
Consolidated Statement of Financial Position
As at 31 December 2024(Saudi Riyal)
Notes | 31 December 2024 |
31 December 2023 |
|
Assets | |||
Non-current assets | |||
Property and equipment | 4 | 210,753,570 | 53,839,230 |
Intangible assets and Goodwill | 5 | 102,179,787 | 81,002,357 |
Right-of-use assets | 6 | 68,999,361 | 96,914,858 |
Investments at FVTPL | 7 | 68,296,898 | 84,096,616 |
Equity accounted investments | 8 | 101,250,771 | -- |
Total non-current assets | 551,480,387 | 315,853,061 | |
Current assets | |||
Inventory | 11,074,662 | 9,819,248 | |
Trade receivables | 9 | 75,099,846 | 36,425,399 |
Prepaid expenses and other receivables | 10 | 78,339,914 | 72,074,580 |
Cash and cash equivalents | 11 | 1,054,080,837 | 1,109,059,521 |
Deposits with financial institutions | 12 | -- | 107,564,031 |
Total current assets | 1,218,595,259 | 1,334,942,779 | |
Total Assets | 1,770,075,646 | 1,650,795,840 | |
Equity and liabilities | |||
Equity | |||
Share capital | 13 | 104,918,030 | 104,918,030 |
Statutory reserve | 15 | 18,420,724 | 18,420,724 |
Share premium | 740,175,504 | 740,175,504 | |
Treasury shares | 14 | (93,072,345) | (1,920,000) |
Employees' shares reserve | 16 | 28,603,985 | 31,381,389 |
Retained earnings | 441,385,831 | 258,542,572 | |
Equity attributable to equity holders of the Parent Company | 1,240,431,729 | 1,151,518,219 | |
Non-controlling interests | 9,008,699 | (6,039,275) | |
Total shareholders' equity | 1,249,440,428 | 1,145,478,944 | |
Liabilities | |||
Non-current liabilities | |||
Non-current portion of lease liabilities | 6 | 39,577,915 | 63,001,917 |
Employees' benefits obligations | 17 | 23,007,954 | 17,255,681 |
Total non-current liabilities | 62,585,869 | 80,257,598 | |
Current liabilities | |||
Proceeds due to customers | 18 | 197,397,900 | 161,549,641 |
Current portion of lease liabilities | 6 | 32,271,396 | 32,971,145 |
Trade payables | 19 | 54,295,193 | 83,573,373 |
Accrued expenses and other current liabilities | 20 | 151,284,860 | 115,785,723 |
Short term loan | -- | 1,916,899 | |
Zakat provision | 22 | 22,800,000 | 29,262,517 |
Total current liabilities | 458,049,349 | 425,059,298 | |
Total Liabilities | 520,635,218 | 505,316,896 | |
Total Liabilities and Equity | 1,770,075,646 | 1,650,795,840 |
Consolidated Statement of Profit or Loss and Other Comprehensive Income
For the year ended 31 December 2024(Saudi Riyal)
Notes | 31 December 2024 |
31 December 2023 |
|
Revenue | 23 | 2,218,662,735 | 1,784,755,283 |
Cost of revenue | 24 | (1,677,500,170) | (1,378,877,760) |
Gross profit | 541,162,565 | 405,877,523 | |
Impairment loss of trade receivables | 9 | (13,804,799) | (5,030,671) |
Marketing & advertising expenses | 25 | (169,089,163) | (149,968,457) |
General and administrative expenses | 26 | (136,339,996) | (106,194,606) |
Other (expense)/ income, net | (304,785) | (921,969) | |
Operating profit | 168,863,674 | 101,895,079 | |
Unrealized (losses)/profits on investments at FVTPL | 7 | (6,108,755) | 3,326,897 |
Share of losses from Equity accounted investments | 8 | (2,175,043) | -- |
Finance costs | (4,522,259) | (5,456,944) | |
Finance income | 48,537,021 | 46,068,207 | |
Net profit for the year before zakat | 204,594,638 | 204,594,638 | |
Zakat | 22 | (20,376,493) | (27,065,630) |
Net profit for the year | 184,218,145 | 184,218,145 | |
Net profit for the year attributable to: | |||
Shareholders of the Parent Company | 187,979,245 | 125,336,967 | |
Non-Controlling interests | (3,761,100) | (6,569,358) | |
184,218,145 | 118,767,609 | ||
Other comprehensive income | |||
Items that will not be reclassified subsequently to profit or loss | |||
Re-measurement of employees' benefits obligations | 17 | 1,958,244 | 1,571,043 |
Total other comprehensive income | 1,958,244 | 1,571,043 | |
Total comprehensive income | 186,176,389 | 120,338,652 | |
Total comprehensive income attributable to | |||
Shareholders of the parent company | 189,937,489 | 126,908,010 | |
Non-Controlling interests | (3,761,100) | (6,569,358) | |
186,176,389 | 120,338,652 | ||
Earnings per share attributable to shareholders of the Company: | |||
Basic earnings per share | 30 | 0.92 | 0.61 |
Diluted earnings per share | 30 | 0.92 | 0.61 |
Consolidated Statement of Changes in Equity
For the year ended December 31(Saudi Riyal)
Equity attributable to the Parent Company’s shareholders | |||||||||
Share capital | Statutory reserve | Share premium | Treasury shares | Employees' shares reserve | Retained earnings | Total | Non-controlling interests | Total | |
Balance as at 1 January 2023 | 104,918,030 | 18,420,724 | 740,175,504 | (1,920,000) | 11,896,912 | 131,634,562 | 1,005,125,732 | (1,160,057) | 1,003,965,675 |
