Interim condensed consolidated financial statements as at and for the nine months period ended 30 september 2025

September 30,

December 31,

2025

2024

(Un-reviewed)

(Audited)

QR.

QR.

ASSETS

Non-current assets

Property, plant and equipment

2,056,198,407

2,103,569,215

Right of use assets

25,445,843

104,961,573

Investment properties

862,414,503

838,016,722

Goodwill

230,506,403

230,506,403

Investment in associates

19,819,574

21,274,863

Financial assets at fair value through other

comprehensive income

9,670,503

8,964,576

Derivative financial asset

28,167,263

50,142,720

Total non-current assets

3,232,222,496

3,357,436,072

Current assets

Derivative financial asset

10,242,641

14,326,492

Contract assets

3,677,585

2,444,321

Inventories

310,004,316

320,279,337

Prepayments and other debit balances

51,743,926

64,914,342

Advances to contractors and suppliers

3,107,091

2,967,757

Due from related parties

9,461,774

11,777,591

Accounts receivable

112,804,767

136,388,044

Cash and bank balances

543,192,410

643,715,564

Total current assets

1,044,234,510

1,196,813,448

Total assets

4,276,457,006

4,554,249,520

September 30,

December 31,

2025

2024

(Un-reviewed)

(Audited)

EQUITY

QR.

QR.

Share capital

1,243,267,780

1,243,267,780

Legal reserve

621,633,890

621,633,890

Fair value reserve

6,054,702

5,348,775

Hedging reserve

38,409,904

64,469,212

Revaluation surplus

8,660,631

Retained earnings

1,047,853,685

945,749,529

Proposed dividends

161,624,811

Equity attributable to the shareholders of the Company

2,965,880,592

3,042,093,997

Non-controlling interests

(7,117,873)

(5,454,621)

Total equity

2,958,762,719

3,036,639,376

LIABILITIES

Non-current liabilities

Bank borrowings

667,637,776

806,612,915

Lease liabilities

24,769,413

88,901,063

Employees' end of service benefits

10,028,766

10,516,783

Total non-current liabilities

702,435,955

906,030,761

Current liabilities

Bank borrowings

126,940,055

Lease liabilities

22,484,427

Accounts payable

34,187,021

Due to related parties

2,789,202

Retention payables

6,942,765

Notes payable

2,645,725

Accruals and other liabilities

415,590,188

Total current liabilities

611,579,383

Total liabilities

1,517,610,144

Total equity and liabilities

4,554,249,520

QR.

QR.

Revenue

432,734,737

366,193,042

Cost of revenue

(275,017,375)

(180,375,329)

Gross profit

157,717,362

185,817,713

Income from short-term deposits and saving accounts

13,904,654

17,638,056

Other income

23,484,048

15,815,615

Investment income

1,546,428

1,269,400

Share of profits of associates

6,049,760

7,100,697

Selling and distribution expenses

(2,854,979)

(4,119,760)

General and administrative expenses

(70,896,709)

(73,688,285)

Finance costs

(25,955,729)

(28,852,020)

Net profit for the period before income tax

102,994,835

120,981,416

Income tax expense

(2,553,931)

(3,284,160)

Net profit for the period after income tax

100,440,904

117,697,256

Attributable to: Shareholders of the Company

102,104,156

117,711,474

Non-controlling interests

(1,663,252)

(14,218)

100,440,904

117,697,256

Basic and diluted earnings per share

0.08

0.09

QR.

QR.

Net profit for the period after income tax

100,440,90J

117,697,256

Other comprehensive income

Net change in fair value of investments designated at FVTOCI

705,927

(533,718)

Revaluation surplus

8,660,631

Change in fair value of cash flow hedging derivatives

(26,059,308)

(26,297,090)

Total comprehensive income for the period after income tax

83,748,154

90,866,448

Attributable to:

Shareholders of the Company

85,411,406

90,880,666

Balance as at January 1, 2024

(Audited)

1,243,267,780

621,633,890

5,882,493

85,864,500

946,225,789

186,490,167

3,089,364,619

(5, 11 6,157)

3,084,248,462

Net profit for the period after

income tax

--

117,711,474

--

117,711,474

(14,218)

l 17,697,256

Other comprehensive income

for the period after income tax

--

(533,718)

(26,297,090)

