1- Statement of the type of external auditor's report: Unmodified opinion

2- 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):

Material Uncertainty Related to Going Concern

The Group incurred a net profit of SAR 48.8 million for the year ended December 31, 2024 (2023: net profit of SAR 18 million), and the Group’s accumulated losses have reached SAR 476.8 million (2023: SAR 525.5 million), representing 714.4% (2023: 787.5%) of the Group’s share capital. Further, the Group current liabilities exceeded its current assets by SAR 934.7 million as at December 31, 2024 (2023: SAR 845 million). These conditions, along with other matters, cast a significant doubt about the Group’s ability to continue as a going concern and its ability to meet its obligations when it becomes due.

2- 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):

Basis for Qualified Opinion:

Management has assigned independent expert to conduct an impairment test for the property, plant, and equipment as disclosed in note (6) included in the notes to the consolidated financial statements for the year ended December 31, 2024. Due to noncompliance of the used assumptions with requirements of IAS 36 “Impairment of Assets”, we were unable to obtain adequate and appropriate audit evidence regarding the reasonableness of the assumptions used, or to verify the accuracy of the recoverable amount of property, plant, and equipment. Accordingly, we were unable to determine whether an impairment of property, plant, and equipment should be recognized and the impact on the accompanying consolidated financial statements.

We conducted our audit in accordance with the International Standards on Auditing as adopted in the Kingdom of Saudi Arabia. Our responsibilities under those standards are further explained in the section "Auditor's Responsibilities for the Audit of the Consolidated Financial Statements" in our report. We are independent of the Group in accordance with the International Code of Ethics for Professional Accountants as adopted in the Kingdom of Saudi Arabia, and relevant to our audit of the consolidated financial statements. We have also fulfilled our other ethical responsibilities in accordance with that code. In our opinion, the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Material Uncertainty Related to Going Concern

We draw attention to note 1 of the consolidated financial statements which indicates that for the year ended December 31, 2024, the Group incurred a net profit of SAR 49 million (2023: net profit of SAR 18 million), and the Group’s accumulated losses have reached SAR 477 million (2023: SAR 525 million), representing 714 % (2023: 787 %) of the Group’s share capital. Further, the Group current liabilities exceeded its current assets by SAR 907 million as at December 31, 2024 (2023: SAR 845 million). These conditions, along with other matters, cast a significant doubt about the Group’s ability to continue as a going concern and its ability to meet its obligations when it becomes due.

Emphasis of Matter

We draw your attention to note 30 to the consolidated financial statements where it shows that the Group has a court in Turkey issued a verdict in favor of Mass Kablo Yatırım ve Tic. A.Ş for a case filed by the minority shareholders of its subsidiary. An appeal against the verdict has been presented by said minority shareholders. However, based on a legal opinion obtained from an independent counsel which is of view that the decision of Court of Appeal will not be different from the original decision issued by court of first instance.