Consolidated Statement of Financial Position
As at 31 December 2024|
Notes |
31 December 2024 $ |
31 December 2023 $ |
|
|
Assets |
|
|
|
|
Current assets |
|||
|
Cash and cash equivalents |
7 |
2,890,702,697 |
2,620,380,482 |
|
Accounts receivable |
8 |
1,110,377,832 |
703,123,099 |
|
Prepayments and other assets |
9 |
471,466,187 |
271,273,583 |
|
Inventories |
10 |
846,880,231 |
543,059,382 |
|
Total current assets |
5,319,426,947 |
4,137,836,546 |
|
|
Non-current assets |
|||
|
Investments in associates and others |
11 |
165,353,436 |
197,589,504 |
|
Investments in equity instruments – Sukuk |
300,000,000 |
300,000,000 |
|
|
Property and equipment |
12 |
14,773,148,689 |
11,162,615,517 |
|
Total non-current assets |
15,238,502,125 |
11,660,205,021 |
|
|
Total assets |
20,557,929,072 |
15,798,041,567 |
|
|
Liabilities and equity |
|||
|
Liabilities |
|||
|
Current liabilities |
|||
|
Current portion of long-term loans |
28.1 |
96,039,119 |
96,039,119 |
|
Accounts payable |
13 |
1,839,938,621 |
1,280,445,284 |
|
Accruals and other liabilities |
15 |
2,003,645,400 |
1,703,369,813 |
|
Zakat and income tax payable |
16 |
147,845,521 |
177,462,010 |
|
Current portion of lease liabilities |
28.2 |
74,337,595 |
41,844,787 |
|
Total current liabilities |
4,161,806,256 |
3,299,161,013 |
|
|
Non-current liabilities |
|||
|
Long-term loans |
28.1 |
7,661,931,031 |
4,810,264,140 |
|
Government grant |
17 |
49,039,737 |
54,601,524 |
|
Lease liabilities |
28.2 |
333,161,823 |
235,270,089 |
|
Employees' end-of-service benefits |
18 |
739,342,128 |
632,502,982 |
|
Total non-current liabilities |
8,783,474,719 |
5,732,638,735 |
|
|
Total liabilities |
12,945,280,975 |
9,031,799,748 |
|
|
Equity |
|||
|
Issued and paid-up share capital |
19 |
3,500,000,000 |
3,500,000,000 |
|
Statutory reserve |
20 |
- |
1,050,000,000 |
|
Retained earnings |
3,675,142,519 |
1,935,484,939 |
|
|
Equity attributable to equity holders of the parent |
7,175,142,519 |
6,485,484,939 |
|
|
Non-controlling interests |
437,505,578 |
280,756,880 |
|
|
Total equity |
7,612,648,097 |
6,766,241,819 |
|
|
Total liabilities and equity |
20,557,929,072 |
15,798,041,567 |
Consolidated Statement of Income
For the year ended 31 December 2024|
Notes |
2024 $ |
2023 $ |
|
|
Revenue |
11,200,434,264 |
9,508,438,768 |
|
|
Cost of revenue |
(7,456,175,866) |
(6,238,390,700) |
|
|
Gross profit |
3,744,258,398 |
3,270,048,068 |
|
|
Selling and marketing expenses |
22 |
(495,730,621) |
(402,700,290) |
|
General and administrative expenses |
23 |
(892,266,518) |
(771,698,862) |
|
Operating income |
2,356,261,259 |
2,095,648,916 |
|
|
Share of income of associates |
11 |
20,992,142 |
22,177,099 |
|
Finance costs |
24 |
(162,762,985) |
(70,106,623) |
|
Other income |
25 |
198,368,029 |
122,267,519 |
|
Income before zakat and income tax |
2,412,858,445 |
2,169,986,911 |
|
|
Zakat and income tax |
16 |
(42,897,373) |
(68,516,333) |
|
Income for the year |
2,369,961,072 |
2,101,470,578 |
|
|
Attributable to: |
|||
|
Equity holders of the parent |
2,315,290,800 |
2,046,013,922 |
|
|
Non-controlling interests |
54,670,272 |
55,456,656 |
|
|
2,369,961,072 |
2,101,470,578 |
||
|
Earnings per share: |
|||
|
Basic and diluted earnings per share from income for the year attributable to equity holders of the parent |
26 |
6.62 |
5.85 |
Consolidated Statement of Comprehensive Income
For the year ended 31 December 2024|
Notes |
2024 $ |
2023 $ |
|
|
Income for the year |
2,369,961,072 |
2,101,470,578 |
|
|
Other comprehensive income |
|||
|
Items that will not be reclassified to profit or loss in subsequent periods: |
|||
|
Remeasurement income (loss) on employees' end-of-service benefits |
18 |
16,157,206 |
(5,893,526) |
|
Other comprehensive income (loss) for the year |
16,157,206 |
(5,893,526) |
|
|
Total comprehensive income for the year |
2,386,118,278 |
2,095,577,052 |
|
|
Attributable to: |
|||
|
Equity holders of the parent company |
2,331,157,580 |
2,041,792,138 |
|
|
Non-controlling interests |
54,960,698 |
53,784,914 |
|
|
2,386,118,278 |
2,095,577,052 |
