 37,793 14,493
Retained earnings 4,715,506 2,952,169
Equity attributable to equity holders of the Parent Company 13,625,214 11,838,577
Non-controlling interests 31 960,008 803,659
Total Equity 14,585,222 12,642,236
LIABILITIES
NON-CURRENT LIABILITIES
Loans and borrowings 16 8,288,484 7,060,164
Employees’ end of service benefits 17 131,579 100,325
Lease liabilities 18 540,215 498,840
Derivative financial instruments 2,943 4,168
Total Non-Current Liabilities 8,963,221 7,663,497
CURRENT LIABILITIES
Loans and borrowings 16 459,585 609,117
Lease liabilities 18 436,317 188,028
Trade and other payables 19 1,938,914 1,752,378
Provision for Zakat and income tax 20 225,674 250,989
Total Current Liabilities 3,060,490 2,800,512
Total Liabilities 12,023,711 10,464,009
Total Equity and Liabilities 26,608,933 23,106,245

The accompanying notes 1 to 33 form an integral part of these consolidated financial statements.

Consolidated Statement of Profit or Loss

For the year ended 31 December 2024
(In thousands of Saudi Riyals)
Note 2024 2023
Revenue 21 9,482,387 8,777,500
Operating costs 22 (7,119,252) (6,861,726)
Gross profit before bunker subsidy 2,363,135 1,915,774
Bunker subsidy 337,222 157,352
Gross profit 2,700,357 2,073,126
General and administrative expenses 23 (321,167) (241,175)
Provision on trade receivables and contract assets 12 (20,390) (2,564)
Other income 24 245,191 340,323
Operating profit 2,603,991 2,169,710
Finance cost 25 (621,649) (621,648)
Finance income 14 86,076 79,618
Share of results of equity accounted investees 9 432,563 266,168
Profit before Zakat and income tax 2,500,981 1,893,848
Zakat and income tax 20 (115,180) (100,836)
Profit for the year 2,385,801 1,793,012
Profit for the year attributable to:
Equity holders of the Parent Company 2,169,392 1,613,428
Non-controlling interests 31 216,409 179,584
2,385,801 1,793,012
Earnings per share:
Basic & diluted 26 2.94 2.19

The accompanying notes 1 to 33 form an integral part of these consolidated financial statements.

Consolidated Statement of Comprehensive Income

For the year ended 31 December 2024
(In thousands of Saudi Riyals)
Note 2024 2023
Profit for the year 2,385,801 1,793,012
Items that will not be subsequently reclassified to profit or loss
Change in fair value of investment through OCI 11,644 -
Items that are or may be reclassified subsequently to profit or loss
Equity accounted investees - share of OCI 9 11,079 (12,333)
Re-measurement gain / (loss) of employees’ end of service benefits 17 517 (7,698)
Total comprehensive income for the year 2,409,041 1,772,981
Total comprehensive income attributable to:
Equity holders of the Parent Company 2,192,692 1,593,518
Non-controlling interests 216,349 179,463
Total comprehensive income for the year 2,409,041 1,772,981

The accompanying notes 1 to 33 form an integral part of these consolidated financial statements.

Consolidated Statement of Cash Flows

For the year ended 31 December 2024
(In thousands of Saudi Riyals)
Note 2024 2023
OPERATING ACTIVITIES
Profit for the year before zakat and income tax 2,500,981 1,893,848
Adjustments for non-cash items:
Depreciation of property and equipment 6 1,167,756 1,151,064
Depreciation of right-of-use assets 18 452,163 198,783
Amortization of intangible assets 8 50,527 55,805
Provision on trade receivables and contract assets 12 20,390 2,564
Finance cost 25 621,649 621,648
Finance income 14 (86,076) (79,618)
Share of results of equity accounted investees 9 (432,563) (266,168)
Gain on disposal of property and equipment 24 (215,924) (214,084)
Employees’ end of service benefits 17 37,710 16,056
4,116,613 3,379,898
Changes in operating assets and liabilities:
Inventories 30,313 12,822
Trade receivables and contract assets 4,230 768,460
Prepayments and other current assets (81,156) (111,730)
Trade and other payables 59,407 207,125
Cash from operating activities 4,129,407 4,256,575
Finance cost paid (577,450) (587,978)
Zakat and income tax paid 20 (140,495) (105,293)
Employees’ end of service benefits paid 17 (5,939) (2,744)
Net cash flows generated from operating activities 3,405,523 3,560,560
INVESTING ACTIVITIES
Additions of property and equipment 6 (245,972) (253,138)
Additions of projects under construction 7 (5,223,356) (1,387,637)
Additions of intangible assets 8 (9,195) (6,445)
Proceeds from disposal of property and equipment 524,181 685,205
Investment in equity accounted investee 9 - (90,260)
Dividends from equity accounted investee 9 225,450 85,227
Proceeds from finance income 84,343 82,359
Other non-current financial assets 1,536 2,247
Net cash flows used in investing activities (4,643,013) (882,442)
FINANCING ACTIVITIES
Proceeds from loans and borrowings 16 2,526,873 886,800
Repayment of loans and borrowings 16 (1,459,666) (2,755,014)
Dividends paid 30 (406,055) (246,095)
Payment of lease liabilities (455,279) (180,050)
Dividends paid to non-controlling interests by subsidiary (60,000) -
Net cash flows from / (used in) financing activities 145,873 (2,294,359)
Net (decrease)/ increase in cash and cash equivalents (1,091,617) 383,759
Cash and cash equivalents at beginning of the year 2,913,117 2,529,358
Cash and cash equivalents at end of the year 14 1,821,500 2,913,117
Details of other non-cash transactions:
Projects under construction transferred to property and equipment 6 & 7 3,836,728 1,418,114
Additions to right-of-use assets 18 739,402 439,755

The accompanying notes 1 to 33 form an integral part of these consolidated financial statements.

Consolidated Statement of Changes in Equity

For the year ended 31 December 2024
(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 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 loss - - - (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 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
Balance at 1 January 2024 7,382,812 - 1,489,103 14,493 2,952,169 11,838,577 803,659 12,642,236
Profit for the year - - - - 2,169,392 2,169,392 216,409 2,385,801
Other comprehensive income - - - 23,300 - 23,300 (60) 23,240
Total comprehensive income for the year - - - 23,300 2,169,392 2,192,692 216,349 2,409,041
Dividends (note 30) - - - - (406,055) (406,055) - (406,055)
Dividends paid to non-controlling interest - - - - - - (60,000) (60,000)
Balance at 31 December 2024 7,382,812 - 1,489,103 37,793 4,715,506 13,625,214 960,008 14,585,222

The accompanying notes 1 to 33 form an integral part of these consolidated financial statements.

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