Half Year Financial Results 2025

Condensed consolidated interim financial information as at and for the six months ended 30 June 2025

Contents Page(s)

Independent auditors' report on review of condensed consolidated interim financial information 1

Condensed consolidated statement of financial position 2

Condensed consolidated statement of profit or loss and other comprehensive income 3

Condensed consolidated statement of changes in equity 4

Condensed consolidated statement of cash flows 5

Notes to the condensed consolidated interim financial information 6-20

KPMG

Zone 25 C Ring Road Street 230, Building 246

P.O Box 4473, Doha State of Qatar

Telephone: +974 4457 6444

Fax: +974 4436 7411

Website: kpmg.com/qa

Independent auditors' report on review of condensed consolidated interim financial information

Aamal Company Q.P.S.C.

Introduction

We have reviewed the accompanying 30 June 2025 condensed consolidated interim financial information of Aamal Company

Q.P.S.C. (the "Company") and its subsidiaries (together the "Group"), which comprises:

• the condensed consolidated statement of financial position as at 30 June 2025;

• the condensed consolidated statement of profit or loss and other comprehensive income for the six-month period ended 30 June 2025;

• the condensed consolidated statement of changes in equity for the six-month period ended 30 June 2025;

• the condensed consolidated statement of cash flows for the six-month period ended 30 June 2025; and

• notes to the condensed consolidated interim financial information.

The Board of Directors of the Company is responsible for the preparation and presentation of this condensed consolidated interim financial information in accordance with IAS 34, 'Interim Financial Reporting'. Our responsibility is to express a conclusion on this condensed consolidated interim financial information based on our review.

Scope of Review

We conducted our review in accordance with the International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying 30 June 2025 condensed consolidated interim financial information is not prepared, in all material respects, in accordance with IAS 34, 'Interim Financial Reporting'.

28 July 2025 Gopal Balasubramaniam

Doha KPMG

State of Qatar Qatar Auditors' Registry Number 251

Licensed by QFMA: External Auditors' license No. 120153

1

KPMG, Qatar Branch is registered with the Ministry of Commerce and Industry, State of Qatar, and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. The KPMG name and logo are registered trademarks of KPMG International.

Condensed consolidated statement of financial position As at 30 June 2025

(All amounts expressed in Qatari Riyals unless otherwise stated)

The condensed consolidated interim financial information was approved and authorised for issue by the Board of Directors and was signed on its behalf by:

Rasbid bin Ali Al Mansoori

ChiefExecutive Officer

Condensed consolidated statement of profit or loss and other comprehensive income For the six months ended 30 June 2025

(All amounts expressed in Qatari Riyals unless otherwise stated)

For the six months ended 30 June

Condensed consolidated statement of changes in equity For the six months ended 30 June 2025

(All amounts expressed in Qatari Riyals unless otherwise stated)

Attributable to equity holders of the Company

The notes on pages 6 to 20 form an integral part of this condensed consolidated interim financial information.

4

Condensed consolidated statement of cash flows For the six months ended 30 June 2025

(All amounts expressed in Qatari Riyals unless otherwise stated)

For the six months ended 30 June

The notes on pages 6 to 20 form an integral part of this condensed consolidated interim financial information.

1. CORPORATE INFORMATION AND PRINCIPAL ACTIVITIES

   Aamal Company Q.P.S.C. (the "Company" or the "Parent") was formed on 13 January 2001 pursuant to the provisions of Commercial Companies Law as a private shareholding company with limited liability (W.L.L.) under the Commercial Registration Number 23245 in the State of Qatar. On 12 July 2007, the private shareholders resolved to transform Aamal into a Qatari Shareholding Company (Q.P.S.C.) (the "Company"). Accordingly, the Company was listed on Qatar Stock Exchange on 5 December 2007. The Company's registered office is at P.O. Box 22477, Doha, State of Qatar.

   The ultimate parent and controlling shareholder of the Company is Al Faisal Holding Company W.L.L. (the "Ultimate Parent"), which is controlled by Sheikh Faisal Bin Qassim Al Thani.