Consolidated Statement of Changes in Equity
For the year ended 31 December 2024|
Attributable to equity holders of the parent |
Non-controlling interests $ |
Total equity $ |
||||
|
Issued and paid-up share capital $ |
Statutory reserve $ |
Retained earnings $ |
Total $ |
|||
|
As at 1 January 2023 |
3,500,000,000 |
876,157,331 |
1,502,535,470 |
5,878,692,801 |
226,971,966 |
6,105,664,767 |
|
Income for the year |
- |
- |
2,046,013,922 |
2,046,013,922 |
55,456,656 |
2,101,470,578 |
|
Other comprehensive income (loss) |
- |
- |
(4,221,784) |
(4,221,784) |
(1,671,742) |
(5,893,526) |
|
Total comprehensive income |
- |
- |
2,041,792,138 |
2,041,792,138 |
53,784,914 |
2,095,577,052 |
|
Transfer to statutory reserve |
- |
173,842,669 |
(173,842,669) |
- |
- |
- |
|
Dividends (note 21) |
- |
- |
(1,435,000,000) |
(1,435,000,000) |
- |
(1,435,000,000) |
|
As at 31 December 2023 |
3,500,000,000 |
1,050,000,000 |
1,935,484,939 |
6,485,484,939 |
280,756,880 |
6,766,241,819 |
|
Income for the year |
- |
- |
2,315,290,800 |
2,315,290,800 |
54,670,272 |
2,369,961,072 |
|
Other comprehensive income (loss) |
- |
- |
15,866,780 |
15,866,780 |
290,426 |
16,157,206 |
|
Total comprehensive income |
- |
- |
2,331,157,580 |
2,331,157,580 |
54,960,698 |
2,386,118,278 |
|
Transfer from statutory reserve |
- |
(1,050,000,000) |
1,050,000,000 |
- |
- |
- |
|
Increase in capital of partially owned subsidiary |
- |
- |
- |
- |
101,788,000 |
101,788,000 |
|
Dividends (note 21) |
- |
- |
(1,641,500,000) |
(1,641,500,000) |
- |
(1,641,500,000) |
|
As at 31 December 2024 |
3,500,000,000 |
- |
3,675,142,519 |
7,175,142,519 |
437,505,578 |
7,612,648,097 |
Consolidated Statement of Cash Flows
For the year ended 31 December 2024|
Notes |
2024 $ |
2023 $ |
|
|
Operating activities |
|||
|
Income before zakat and income tax |
2,412,858,445 |
2,169,986,911 |
|
|
Adjustments for non-cash items: |
|||
|
Depreciation |
12 |
420,801,363 |
312,678,500 |
|
Share of income of associates |
11 |
(20,992,142) |
(22,177,099) |
|
Provisions |
291,578,707 |
246,539,534 |
|
|
Finance costs |
24 |
162,762,985 |
70,106,623 |
|
Employees' end-of-service benefits |
18 |
165,010,158 |
145,716,580 |
|
3,432,019,516 |
2,922,851,049 |
||
|
Working capital changes: |
|||
|
Accounts receivable |
(688,229,249) |
(202,433,447) |
|
|
Inventories |
(314,425,040) |
(58,182,150) |
|
|
Prepayments and other assets |
(199,685,942) |
(86,518,459) |
|
|
Accounts payable |
559,493,337 |
326,076,696 |
|
|
Accruals and other liabilities |
295,752,940 |
445,681,362 |
|
|
Cash generated from operations |
3,084,925,562 |
3,347,475,051 |
|
|
Zakat paid |
16 |
(72,513,862) |
(60,886,595) |
|
Employees' end-of-service benefits paid |
18 |
(42,013,806) |
(42,435,827) |
|
Net cash from operating activities |
2,970,397,894 |
3,244,152,629 |
|
|
Investing activities |
|||
|
Purchase of property and equipment |
(3,828,589,749) |
(3,496,893,243) |
|
|
Investment in associates and others |
40,978,210 |
(2,550,000) |
|
|
Dividends from associates |
11 |
12,250,000 |
12,815,094 |
|
Investments in equity instruments – Sukuk |
- |
(300,000,000) |
|
|
Net cash used in investing activities |
(3,775,361,539) |
(3,486,628,149) |
|
|
|
|||
|
Financing activities |
|||
|
Proceeds from long-term loans |
3,004,169,796 |
1,930,000,000 |
|
|
Repayment of long-term loans |
(157,874,832) |
(229,487,005) |
|
|
Finance costs paid |
(158,430,198) |
(63,988,656) |
|
|
Lease liabilities paid |
(72,866,906) |
(85,657,342) |
|
|
Dividends paid |
21 |
(1,641,500,000) |
(1,435,000,000) |
|
Non-controlling interest |
101,788,000 |
- |
|
|
Net cash from financing activities |
1,075,285,860 |
115,866,997 |
|
|
Net increase (decrease) in cash and cash equivalents |
270,322,215 |
(126,608,523) |
|
|
Cash and cash equivalents at the beginning of the year |
7 |
2,620,380,482 |
2,746,989,005 |
|
Cash and cash equivalents at the end of the year |
7 |
2,890,702,697 |
2,620,380,482 |
|
Non-cash transactions: |
|||
|
Recognition of right-of-use assets and lease liabilities |
12 & 28.2 |
222,283,032 |
46,645,200 |
