Consolidated Statement of Financial Position

as at 31 December 2023
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Notes

31 December 2023
SAR '000

31 December 2022
SAR '000
ASSETS
Non-Current Assets
Property, Plant and Equipment 7 20,807,810 20,114,537
Long-Term Prepayments 8 525,153 552,415
Right-of-Use Assets 9 473,831 498,783
Intangible Assets and Goodwill 10 1,123,769 1,145,601
Biological Assets 11 1,741,819 1,564,899
Investments in Associate and Joint Venture 12 5,030 6,108
Derivative Financial Instruments 38 37,225 35,441
Deferred Tax Assets 24 24,307 29,674
Total Non-Current Assets 24,738,944 23,947,458
Current Assets
Inventories 13 6,148,189 5,237,136
Biological Assets 11 135,044 122,812
Trade Receivables, Prepayments and Other Receivables 14 2,564,646 2,156,142
Derivative Financial Instruments 38 15,300 47,899
Equity Investment 12 - 15,607
Time Deposit 15 1,925,556 -
Cash and Cash Equivalents 16 666,336 546,916
Total Current Assets 11,455,071 8,126,512
TOTAL ASSETS 36,194,015 32,073,970
EQUITY AND LIABILITIES
Share Capital 17 10,000,000 10,000,000
Statutory Reserve 2,966,165 2,761,251
Treasury Shares 19 (614,766) (866,602)
Other Reserves 20 (956,911) (809,399)
Retained Earnings 6,403,231 5,586,110
Equity Attributable to Equity Holders of the Company 17,797,719 16,671,360
Non-Controlling Interests 21 11,106 311,505
TOTAL EQUITY 17,808,825 16,982,865
Non-Current Liabilities
Loans and Borrowings 22 8,499,169 8,448,944
Lease Liabilities 9 369,113 391,738
Employee Retirement Benefits 23 1,225,730 1,056,581
Derivative Financial Instruments 38 12,382 19,901
Deferred Tax Liabilities 24 92,107 90,489
Total Non-Current Liabilities 10,198,501 10,007,653
Current Liabilities
Bank Overdrafts 34 844 87,130
Loans and Borrowings 22 3,528,828 1,065,089
Lease Liabilities 9 81,079 75,092
Zakat Payable 25 249,659 168,596
Income Tax Payable 25 30,789 17,503
Trade and Other Payables 26 4,245,868 3,655,553
Derivative Financial Instruments 38 49,622 14,489
Total Current Liabilities 8,186,689 5,083,452
TOTAL LIABILITIES 18,385,190 15,091,105
TOTAL EQUITY AND LIABILITIES 36,194,015 32,073,970

Consolidated Statement of Profit or Loss

For the year ended 31 December 2023
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Notes

31 December 2023
SAR '000

31 December 2022
SAR '000
Revenue 33 19,575,585 18,722,258
Cost of Sales 27 (13,524,295) (13,098,035)
Gross Profit 6,051,290 5,624,223
Selling and Distribution Expenses 28 (2,789,745) (2,709,538)
General and Administration Expenses 29 (469,023) (458,694)
Other Expenses, net 30 (64,461) (153,356)
Impairment Loss on Financial Assets 14 (34,173) (26,303)
Operating Profit 2,693,888 2,276,332
Finance Cost, net 31 (527,019) (428,119)
Share of Results of Associate and Joint Venture 12 (1,064) 716
Profit before Zakat and Income Tax 2,165,805 1,848,929
Zakat 25 (85,101) (62,600)
Income Tax 24,25 (29,175) (8,191)
Profit for the Year 2,051,529 1,778,138
Profit for the year Attributable to:
  Shareholders of the Company 2,049,123 1,759,812
  Non-Controlling Interests 2,406 18,326
2,051,529 1,778,138
Earnings per Share (SAR), based on Profit for the Year Attributable to Shareholders of the Company
  - Basic 32 2.08 1.79
  - Diluted 32 2.05 1.76

Consolidated Statement of Comprehensive Income

For the year ended 31 December 2023
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Notes

31 December 2023
SAR '000

31 December 2022
SAR '000
Profit for the Year 2,051,529 1,778,138
Items that will not be reclassified to profit or loss:
Actuarial Loss on Employee Retirement Benefits 23 (85,659) (42,057)
Change in the Fair Value of Equity Investment through FVOCI 4,174 1,596
Items that are or may be reclassified subsequently to profit or loss:
Settlement of Cash Flow Hedges Transferred to Inventory / PPE (19,784) (16,986)
Foreign Currency Translation Differences (146,686) (245,700)
Movement in Fair Value on Cash Flow Hedges 27,465 154,083
Settlement of Cash Flow Hedges Transferred to Profit or Loss (66,110) (45,120)
Other Comprehensive Loss for the Year, net of Income Tax (286,600) (194,184)
Total Comprehensive Income for the Year 1,764,929 1,583,954
Total Comprehensive Income / (Loss) for the Year Attributable to:
Shareholders of the Company 1,799,986 1,685,361
Non-Controlling Interests (35,057) (101,407)
1,764,929 1,583,954