(26,830,808)

-

(26,830,808)

Total comprehensive income for

--

(533,718)

(26,297,090)

--

117,711,474

90,880,666

(l 4,218)

90,866,448

the period after income tax

Dividend paid

-

(186,490,167)

(186,490,167)

-

(186,490,167)

Balance as at September 30,

2024 (Un-reviewed)

1,243,267,780

621,633,890

5,348,775

59,567,410

--

1,063,937,263

2,993,755,118

(5,130,375)

2,988,624,743

Balance as at January 1, 2025

(Audited)

1,243,267,780

621,633,890

5,348,775

64,469,212

945,749,529

161,624,811

3,042,093,997

(5,454,62 l )

3.036,639,376

Net profit for the period after income tax

--

102,104,156

1 02, 104,156

(1,663,252)

100,440,904

Other comprehensive income

for the period after income tax

-

705,927

(26,059,308)

8,660,631

--

(16,692,750)

(16,692,750)

Total comprehensive income for

-

705,927

(26,059,308)

8,660,631

102,104,156

85,411,406

(1,663,252)

83,748,154

the period after income tax

Dividend paid

--

--

--

--

(161,624,811)

(161,624,811)

(161,624,811 )

Balance as at September 30,

2025 (Un-reviewed)

1,243,267,780

621,633,890

6,054,702

38,409,904

8,660,631

1,047,853,685

--

2,965,880,592

(7,117,873)

2,958,762,719

OPERATING ACTIVITIES

Net profit for the period before income tax

102,994,835

120,981,416

Adjustments for:

Depreciation of property, plant and equipment

45,417,807

49,376,265

Amortization of right-of-use assets

12,911,997

17,644,306

Accrued finance cost

49,072,850

60,955,390

Interest expense on lease liabilities

4,022,615

6,313,962

Share ofprofits of associates

(6,049,760)

(7,100,697)

Provision for advances to supplier

64,498

(2,359,190)

Net movement in provision for inventory

--

(2,600,370)

Net movement in provision for impairment of accounts receivable

5,673

2,539,747

Gain on lease modification

(4,538,304)

Gain on disposal of property, plant, and equipment

(1,377,107)

(2,003,364)

Employees end of service benefits

1,103,277

1,464,336

203,628,381

245,211,801

Movements in working capital:

Inventories

10,275,021

(40,779,236)

Prepayments and other debit balances

13,170,416

13,393,061

Advances to contractors and suppliers

(203,832)

2,661,523

Due from related parties

2,315,817

2,164,853

Accounts receivable

23,577,604

36,101,891

Contract assets

(1,233,264)

6,333,929

Accounts payable

1,032,214

(8,730,082)

Due to related parties

(1,316,650)

834,457

Retention payables

(1,735,891)

(1,522,963)

Accruals and other liabilities

(8,238,172)

(27,349,040)

Cash generated from operations

241,271,644

228,320,194

Employees' end of service benefits paid

(1,591,294)

(1,444,532)

Income tax paid

(370,857)

(535,515)

Interest paid on lease liabilities

(4,022,615)

(6,314,031)

Finance cost paid

(72,511,784)

(84,163,311)

Net cash generated from operating activities

162,775,094

135,862,805

INVESTING ACTIVITIES

Proceeds from disposal of property, plant and equipment

4,046,851

4,989,597

Additions to property, plant and equipment

(13,236,249)

(29,601,689)

Additions to investment properties

(3,612,267)

(2,853,932)

Net movement in term deposits maturing after three

months

--

152,101,900

Dividend from investments in associates

7,505,049

3,697,589

Net cash (used) in/ generated from investing activities

(5,296,616)

128,333,465

FINANCING ACTIVITIES

Proceed from bank borrowings

3,563,434

Repayment of bank borrowings

(117,162,782)

(106,141,058)

Payment of lease liabilities

(11,402,379)

(18,108,946)

Payment of social and sports fund contribution

(4,132,014)

(4,662,665)

Notes payable

603,870

(404,814)

Dividend paid

(161,624,811)

(186,490,167)

Net cash used in financing activities

(290,154,682)

(315,807,650)

Net decrease in unrestricted cash and cash equivalents

(132,676,204)

(51,611,380)

Unrestricted cash and cash equivalents at the beginning of the period

408,319,260

390,936,504