   The Group's principal activities, which remains unchanged since the previous year, are Industrial manufacturing, Trading and distribution, Managed services and Property management and development.

   On 25 February 2025, the Company incorporated a subsidiary in Saudi Arabia named Advanced Pipes and Casts Industries L.L.C. The subsidiary is expected to engage in project design, engineering consulting, precast concrete production, pipe manufacturing, installation services, and the development of custom-built construction components.

   The condensed consolidated interim financial information comprises that of the Company and its subsidiaries (together referred to as the "Group").

   The condensed consolidated interim financial information was authorised for issue by the representatives of the Board of Directors of Aamal Company Q.P.S.C. on 28 July 2025.

2. BASIS OF PREPARATION AND MATERIAL ACCOUNTING POLICIES

   1. Basis of preparation

      The condensed consolidated interim financial information for the six-month period ended 30 June 2025 has been prepared in accordance with International Accounting Standard IAS 34 Interim Financial Reporting and have been presented in Qatari Riyals ("QR"), which is the Group's functional and presentation currency.

      The condensed consolidated interim financial information does not include all information and disclosures required in the annual consolidated financial statements and should be read in conjunction with the Group's annual consolidated financial statements for the year ended 31 December 2024. In addition, results for the six months period ended 30 June 2025 are not necessarily indicative of the results that may be expected for the financial year ending 31 December 2025.

      The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period except of the adoption of new and amended standards as set out below.

   2. Changes to material accounting policies

New standards or amendments for 2025 and forthcoming requirements

New standards or amendments for 2025

The below table lists the recent changes to the IFRS Accounting Standards that are effective for annual periods beginning on 1 January 2025.

The adoption of above amendments had no significant impact on the Group's condensed consolidated interim financial information.

1. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

   2.2. Changes to material accounting policies (continued)

   New standards or amendments for 2025 and forthcoming requirements (continued)

   Forthcoming requirements

   The below table lists the recent changes to the IFRS Accounting Standards that are required to be applied for an annual period beginning after 1 January 2025 and that are available for early adoption in annual reporting periods beginning on 1 January 2025.

   Effective date	New standards or amendments
   Effective for the year beginning 1 January 2026
   Effective for the year beginning 1 January 2027
   Available for optional adoption / effective date deferred indefinitely

   • Classification and Measurement of Financial Instruments - Amendments to IFRS 9 and IFRS 7

   • Contracts Referencing Nature-dependent Electricity-Amendments to IFRS 9 and IFRS 7

   • Annual improvements to IFRS Accounting Standards - Volume 11

   • IFRS 18 Presentation and Disclosure in Financial Statements

   • IFRS 19 Subsidiaries without Public Accountability: Disclosures

   • Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to IFRS 10 and IAS 28)

   Management does not expect that the adoption of the above new and amended standards will have a significant impact on the Group's condensed consolidated interim financial information.

2. ACCOUNTING ESTIMATES

   The preparation of these condensed consolidated interim financial information requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expense. Actual results may differ from these estimates. In preparing these condensed consolidated interim financial information, the significant judgments made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that were applied to the consolidated financial statements for the year ended 31 December 2024. The significant estimates in relation to the determination of the fair value of the Group's investment properties are disclosed in note 5.

3. PROPERTY, PLANT AND EQUIPMENT

4. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)

Depreciation charge for the period / year has been disclosed in the profit or loss and other comprehensive income as follows:

Investment properties are located in the State of Qatar. The Group has no restrictions on the realisability of its investment properties and no contractual obligations to purchase investment properties. There are no commitments for future capital expenditure as of the reporting date.

The investment properties are stated at fair value, which has been determined based on valuations performed by independent valuers as at 30 June 2025. Those valuers are accredited with recognised and relevant professional qualifications and with recent experience in the location and category of those investment properties being valued. In arriving at estimated market values, the valuers have used their market knowledge and professional judgement and not only relied on historical comparable transactions.

The key assumptions used in valuation techniques and approach at 30 June 2025 are not significantly different from year end.

6. RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (CONTINUED)

The amortisation charge for the period / year has been disclosed in the profit or loss and other comprehensive income as follows:

9. INVESTMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS

As at the reporting date, the Group held listed securities for trading in Qatar stock exchange.

The movement in the allowance for impairment in respect of trade receivables and contract assets were as follows:

The movement in the allowance for impairment in respect of amounts due from related parties were as follows:

(i) The short-term fixed deposits are made for varying periods between one day and three months, depending on the immediate cash requirements of the Group, and earn interest at the respective short-term deposit rates.

Facility fees were payable to the lender upon signing the new loan agreement. These were debited as transaction cost to the loan account on payment. The movements in the deferred financing costs were as follows:

16. COST OF SALES

For the six months ended 30 June

Basic earnings per share is calculated by dividing the profit for the period attributable to owners of the Company by the weighted average number of ordinary shares outstanding during the period.

There were no potentially diluted shares outstanding at any time during the period and therefore, the diluted earnings per share is equal to the basic earnings per share.

For the six months ended 30 June

There is QR 378 million (QR 0.06 per share) cash dividend approved at the Annual General Meeting held on 9 April 2025. (2024: QR Nil - QR Nil per share).

1. CONTINGENT LIABILITIES

   The Group has the following contingent liabilities from which it is anticipated that no material liabilities will arise.

   	30 June	31 December
   	2025	2024
   	(reviewed)	(audited)
   Letters of guarantee	271,144,248	256,880,334
   Letters of credit	30,187,047	35,959,445

2. RELATED PARTY DISCLOSURES

   1. Related party transactions

      Related parties represent major shareholders, directors and Key Management Personnel of the Group, and entities controlled, jointly controlled or significantly influenced by such parties. Pricing policies and terms of these transactions are approved by the Group's management.

      Transactions with related parties during the year were as follows:

      Sale of goods and services to:

      For the six months ended 30 June

      2025 2024

      (reviewed) (reviewed)

      Ultimate Parent 556,003 499,501

      Entities controlled by Ultimate Parent 10,790,884 12,900,610 Associate / Joint venture 432,388 277,126

      Entities owned by Key Management Personnel of the Ultimate Parent 10,624,863 8,618,312

      22,404,138 22,295,549

      Rental income from:

      Entities controlled by Ultimate Parent 829,012 587,659 Entities owned by Key Management Personnel of the Ultimate Parent 10,387,804 10,936,065

      11,216,816 11,523,724

      Purchase of goods and services from:

      Entities controlled by Ultimate Parent 1,113,165 1,773,876 Entities owned by Key Management Personnel of the Ultimate Parent 5,241,554 3,140,076

      6,354,719 4,913,952

      Business service charges:

      Entities controlled by Ultimate Parent 9,360,000 9,360,000

      Interest income:

      Ultimate Parent 1,627,914 -

      Rental expense:

      Entities controlled by Ultimate Parent 7,572,197 7,180,175 Entities owned by Key Management Personnel of the Ultimate Parent 1,568,000 1,568,000

      9,140,197 8,748,175

      Purchase of property, plant and equipment:

      Entities controlled by Ultimate Parent 451,075 648,630 Entities owned by Key Management Personnel of the Ultimate Parent 1,618,722 217,551

      2,069,797 866,181

      Operator's management fees:

      Joint venture 6,904,470 6,449,956

   2. Related party balances

      Amounts due from and due to related parties are disclosed in notes 11 and 15, respectively. These balances consist of non-interest-bearing transactions and are repayable on mutually agreed dates, generally within one year.

   3. Compensation of directors and other Key Management Personnel

      For the six months ended 30 June

      	2025 (reviewed)		2024 (reviewed)
      Short-term benefits	3,084,000		3,084,000
      Employees' end of service benefits	177,280		178,260
      Total Key Management Personnel benefits (Group basis) during the period	3,261,280		3,262,260

3. SEGMENT INFORMATION

For management purposes, the Group is organised into business units based on their nature of activities and has four reportable segments (namely property, trading and distribution, industrial manufacturing and managed services) and the Head Office.