Consolidated Statement of Changes in Equity

For the year ended 31 December 2023
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Capital SAR '000 Statutory Reserve SAR '000 Treasury Shares SAR '000 Other Reserves SAR '000 Retained Earnings SAR '000 Equity Attributable to Equity Holders SAR '000 Non-Controlling Interests SAR '000 Total Equity SAR '000
Balance at 1 January 2022 10,000,000 2,585,270 (875,157) (622,389) 5,031,770 16,119,494 498,919 16,618,413
Profit for the Year - - - - 1,759,812 1,759,812 18,326 1,778,138
Other Comprehensive Loss for the Year - - - (32,394) (42,057) (74,451) (119,733) (194,184)
Total Comprehensive (Loss) / Income - - - (32,394) 1,717,755 1,685,361 (101,407) 1,583,954
Transfer during the Year - 175,981 - - (175,981) - - -
Directors’ Remuneration - - - - (4,865) (4,865) - (4,865)
Transactions with Owners in their Capacity as Owners - - - - - - - -
Dividend Declared SAR 1 per Share - - - - (981,841) (981,841) - (981,841)
Share Based Payment Transactions - - - 12,274 - 12,274 - 12,274
Settlement of Treasury Shares - - 8,555 (2,281) (728) 5,546 - 5,546
Purchase of Additional Stake in MFI - - - (164,609) - (164,609) (85,391) (250,000)
Transactions with Non-Controlling Interests - - - - - - (616) (616)
Balance at 31 December 2022 10,000,000 2,761,251 (866,602) (809,399) 5,586,110 16,671,360 311,505 16,982,865
Balance at 1 January 2023 10,000,000 2,761,251 (866,602) (809,399) 5,586,110 16,671,360 311,505 16,982,865
Profit for the Year - - - - 2,049,123 2,049,123 2,406 2,051,529
Other Comprehensive Loss for the Year - - - (163,478) (85,659) (249,137) (37,463) (286,600)
Total Comprehensive (Loss) / Income - - - (163,478) 1,963,464 1,799,986 (35,057) 1,764,929
Transfer during the Year - 204,914 - - (204,914) - - -
Directors’ Remuneration - - - - (4,994) (4,994) - (4,994)
Transactions with Owners in their Capacity as Owners - - - - - - - -
Dividend Declared SAR 1 per Share - - - - (982,330) (982,330) - (982,330)
Share Based Payment Transactions - - - 30,820 - 30,820 - 30,820
Settlement of Treasury Shares - - 251,836 (24,415) 45,895 273,316 - 273,316
Purchase of Additional Stake in IDJ (Refer note 1) - - - 9,561 - 9,561 (264,561) (255,000)
Transactions with Non-Controlling Interests - - - - - - (781) (781)
Balance at 31 December 2023 10,000,000 2,966,165 (614,766) (956,911) 6,403,231 17,797,719 11,106 17,808,825

Consolidated Statement of Cash Flows

For the year ended 31 December 2023
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Notes

31 December 2023
SAR '000

31 December 2022
SAR '000
CASH FLOWS FROM OPERATING ACTIVITIES
Profit for the Year 2,051,529 1,778,138
Adjustments for non-cash items:
Depreciation of Property, Plant and Equipment 7 1,711,751 1,752,245
Amortisation of Long-term Prepayments 8 27,262 27,262
Depreciation of Right-of-Use Assets 9 110,900 105,557
Amortisation of Intangible Assets 10 37,395 47,385
Depreciation of Biological Assets 11 574,264 480,494
Loss / (Gain) arising from Changes in Fair Value less Cost to Sell of Crops 9,978 (26,540)
Provision for Employee Retirement Benefits 23 142,712 120,014
Provision for Inventories and Trade Receivables 13,14 86,382 154,411
Share Based Payment Expense 30,820 12,274
Finance Cost, net 31 527,019 428,119
Other Expenses, net 30 64,461 153,356
Share of Results of Associate and Joint Venture 12 1,064 (716)
Zakat 25 85,101 62,600
Income Tax 24,25 29,175 8,191
Changes in Working Capital:
Inventories (1,063,947) (1,065,169)
Biological Assets (7,885) (9,009)
Trade Receivables, Prepayments and Other Receivables (458,951) (218,589)
Trade and Other Payables 591,073 412,638
Cash Used in Working Capital (939,710) (880,129)
Employee Retirement Benefits Paid 23 (59,222) (62,090)
Zakat and Income Tax Paid 25 (8,255) (330,922)
Net Cash Generated from Operating Activities 4,482,626 3,829,649
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in Time Deposit (1,876,250) -
Acquisition of Subsidiary, net of Cash Acquired - (68,595)
Proceeds from Sale of Equity Investment 12 19,781 32,883
Additions to Property, Plant and Equipment (2,505,890) (1,300,535)
Proceeds from the Disposal of Property, Plant and Equipment 73,741 43,894
Additions to Intangible Assets 10 (24,517) (33,339)
Additions to Biological Assets (1,095,263) (889,409)
Proceeds from the Disposal of Biological Assets 228,358 227,521
Net Cash Used in Investing Activities (5,180,040) (1,987,580)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from Loans and Borrowings 16,099,196 16,232,882
Repayment of Loans and Borrowings (13,634,845) (16,311,883)
Purchase of Additional Stake in a Subsidiary 1 (255,000) (250,000)
Finance Cost Paid (559,199) (431,810)
Dividend Paid 40 (980,576) (979,566)
Settlement of Treasury Shares 273,316 5,546
Principal Element of Lease Payments (100,764) (107,318)
Interest Element of Lease Payments (15,208) (13,506)
Directors’ Remuneration (4,994) (4,865)
Transactions with Non-Controlling Interests (781) (616)
Net Cash From / (Used in) Financing Activities 821,145 (1,861,136)
Net Change in Cash and Cash Equivalents 123,731 (19,067)
Cash and Cash Equivalents at 1 January 546,916 580,913
Effect of Movements in Exchange Rates on Cash and Cash Equivalents (4,311) (14,930)
Cash and Cash Equivalents at 31 December 16 666,336 546,916