EXCEL FINANCIAL RATIO ANALYSIS ONLY FOR STC & ALMURAI

Saudi Telecom Company (A Saudi Joint Stock Company) CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Saudi Telecom Company A Saudi Joint Stock Company CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 INDEX PAGES Independent Auditor’s Report 1-8 Consolidated statement of financial position 9 Consolidated statement of profit or loss 10 Consolidated statement of comprehensive income 11 Consolidated statement of cash flows 12 Consolidated statement of changes in equity 13 Notes to the consolidated financial statements 14-77 2 Saudi Telecom Company A Saudi Joint Stock Company CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2021 (All Amounts in Saudi Riyals thousands unless otherwise stated) 31 December 2021 31December 2020 9 10 11 12 7 13 14 15 47,205,038 70,523 10,734,798 2,951,652 5,924,858 521,374 535,809 8,367,291 76,311,343 47,847,623 36,980 10.466.408 2,892,814 6.104,947 637.470 457,657 7,069,285 76,113,184 16 14 17 15 18 19 917,510 5,732,865 25,464,155 3,127,894 7,944,349 8,281,301 51,468,074 1,008,645 6,059.440 15,724,725 3,627,971 10.433,849 9,004,286 45,858,916 127,779,417 121,972.100 20,000,000 10,000,000 (286,563) 1,572,457 37,984,611 69,270,505 2,115,474 71,385,979 20,000,000 10,000,000 (300,000) (3,262,245) 37,508,027 63,945.182 1.321,233 65,267,015 26 27 28 29 30 31 7,846,606 5,466,916 2,353,593 550,741 771,915 5,843,115 22,832,886 8,637,605 5,239,313 2,237,853 725,625 771,915 6,201,591 23,813,902 32 29 30 33 26 28 31 17,114,298 3,647,727 3,591,950 1,833,840 1,456,684 869,574 5,046,479 33,560,552 56,393,438 127,779,417 19.111,207 4,158,923 1,901,237 1,903.191 318.485 742,185 4,155,355 32,891,183 56.105,085 121,972,100 ASSETS NON-CURRENT ASSETS Property and equipment Investment properties Intangible assets and goodwill Right of use assets Investments in associates andjoint Contract costs Contract assets Financial assets and others TOTAL NON-CURRENT ASSETS CURRENT ASSETS Inventories Contract assets Trade and other receivables Financial assets and others Short term murabahas Cash and cash equivalents TOTAL CURRENT ASSETS ventures TOTAL ASSETS EQUITY AND LIABILITIES EQUITY Share capital Statutory reserves Treasury shares Other reserves Retained earnings 21 22 23 24 Equityattributable to the equity holders of the ParentCompany Non-cantrall ing interests TOTAL EQUITY LIABILITIES NON-CURRENT LIABILITIES Long term borrowings End of service benefits provision Lease liabilities Provisions Contract liabilities Financial liabilities and others TOTAL NON-CURRENT LIABILITIES 25 CURRENT LIABILITIES Trade and other payables Provisions Contract liabilities Zakat and income tax Short term borrowings Lease liabilities Financial liabilities and others TOTAL CURRENT LIABILITIES TOTAL LIABILITIES TOTAL EQUITY AND LIABILITIES Q~~ ~–=:::: Chief Financial Officer – — -;:::> c::::=:s~S? r::4::i ~ « , Chief Executive Officer Authorized Board Member –~C=-=h-a–:i-rm-an— The accompanying notes from 1to 51form an integral part of these consolidated financial statements 9 Saudi Telecom Company A Saudi Joint Stock Company CONSOLIDATED STATEMENT OF PROFIT OR LOSS FOR THE YEAR ENDED 31 DECEMBER 2021 (All amounts in Saudi Riyals Thousands unless otherwise stated) Revenues Cost of revenues GROSSPROFIT OPERATINGEXPENSES Selling and marketing General and administration Depreciation, amortisation and impairment TOTAL OPERATINGEXPENSES ~ 2021 34 35 63,416,977 (29,622,948) 33,794,029 58,953,318 (24,998,923) 33,954,395 36 37 9,11,12 (5,463,336) (5,490,093) (9,712,845) (20,666,274) (6,053,632) (5,810,763) (9,358,875) (21,223,270) 13,127,755 12,731,125 (313,258) 377,911 (618,956) 49,996 (600,000) 413,873 (623,925) (42,995) (778,028) 789,643 (492,692) 52,953 424,612 (375.482) 12,635,063 12,355,643 (1,040,366) 11,594,697 (1,170.446) 11,185,197 11,311,342 283,355 11,594,697 10,994,875 190,322 11,185,197 OPERATINGPROFIT OTHERINCOME AND EXPENSES Cost of early retirement program Finance income Finance cost Net other income (expenses) Net share in results and impairment of investments in associates andjoint ventures Net other gains TOTAL OTHERINCOME (EXPENSES) 38 39 7 40 NET PROFITBEFOREZAKAT AND INCOME TAX Zakat and income tax 33 NET PROFIT Net profit attributable to: Equity holders of the Parent Company Non-controlling interests Earnings per share attributable 25 to equity holders of the Parent Company (in Saudi Riyals): Basic Diluted 41 41 ,. _~~=-=–~—-:-0.,….