1. SEGMENT INFORMATION (CONTINUED)

   Operating segments: The operating segment is presented as follows, after elimination of inter branch and inter-company transactions.

   For the six months ended 30 June 2025 (reviewed)

   	Property		Trading and distribution		Industrial manufacturing		Managed services		Head office		Eliminations		Total
   Revenues - External parties	166,419,470		752,619,261		84,119,521		66,965,370		-		-		1,070,123,622
   - Inter-segments (i)	3,551,583		4,191,901		7,949,306		13,764,990		-		(29,457,780)		-
   Total revenue	169,971,053		756,811,162		92,068,827		80,730,360		-		(29,457,780)		1,070,123,622
   Timing of recognition of revenue from contracts with customers - At a point in time	9,258,288		749,344,102		83,694,710		9,684,361		-		(12,441,085)		839,540,376
   - Over time	-		7,467,060		-		71,045,999		-		(13,465,112)		65,047,947
   - Rental income (over time)	160,712,765		-		8,374,117		-		-		(3,551,583)		165,535,299
   	169,971,053		756,811,162		92,068,827		80,730,360		-		(29,457,780)		1,070,123,622
   Profit / (loss) for the period	138,712,561		53,614,367		32,982,158		9,619,538		(13,453,451)		-		221,475,173
   Depreciation and amortization	3,370,356		5,990,219		12,890,210		4,923,238		2,486,626		(2,379,086)		27,281,563
   For the six months ended 30 June 2024 (reviewed)
   	Property		Trading and distribution		Industrial manufacturing		Managed services		Head office		Eliminations		Total
   Revenues - External parties	154,294,350		741,257,824		81,991,812		67,704,617		-		-		1,045,248,603
   - Inter-segments (i)	3,497,247		7,912,234		7,188,816		11,411,397		-		(30,009,694)		-
   Total revenue	157,791,597		749,170,058		89,180,628		79,116,014		-		(30,009,694)		1,045,248,603
   Timing of recognition of revenue from contracts with customers - At a point in time	8,475,563		716,270,360		72,317,419		8,876,654		-		(20,705,202)		785,234,794
   - Over time	-		32,899,698		-		70,239,360		-		(5,807,245)		97,331,813
   - Rental income (over time)	149,316,034		-		16,863,209		-		-		(3,497,247)		162,681,996
   	157,791,597		749,170,058		89,180,628		79,116,014		-		(30,009,694)		1,045,248,603
   Profit/(loss) for the period	123,553,451		56,347,093		26,783,584		9,544,961		(28,633,570)		-		187,595,519
   Depreciation and amortization	3,090,856		5,757,938		7,684,163		3,770,134		2,479,479		(2,379,086)		20,403,484

   Note: (i) Inter-segment revenues and gains are eliminated at the consolidated level.

   21. SEGMENT INFORMATION (CONTINUED)
   The following table presents the segment's assets and liabilities:
   Property	Trading and distribution		Industrial manufacturing		Managed services		Head office		Eliminations (i)		Total
   30 June 2025 Current assets 159,833,846	791,753,648		369,449,752		136,145,745		187,241,407		(480,831,916)		1,163,592,482
   Non-current assets 7,247,564,589	51,654,545		280,995,187		32,653,498		463,253,401		(51,121,403)		8,024,999,817
   Total assets 7,407,398,435	843,408,193		650,444,939		168,799,243		650,494,808		(531,953,319)		9,188,592,299
   Current liabilities 96,494,181	481,088,881		219,810,431		46,257,990		304,095,289		(485,062,097)		662,684,675
   Non-current liabilities 55,649,298	56,531,936		205,527,628		32,711,187		7,238,393		(25,189,644)		332,468,798
   Total liabilities 152,143,479	537,620,817		425,338,059		78,969,177		311,333,682		(510,251,741)		995,153,473
   Capital expenditure during the period (ii) 6,183,222	4,643,629		1,826,739		1,109,453		11,050		-		13,774,093
   31 December 2024 Current assets 183,363,033	897,849,813		316,120,117		118,288,482		238,505,735		(476,594,070)		1,277,533,110
   Non-current assets 7,242,803,974	49,926,399		292,058,658		35,194,939		500,683,778		(51,552,740)		8,069,115,008
   Total assets 7,426,167,007	947,776,212		608,178,775		153,483,421		739,189,513		(528,146,810)		9,346,648,118
   Current liabilities 78,127,977	452,938,569		252,742,153		38,382,958		365,826,481		(470,228,376)		717,789,762
   Non-current liabilities 69,462,989	72,222,498		120,453,890		33,788,428		10,210,852		(27,243,954)		278,894,703
   Total liabilities 147,590,966	525,161,067		373,196,043		72,171,386		376,037,333		(497,472,330)		996,684,465
   Capital expenditure during the year (ii) 23,866,608	8,431,511		4,139,241		3,005,086		88,325		-		39,530,771
   Notes:

   1. Inter-segment balances are eliminated on consolidation.

   2. Capital expenditure consists of additions to property, plant and equipment, investment properties and properties under development.

2. FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS

   1. Financial risk factors

      The Group's activities are exposed to a variety of financial risks: market risk (including currency risk, fair value interest rate risk, cash flow interest rate risk and other price risk), credit risk and liquidity risk.

      The condensed consolidated interim financial information does not include all financial risk management information and disclosures required in the annual consolidated financial statements. These should be read in conjunction with the Group's annual consolidated financial statements as at 31 December 2024.

      There have been no changes in the risk management policies since the year end.

   2. Liquidity risk

      Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group's approach to managing liquidity risk is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group's reputation and is to maintain a balance between continuity of funding and flexibility through the use of bank overdrafts and bank loans and borrowings.

      The Group monitors its risk to a shortage of funds using a recurring liquidity planning tool. This tool considers the maturity of financial assets (e.g. trade receivables) and projected cash flows from operations. The Group's terms of sales or services require amounts to be paid within 30-60 days from the invoiced date.

      The table below summarises the maturity profile of the Group's financial liabilities based on contractual undiscounted payments:

      Contractual undiscounted payments

      	Carrying amounts	Total	Less than 1 year	1 to 5 years	More than 5 years
      30 June 2025 (reviewed)
      Borrowings	462,792,251	571,673,654	205,967,713	144,283,960	221,421,981
      Lease liabilities	35,946,471	77,956,460	21,274,722	34,643,295	22,038,443
      Trade payable	298,306,408	298,306,408	298,306,408	-	-
      Other payables	19,033,937	19,033,937	19,033,937	-	-
      Deposits from customers and tenants	28,338,300	28,338,300	17,442,123	10,896,177	-
      Amounts due to related parties	46,703,126	46,703,126	46,703,126	-	-
      At end of the period	891,120,493	1,042,011,885	608,728,029	189,823,432	243,460,424
      Contractual undiscounted payments
      	Carrying amounts	Total	Less than 1 year	1 to 5 years	More than 5 years
      31 December 2024 (audited)
      Borrowings	378,053,816	439,727,335	191,481,090	219,972,327	28,273,918
      Lease liabilities	40,885,890	85,196,726	23,301,202	38,628,546	23,266,978
      Trade payable	369,970,165	369,970,165	369,970,165	-	-
      Other payables	35,724,993	35,724,993	35,724,993	-	-
      Deposits from customers and tenants	26,624,558	26,624,558	16,095,619	10,528,939	-
      Amounts due to related parties	49,794,689	49,794,689	49,794,689	-	-
      At end of the year	901,054,111	1,007,038,466	686,367,758	269,129,812	51,540,896

      22. FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS (CONTINUED)

   3. Credit risk

      Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. The Group's exposure to credit risk is indicated by the carrying amount of its financial assets, which consist principally of trade receivables, contract assets, retention receivables, amounts due from related parties, other receivables and bank balances.

      The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and retention receivables.

      To measure the expected credit losses, trade receivables, contract assets and retention receivables have been grouped based on shared credit risk characteristics and the days past due. The retention receivables relate to the billed works which were held by the customer until the defect period is over and have substantially the same risk characteristics as the trade receivables for the same types of contracts. The Group has therefore concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets with the presumption that there is a probability of a default to occur only when the financial asset is 90 days past due.

