We draw attention to Note (15) to the accompanying condensed interim consolidated financial statements, which indicates that the comparative information presented for the three-month period ended 31 March 2025 has been restated.

This restatement resulted from the Group, through one of its subsidiaries, reassessing the accounting policy applied for the recognition of a certain contract in order to determine the most appropriate application of the accounting policies relevant to this type of contract, following the availability of new information related to the contract, in accordance with the International Financial Reporting Standards as endorsed in the Kingdom of Saudi Arabia and other standards and pronouncements endorsed by the Saudi Organization for Chartered and Professional Accountants (SOCPA).

Our conclusion has not been modified in respect of this matter.

This reassessment was undertaken in light of the aforementioned amendments and the discussions held during the current year, which contributed to a more precise understanding of the nature of the contractual arrangements related to the project. As part of the Company’s commitment to ensuring the appropriateness of the applied accounting treatment, the Company engaged two independent global accounting advisory firms to assess the nature of the contractual arrangements and evaluate the most appropriate accounting treatment in accordance with the International Financial Reporting Standards (IFRS) as endorsed in the Kingdom of Saudi Arabia.

These studies and technical assessments concluded that the contractual arrangement under the Contract does not fall within the scope of public service concession arrangements and does not include obligations to provide a public service in accordance with the relevant interpretations of the International Financial Reporting Standards. Accordingly, based on the outcome of these studies, an updated accounting treatment for the Contract was applied under International Financial Reporting Standard No. (16) “Leases” (IFRS 16), which more accurately reflects the substance of the related contractual arrangements.

As a result, the Company has re-presented and reclassified certain comparative figures for the financial period ended 31 March 2025 to reflect the updated accounting treatment and the most appropriate presentation of the relevant financial statement line items.

This is in line with the Company’s commitment to the proper application of IFRS as endorsed in the Kingdom of Saudi Arabia, following the completion of all necessary professional procedures, including obtaining independent advice from leading global accounting advisory firms and an independent legal advisor, as well as the recommendation of the Audit Committee and approval by the Board of Directors.