Annual financial results announcement

<table border="0" class="table table-bordered table-striped newstable"><thead class="table-dark"><tr><th>Element List</th><th>Current Year</th><th>Previous Year</th><th>%Change</th></tr></thead><tbody><tr><td>Sales/Revenue</td><td>1,603.4</td><td>993.8</td><td>61.34</td></tr><tr><td>Gross Profit (Loss)</td><td>538.1</td><td>416.2</td><td>29.29</td></tr><tr><td>Operational Profit (Loss)</td><td>319.4</td><td>230</td><td>38.87</td></tr><tr><td>Net profit (Loss)</td><td>71.2</td><td>36.7</td><td>94</td></tr><tr><td>Total Comprehensive Income</td><td>64.8</td><td>95.2</td><td>-31.93</td></tr><tr><td>Total Share Holders Equity (After Deducting the Minority Equity)</td><td>1,509</td><td>1,516</td><td>-0.46</td></tr><tr><td>Profit (Loss) per Share</td><td>0.87</td><td>0.45</td></tr></tbody><tfoot><tr><td colspan="6">All figures are in (Millions) Saudi Arabia, Riyals</td></tr></tfoot></table>

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<table border="0" class="table table-bordered table-striped newstable"><thead class="table-dark"><tr><th>Element List</th><th>Amount</th><th>Percentage Of The Capital (%)</th></tr></thead><tbody><tr><td>Profit (Losses) Resulting From The Change In Investment Properties Fair Value</td><td>-</td><td>-</td></tr></tbody><tfoot><tr><td colspan="4">All figures are in (Millions) Saudi Arabia, Riyals</td></tr></tfoot></table>

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<table border="0" class="table table-bordered table-striped newstable"><thead class="table-dark"><tr><th>Element List</th><th>Explanation</th></tr></thead><tbody><tr><td>The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year</td><td>The twelve-month revenue for 2023, excluding accounting construction revenue, grew by 23.1% from 2022 on the back of overall improvement across all segments.</td></tr><tr><td>The reason of the increase (decrease) in the net profit during the current year compared to the last year is</td><td>Reported net income for the year 2023 was SAR 71.2 million compared to SAR 36.7 million for the last year. The increase in net profit for the current year as compared to the previous year is due to the following reasons:<br><p>- The twelve-month revenue for 2023, excluding accounting construction revenue, grew by 23.1% from 2022 on the back of overall improvement across all segments.</p>

<p>- The gross profit for the twelve-month period stood at SAR 538.1 million, significantly improved by 29.3% from 2022 due to an increase in revenue and an improvement in gross margins across all segments with gross margins increasing from 48.7% in 2022 to 51.1%</p>

<p>Additionally, last year Kindasa revenues were negatively affected due to a temporary decline in production.</p>

<p>This improvement in net income is offset by:</p>

<p>- Negative impact of one-off costs</p>

<p>- Operating costs and finance charges were higher in Q4 resulting from additional drawdown and an increase in SAIBOR rates compared to last year.</p>

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<p>2022 results were impacted by the decline in margins in the Ports segment following a decline in gateway volumes. Additionally, Kindasa revenues were also lower in 2022 due to a temporary decrease in production during Q1 2022.</p>

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<p>Share of profit from equity accounted investees remained flat year on year.</p></td></tr><tr><td>Statement of the type of external auditor's report</td><td>Unmodified opinion</td></tr><tr><td>Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion)</td><td>None</td></tr><tr><td>Reclassification of Comparison Items</td><td>Financial statements for the current period have been prepared according to the International Financial Reporting Standards (IFRS) that are endorsed in the Kingdom of Saudi Arabia and based on that the presentation, measurement, recognition, and disclosure for some of the financial data has been changed to comply with IFRS accounting policies as adopted in the Kingdom.</td></tr><tr><td>Additional Information</td><td>In accordance with IFRIC 12 (IFRS Interpretations Committee) 12, the reported revenue includes construction revenue of SAR 550.9 million. There is no impact on gross profit or net profit as there is a corresponding construction cost of SAR 550.9 million recognized in the cost of revenue.</td></tr><tr><td>Attached Documents</td><td><a href="" target="_blank"><img src="