–~’=:;;;~~~$ Chief Financial Officer 2020 5.66 5.66 5.50 5.50 SAd~ Chief Executive Officer Chairman The accompanying notes from 1to 51form an integral part of these consolidated financial statements 10 Saudi Telecom Company A Saudi Joint Stock Company CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2021 (All Amounts in Saudi Riyals thousands unless otherwise stated) 2021 NET PROFIT OTHERCOMPREHENSIVEINCOME (lOSS) Items that will not be reclassified subsequently to consolidated statement of profit or loss: Remeasurementof end of service benefit provision Net share of other comprehensive income of associates andjoint ventures Total items that may not be reclassified subsequently to consolidated statement of profit or loss 27 11,594,697 11,185,197 312,523 (568,893) 5,093 6,379 317,616 (562,514) 20,103 (16,542) 1,820 79,686 46,152 99,789 31,430 417,405 (531,084) 12,012,102 10,654,113 11,717,489 294,613 12,012,102 10,478,455 175,658 10,654,113 Items that may be reclassified subsequently to consolidated statement of profit or loss: Foreign currency translation differences Net changes in fair value from cash flow hedges Net share of other comprehensive income of associates and joint ventures Total items that may be reclassified subsequently to consolidated statement of profit or loss TOTAL OTHERCOMPREHENSIVEINCOME (lOSS) TOTAL COMPREHENSIVEINCOME Total comprehensive income attributable to: Equity holders of the Parent Company Non-controlling interests – ~’~ —–=~;:——;—-;— ChiefFinancial Officer _ _c: ~ ChiefExecutive Officer 2020 AuthorizedBoard Member —-~C~h-a~i-rm–an—– The accompanying notes from 1to 51form an integral part of these consolidated financial statements 11 Saudi Telecom Company A Saudi Joint Stock Company CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2021 (All Amounts in Saudi Riyals Thousands unless otherwise stated) Note CASH FLOWS FROM OPERATING ACTIVITIES Net profit before zakat and income tax Adjustments for: Depreciation. amortisation and impairment Impairment loss and amortisation of contract costs and contract assets Impairment loss on trade receivables Allowance for slow moving inventories Finance income Finance costs Provision for end of service benefits and other provisions Net share in results and impairment of investments in associates andjoint ventures Share- based payment expenses Net other gains 2020 2021 12,635,063 12.355.643 9.11.12 9,712,845 9.358.875 35.36 36 492,758 844,027 39,755 (377,911) 618,956 772,747 623.652 1.072.959 3.433 (413.873) 623.925 560.627 778,028 42,726 (789,643) (52.953) 6.116 (424.612) (“,236,400) 51,364 (258,224) 129,958 876,011 (2,991,346) 1,690,723 (349,612) 12,681,825 (1,106,049) (355,621) 11,220,155 4.540.765 709.452 (220.515) 807.042 921.405 280.331 (564.499) (434.684) 29.753.089 (750,643) (677,741) 28.324.705 (6,030,788) (2,179,186) 21,171 184,628 3,560,295 83,087 314,480 2,331,730 (1,714,583) (9.150.117) (1.690.4 70) 16.748 760.862 38 39 7 45 40 Changesin: Trade receivables and others Inventories Contract costs Contract assets Other assets Trade payables and others Contract liabilities Other liabilities Cash generated from operations Less: zakat and income tax paid Less: provision for end of service benefits paid Net cash generated from operating activities CASH FLOWS FROM INVESTING ACTIVITIES Additions to property and equipment Additions to intangible assets Proceeds from sale of property and equipment Proceeds from sale of an associate Proceeds from the initial public offering of a stake in a subsidiary Dividends from associates Proceeds from finance income Proceeds and payments related to financial assets. net Net cash used in investing activities CASH FLOWS FROM FINANCING ACTIVITIES Dividends paid to the equity holders of the Parent Company Dividends paid to non-controlling interests Purchase of treasury shares Payment of lease liabilities Repayment of borrowings Proceeds from borrowings Transactions with non-controlling interests Finance costs paid Net cash used in financing activities NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR Net foreign exchange difference — ~:H ~>

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