      Trade receivables, contract assets and retention receivables are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the Group.

      The loss allowances for financial assets are based on assumptions about risk of default and expected loss rates. The Group uses judgment in making these assumptions and selecting the inputs to the impairment calculation, based on the Group's past history, existing market conditions as well as forward looking estimates at the end of each reporting period.

      There has been no significant change in the calculated ECL rates disclosed in the year end consolidated financial statements.

   4. Fair value estimation

      The table below analyses financial instruments carried at fair value, by valuation method. The different levels have been defined as follows:

      • Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1).

      • Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2).

      • Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3).

The following table presents the Group's assets and liabilities that are measured at fair value at 30 June 2025.

The following table presents the Group's assets and liabilities that are measured at fair value as at 31 December 2024.

1. FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS (CONTINUED)

   22.4 Fair value estimation (continued)

   The Group has no liabilities measured at fair value as at 30 June 2025 and 31 December 2024. There were no transfers between Levels 1, 2 and 3 during the period.

   Fair value of financial assets and liabilities measured at amortised cost

   The fair values of the following financial assets and liabilities approximate their carrying value due to their short maturities and as borrowings carry variable interest rate:

   Book value Fair value

   	30 June	31 December	30 June	31 December
   Financial assets	2025 (reviewed)	2024 (audited)	2025 (reviewed)	2024 (audited)
   Bank balances (i)	250,812,745	202,830,947	250,812,745	202,830,947
   Trade and other receivables, net (ii)	524,957,029	646,553,645	524,957,029	646,553,645
   Retention receivables	3,967,515	5,978,785	3,967,515	5,978,785
   Amounts due from related parties	143,744,850	143,113,128	143,744,850	143,113,128
   Total at period/ year end	923,482,139	998,476,505	923,482,139	998,476,505
   Financial liabilities Borrowings	462,792,251	378,053,816	462,792,251	378,053,816
   Lease liabilities	35,946,471	40,885,890	35,946,471	40,885,890
   Trade payable	298,306,408	369,970,165	298,306,408	369,970,165
   Other payables	19,033,937	35,724,993	19,033,937	35,724,993
   Deposits from customers and tenants	28,338,300	26,624,558	28,338,300	26,624,558
   Amounts due to related parties	46,703,126	49,794,689	46,703,126	49,794,689
   Total at period/ year end	891,120,493	901,054,111	891,120,493	901,054,111

   1. This also includes short term fixed deposits.

   2. This excludes retention receivables - current portion

2. ACQUISITION OF NON-CONTROLLING INTERESTS

   On 30 May 2024, the Company acquired the remaining 50% interest in Ci-San Trading W.L.L., increasing its ownership from 50% to 100%. The consideration transferred for the acquisition was QR 32,000,000 paid in the form of cash and the amount was fully settled on 16 July 2025. The acquisition-related costs were borne fully by the seller. The purpose of this acquisition was to expand the Group's activities by enhancing its competitive position in the market.

   The summarised effect of changes in the Company's ownership interest in Ci-San Trading W.L.L. is presented below.

   30 June

   2024

   (reviewed)

   Fair value of the consideration transferred to non-controlling interest (32,000,000)

   Carrying amount of non-controlling interest acquired 41,511,201

   Increase in equity attributable to the owners of the Company 9,511,201

   The increase in equity attributable to the owners of the Company comprised an increase in retained earnings of QR 9,511,201.

3. GLOBAL MINIMUM TOP-UP TAX

On 27 March 2025, Qatar published in the Official Gazette, Law No. 22 of 2024, amending specific provisions of the Income Tax Law promulgated under Law No. 24 of 2018, effective from 1 January 2025, by introducing a Domestic Minimum Top-up Tax ("DMTT") and an Income Inclusion Rule ("IIR"). The related regulations on implementation, compliance, and administrative provisions are yet to be issued by the General Tax Authority. However, based on the impact assessment performed by the Ultimate Parent, there will be no additional tax liability on the Group as a result of the enactment of the above-mentioned amendments.