• Strong performance in the business sector, which recorded a 44% increase in revenues amounting to SAR 229m, because of executing strategic projects with government entities and private sector companies. This reflects the group’s success in expanding its service and strengthening its presence in this vital sector.

• An increase in wholesale sales revenues, which reached SAR 204m, driven by the growth of voice connectivity and fiber optic services, also contributed to the overall revenue growth of the group.

• Additionally, the revenues of the subsidiary EJAD TECH were recorded from the acquisition date until the end of the fiscal year, amounting to SAR 42.5m, which contributed to enhancing the group’s financial performance.

• Recognition of revenue from the subsidiary EJAD TECH from the acquisition date until the end of the Group’s financial year, amounting to SAR 42.5m.

- An increase in revenue by SAR 446m, offset by a rise in cost of revenue by SAR 320m,

an increase in expected credit losses on trade receivables by SAR 24.6m, and a rise in general and administrative expenses by SAR 24m.

There was also a decrease in financing costs by SAR 0.69m, due to recognition of commission income on Islamic deposits during the current year amounting to SAR 20m.

- It is also worth noting that the previous year’s results included non-recurring income totaling SAR 56m. These comprised SAR 34m resulting from a settlement agreement with Tawal, in addition to non-recurring financing income of SAR 22m from a settlement with the Communications, Space & Technology Commission (CST). Excluding these non-recurring items, the growth achieved in the current year reflects genuine and sustainable operational performance, driven by growth in the business sector, increased revenues from the wholesale sales segment, and the revenues of the subsidiary EJAD TECH from the acquisition date until the end of the fiscal year.

- During the current year, the Group allocated and recorded certain annual costs, expenses, and provisions on a quarterly basis rather than recording them all at the end of the year as done in the last year (such as Zakat and income tax provisions and annual employee bonuses).

- The Group recorded the costs and expenses of its subsidiary EJAD TECH, during the current year, amounting to SAR 35.2m, in addition to recognizing net profit from EJAD TECH of SAR 7.3m, from the acquisition date until the end of the current financial year of the Group.

About EJAD TECH, the group is still working on finalizing the Purchase Price Allocation (PPA) process and its impact, if any, which will be reflected one year from the date of acquisition, December 11, 2024. Based on the IFRS.