ARABIAN DRILLING COMPANY (A SAUDI JOINT STOCK COMPANY)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

(All amounts in Saudi Riyals unless otherwise stated)

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As at 31 December
Notes 2024 2023
ASSETS
Non-current assets
Property, plant and equipment 4 8,709,983,089 7,737,834,883
Intangible asset 5 50,611,327 -
Long-term deposits 16,200,000 16,200,000
Right-of-use assets 6.1 65,126,615 131,835,643
Derivative financial instrument 24.1 6,419,826 -
Total non-current assets 8,848,340,857 7,885,870,526
Current assets
Inventories 7 308,671,459 279,741,430
Trade and other receivables 8 779,580,932 1,072,329,381
Income tax refundable 20 10,651,614 -
Cash and cash equivalents 9 581,806,531 1,435,421,469
1,680,710,536 2,787,492,280
Assets held for sale 10 5,789,201 13,111,001
Total current assets 1,686,499,737 2,800,603,281
Total assets 10,534,840,594 10,686,473,807
EQUITY AND LIABILITIES
Equity
Share capital 11 890,000,000 890,000,000
Share premium 790,675,825 790,675,825
Statutory reserve 12 267,000,000 267,000,000
Cash flow hedge reserve 6,419,826 -
Retained earnings 3,984,089,284 4,013,745,577
Total equity 5,938,184,935 5,961,421,402
Liabilities
Non-current liabilities
Long-term borrowings 13 2,672,513,247 2,885,625,878
Lease liabilities 6.2 4,114,021 67,892,228
Employees' benefit obligations 14 326,804,258 304,407,017
Mobilization revenue 16.2 112,889,224 211,515,566
Deferred tax liabilities 20 184,297,340 164,134,909
Total non-current liabilities 3,300,618,090 3,633,575,598
Current liabilities
Trade and other payables 15 878,012,947 729,393,485
Current portion of long-term borrowings 13 282,427,922 168,469,771
Current portion of lease liabilities 6.2 63,778,335 67,167,866
Mobilization revenue 16.2 66,140,447 94,313,916
Provision for zakat and income tax 20 5,677,918 32,131,769
Total current liabilities 1,296,037,569 1,091,476,807
Total liabilities 4,596,655,659 4,725,052,405
Total equity and liabilities 10,534,840,594 10,686,473,807

The accompanying notes 1 through 28 form an integral part of these consolidated financial statements.

ARABIAN DRILLING COMPANY (A SAUDI JOINT STOCK COMPANY)

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

(All amounts in Saudi Riyals unless otherwise stated)

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For the year ended 31 December
Notes 2024 2023
Revenue 16 3,618,817,503 3,476,523,864
Cost of revenue 17 (2,858,917,817) (2,500,619,916)
Gross profit 759,899,686 975,903,948
Expected credit loss allowance (1,155,730) (619,603)
General and administrative expenses 18 (204,694,843) (181,119,645)
Other operating income – net 11,483,783 7,068,550
565,532,896 801,233,250
Finance cost 19 (229,126,894) (160,882,330)
Finance income 21,613,634 47,596,014
Finance cost - net (207,513,260) (113,286,316)
Profit before zakat and income tax 358,019,636 687,946,934
Zakat expense 20 (4,973,767) (28,273,103)
Income tax expense 20 (31,681,132) (55,059,898)
Profit for the year 321,364,737 604,613,933
Other comprehensive income
Items that may be reclassified to profit or loss
Change in fair value of cash flow hedge 24.1 6,419,826 -
Items that will not be reclassified to profit or loss
Remeasurements of employee benefit obligations 14 (6,652,271) (8,425,079)
Impact of deferred tax 20 456,346 577,960
(6,195,925) (7,847,119)
Other comprehensive income / (loss) for the year 223,901 (7,847,119)
Total comprehensive income for the year 321,588,638 596,766,814
Earnings per share ($)
Basic and diluted 22 3.61 6.79

The accompanying notes 1 through 28 form an integral part of these consolidated financial statements.