Net profit for the year | - | - | - | - | - | 125,336,967 | 125,336,967 | (6,569,358) | 118,767,609 |
Other comprehensive income for the year | - | - | - | - | - | 1,571,043 | 1,571,043 | - | 1,571,043 |
Total comprehensive income for the year | - | - | - | - | - | 126,908,010 | 126,908,010 | (6,569,358) | 120,338,652 |
Share-based payments transactions (Note 16) | - | - | - | - | 19,484,477 | - | 19,484,477 | - | 19,484,477 |
Change in non-controlling interests | - | - | - | - | - | - | - | 1,690,140 | 1,690,140 |
Balance as at 31 December 2023 | 104,918,030 | 18,420,724 | 740,175,504 | (1,920,000) | 31,381,389 | 258,542,572 | 1,151,518,219 | (6,039,275) | 1,145,478,944 |
Balance as at 1 January 2024 | 104,918,030 | 18,420,724 | 740,175,504 | (1,920,000) | 31,381,389 | 258,542,572 | 1,151,518,219 | (6,039,275) | 1,145,478,944 |
Net profit for the year | - | - | - | - | - | 187,979,245 | 187,979,245 | (3,761,100) | 184,218,145 |
Other comprehensive income for the year | - | - | - | - | - | 1,958,244 | 1,958,244 | - | 1,958,244 |
Total comprehensive income for the year | - | - | - | - | - | 189,937,489 | 189,937,489 | (3,761,100) | 186,176,389 |
Employees' shares reserve (Note 14) | - | - | - | (91,152,345) | - | - | (91,152,345) | - | (91,152,345) |
Share-based payments transactions (Note 16) | - | - | - | - | (2,777,404) | 6,618,319 | 3,840,915 | - | 3,840,915 |
Change in non-controlling interests | - | - | - | - | - | (13,712,549) | (13,712,549) | 18,809,074 | 5,096,525 |
Balance as at 31 December 2024 | 104,918,030 | 18,420,724 | 740,175,504 | (93,072,345) | 28,603,985 | 441,385,831 | 1,240,431,729 | 9,008,699 | 1,249,440,428 |
Consolidated Statement of Cash Flows
For the year ended December 31(Saudi Riyal)
Note | 31 December 2024 |
31 December 2023 |
|
Cashflows generated from operating activities: | |||
Net profit for the year before zakat | 204,594,638 | 145,833,239 | |
Adjustments to reconcile net income for the year to cashflows generated from operating activities: | |||
Expected credit loss of trade receivables | 9 | 13,804,799 | 5,030,671 |
Depreciation and amortization | 4,5,6 | 53,176,978 | 51,970,559 |
Employees' benefits | 17 | 7,915,336 | 7,959,954 |
Finance costs | 5,282,427 | 6,025,384 | |
Unrealized losses / (gains) on investments at FVTPL | 7 | 6,108,755 | (3,326,897) |
Share of losses from equity accounted investments | 8 | 2,175,043 | — |
Share-based payment expenses | 16 | 3,840,915 | 19,484,477 |
Short-term deposits | (48,532,021) | (46,068,207) | |
(Gain) / Losses from right-of-use of assets | 6 | (315,155) | 529,143 |
Losses from disposal of fixed assets | 4 | 4,507,708 | — |
Losses from disposal of intangible assets | 5 | 74,227 | — |
Inventory | (1,255,414) | (8,536,741) | |
Trade receivables | 9 | (52,472,946) | (9,299,606) |
Prepaid expenses and other receivables | 10 | (6,265,334) | 10,675,998 |
Proceeds due to customers | 18 | 35,848,259 | 42,748,742 |
Trade payables | 19 | (26,223,407) | 22,048,272 |
Accrued expenses and other current liabilities | 20 | 32,864,527 | 44,364,173 |
Employees' benefits paid | 17 | (995,108) | (1,500,632) |
Interest paid | (4,492,138) | (5,459,295) | |
Zakat paid | (26,839,010) | (2,561,216) | |
Net cash flows generated from operating activities | 202,791,779 | 256,867,520 | |
Cashflows from investing activities | |||
Payments to purchase of property and equipment | 4 | (175,399,885) | (23,343,175) |
Payments to purchase and develop intangible assets | 5 | (19,714,623) | (13,497,082) |
Sell / (Purchase) investments at FVTPL | 7 | 9,690,963 | (58,040,982) |
Purchase of equity-accounted investments | 8 | (103,425,814) | — |
Repayment of deposit with financial institutions | 107,564,031 | 100,000,000 | |
Proceeds from interest on short-term deposits | 48,537,021 | 38,504,176 | |
Net payment for acquisition of subsidiary | 34 | (4,833,713) | (59,691,640) |
Net cash flows used in investing activities | (137,582,020) | (16,068,703) | |
Cash flows from financing activities | |||
Treasury shares | 14 | (91,152,345) | — |
Payments of lease liabilities | 6 | (27,119,199) | (32,518,198) |
Payment of short-term loan | (1,916,899) | (1,906,840) | |
Net cash flows used in financing activities | (120,188,443) | (34,425,038) | |
Net change in cash and cash equivalents | (54,978,648) | 206,373,779 | |
Cash and cash equivalents as at the beginning of the year | 1,109,059,521 | 902,685,742 | |
Cash and cash equivalents as at the end of the year | 1,054,080,837 | 1,109,059,521 | |
Non-cash transactions | |||
Additions in Right-of-use assets against lease liabilities | 28,158,501 | 18,267,517 | |
Disposal in Right-of-use assets against lease liabilities | 24,847,898 | 20,181,208 |