ARABIAN DRILLING COMPANY (A SAUDI JOINT STOCK COMPANY)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

(All amounts in Saudi Riyals unless otherwise stated)

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Share
Capital		 Share
Premium		 Statutory
Reserve		 Cash flow
hedge
reserve		 Retained
Earnings		 Total
As at 1 January 2023 890,000,000 790,675,825 267,000,000 - 3,642,148,763 5,589,824,588
Profit for the year - - - - 604,613,933 604,613,933
Other comprehensive loss for the year - - - - (7,847,119) (7,847,119)
Total comprehensive income for the year - - - - 596,766,814 596,766,814
Dividends (Note 26) - - - - (225,170,000) (225,170,000)
As at 31 December 2023 890,000,000 790,675,825 267,000,000 - 4,013,745,577 5,961,421,402
As at 1 January 2024 890,000,000 790,675,825 267,000,000 - 4,013,745,577 5,961,421,402
Profit for the year - - - - 321,364,737 321,364,737
Other comprehensive income for the year - - - 6,419,826 (6,195,925) 223,901
Total comprehensive income for the year - - - 6,419,826 315,168,812 321,588,638
Dividends (Note 26) - - - - (344,825,105) (344,825,105)
As at 31 December 2024 890,000,000 790,675,825 267,000,000 6,419,826 3,984,089,284 5,938,184,935

The accompanying notes 1 through 28 form an integral part of these consolidated financial statements.

ARABIAN DRILLING COMPANY (A SAUDI JOINT STOCK COMPANY)

CONSOLIDATED STATEMENT OF CASH FLOWS

(All amounts in Saudi Riyals unless otherwise stated)

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Notes For the year ended 31 December
2024 2023
Cash flows from operating activities
Profit before zakat and income tax 358,019,636 687,946,934
Adjustment for:
Depreciation on property, plant and equipment 4 770,875,896 617,542,414
Depreciation on right-of-use assets 6.1 66,709,028 66,527,995
Impairment of property, plant and equipment 4.2 105,000,000 -
Provision for obsolete, slow moving and damaged inventories 7 2,071,414 6,141,960
Expected credit loss allowance 1,155,730 619,603
(Reversal) / impairment on assets held for sale (3,791,407) 8,272,443
Provision for employee benefit obligations 14 47,800,608 44,062,210
Loss on disposal of non-current assets held for sale - 6,135,271
Amortization of mobilization cost 17.1 31,847,652 16,311,937
Amortization of mobilization revenue 16.2 (146,714,147) (85,661,234)
Finance cost 19 229,126,894 160,882,330
Finance income (21,613,634) (47,596,014)
1,440,487,670 1,481,185,849
Changes in working capital
Inventories (31,001,443) (113,342,547)
Trade and other receivables 288,624,808 (267,153,042)
Trade and other payables 148,619,462 145,152,473
Mobilization cost paid 17.1 (72,932,691) (56,407,748)
Mobilization revenue received, net 16.2 60,999,375 277,515,100
Cash generated from operations 1,834,797,181 1,466,950,085
Zakat and income tax paid 20 (53,141,586) (85,567,091)
Employees' benefit obligation paid 14 (32,055,638) (21,296,312)
Net cash generated from operating activities 1,749,599,957 1,360,086,682
Cash flows from investing activities
Additions to property, plant and equipment 4 (1,859,694,479) (1,846,746,772)
Additions to intangible asset (50,611,327) -
Proceeds from disposal of assets held for sale 22,783,585 4,454,679
Redemption of short-term deposits - 1,000,000,000
Finance income received 23,911,667 53,040,775
Net cash used in investing activities (1,863,610,554) (789,251,318)
Cash flows from financing activities
Proceeds from long-term borrowings 13 - 499,984,900
Repayment of long-term borrowings 13 (100,000,000) -
Principal element of lease payments 6.2 (67,167,738) (64,760,335)
Finance cost paid (227,611,498) (177,500,645)
Dividends paid 26 (344,825,105) (225,162,529)
Net cash (used in) / generated from financing activities (739,604,341) 32,561,391
Net change in cash and cash equivalents (853,614,938) 603,396,755
Cash and cash equivalents at the beginning of the year 1,435,421,469 832,024,714
Cash and cash equivalents at the end of the year 9 581,806,531 1,435,421,469
Significant non-cash transactions
Transfers from property, plant and equipment to assets held for sale 4 11,670,377 19,571,214
Borrowing cost capitalized during the year 4 - 37,580,760
Accruals against liquidated damages 16.2 61,813,125 -

The accompanying notes 1 through 28 form an integral part of these consolidated financial statements.