Shamal Az Zour Al Oula Power and Water KSC Public : Financial Results 31 March 2024

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SHAMAL AZZOUR	SHAMAL AZ-ZOURAL-OULA POWER AND WATER COMPANY K.S.C. (PUBLIC)
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Date: 8 May 2024			2024 .J:llA 8 :&.1WI
To: Boursa Kuwait	•	-�- ·'I	�fill 4.....:i.JJ:I / o.i...JI
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Subject: Board of Directors Meeting Results

Pursuant to chapter No. {4) of module {10) the "Disclosure and Transparency" of the executive Bylaws of the Capital Markets Authority's law No.7/2010 and its amendments, Kindly be informed that the Board of Directors met on 8 May 2024 at 1:00 pm and the results are as follow:

The Board reviewed and approved the Interim Financial Statements for the period ending 31 March 2024 {attached)

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Financial Impact: No�effect

Board of Director and CEO	<$ ·,,iiiI! LJ-"::!,l.)1 _, �_JJJ � �
Paul Leslie Floyd			J��J..,�
Shamal Az-ZourAI-Oula Power and Water Company	•�I _, 4-!lbll ul_,�1 JJJll JW 4-Sy!.

Mirqab - Khalid lbn AIWaleed St. Mazaya Tower 2, 6'h Floor, Kuwait. P.O. Box 880, Hawalli, Kuwait 32009

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Commercial Register No.: 349479

Issued Capital: KD110,000,000. Paid-up Capital: KDll0,000,000.

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Kuwaiti Company (KWD)	(."1.,)-..,L�l.:.IS"_,...:.l)	Ml

KPMG Al-Qenae & Partners Al Hamra Tower, 25th Floor Abdulaziz Al Saqr Street P.O Box 24, Safat 13001 State of Kuwait

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Independent auditor's report on review of condensed interim financial information

The Board of Directors

Shamal Az-ZourAl-Oula Power and Water Company K.S.C. (Public)

State of Kuwait

Introduction

We have reviewed the accompanying 31 March 2024 condensed interim financial information of Shamal Az-ZourAl-Oula Power and Water Company K.S.C. (Public) (the "Company"), which comprises the condensed statement of financial position as at 31 March 2024, the condensed statements of profit or loss, comprehensive income, changes in equity and cash flows for the three-month period then ended, and notes to the condensed interim financial information. Management is responsible for the preparation and presentation of this condensed interim financial information in accordance with IAS 34, Interim Financial Reporting. Our responsibility is to express a conclusion on this condensed interim financial information based on our review.

Scope of review

We conducted our review in accordance with the International Standard on Review Engagements 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying 31 March 2024 condensed interim financial information is not prepared, in all material respects, in accordance with IAS 34, Interim Financial Reporting.

KPMG Al-Qenae & Partners, a Kuwaiti Public Accountant and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee.

Report on review of other legal and regulatory requirements

Furthermore, based on our review, the condensed interim financial information is in agreement with the books of account of the Company. We further report that, nothing has come to our attention that causes us to believe that there were any violations of the provisions of the Companies Law No. 1 of 2016, and its Executive Regulations, or of the Company's Memorandum and Articles of Association, as amended, during the three-month period ended 31 March 2024 that might have had material effect on the business of the Company or on its financial position.

We further report that, based on our review, nothing has come to our attention that causes us to believe that there were any violations of the provisions of the Law No. 7 of 2010, as amended, concerning the Capital Markets Authority, and its related regulations, during the three-month period ended 31 March 2024 that might have had material effect on the business of the Company or on its financial position.

Dr. Rasheed M. Al-Qenae
License No. 130
of KPMG Al-Qenae & Partners
Member firm of KPMG International	Kuwait: 8 May 2024

2

Shamal Az-ZourAl-Oula Power and Water Company K.S.C. (Public)

State of Kuwait

Condensed statement of profit or loss (Unaudited) for the three-monthperiod ended 31 March 2024

		Three-month period ended
	Notes	31 March
	2024	2023
		KD		KD
Revenue	11	12,787,530	12,274,682
Operating costs	7	(4,377,440)	(4,159,462)
Gross profit		8,410,090		8,115,220
Finance and other income		911,445	96,321
Finance costs		(5,605,066)	(4,896,001)
Staff costs and related expenses		(194,220)	(175,632)
General and administrative expenses		(592,969)	(527,528)
Profit for the period before contribution to Kuwait
Foundation for the Advancement of Sciences ("KFAS"),
National Labour Support Tax ("NLST") and Zakat		2,929,280	2,612,380
KFAS		(26,363)	(23,512)
NLST		(73,374)	(65,343)
Zakat		(29,350)		(26,137)
Profit for the period		2,800,193		2,497,388
Earnings per share (basic and diluted) (fils)	12	3		2

The accompanying notes form an integral part of this condensed interim financial information.

4

هﺎﻛرﺷو ﻲﻋﺎﻧﻘﻟا ﻲﺟ ما ﻲﺑ ﻲﻛ 25 رودﻟا ، ءارﻣﺣﻟا جرﺑ رﻘﺻﻟا زﯾزﻌﻟادﺑﻋ عرﺎﺷ 13001 ةﺎﻔﺻﻟا ، 24.ب. ص تﯾوﻛﻟا ﺔﻟود [phone]:نوﻔﻠﺗ

ﺔـﯿﻟﺎـﻤﻟا تﺎـﻣﻮﻠﻌﻤﻟا ﺔـﻌﺟاﺮﻣ لﻮﺣ ﻞـﻘﺘــــﺴﻤﻟا تﺎـﺑﺎــــﺴﺤﻟا ﺐـﻗاﺮﻣ ﺮﯾﺮﻘﺗ ﺔﻔﺜﻜﻤﻟا ﺔﯿﻠﺣﺮﻤﻟا

ﻦﯿﻣﺮﺘﺤﻤﻟا ةرادﻹا ﺲﻠﺠﻣ ءﺎﻀﻋأ / ةدﺎﺴﻟا (ﺔﻣﺎﻋ).ك.م.ش هﺎﯿﻤﻟاو ﺔﻗﺎﻄﻠﻟ ﻰﻟوﻷا روﺰﻟا لﺎﻤﺷ ﺔﻛﺮﺷ ﺖﯾﻮﻜﻟا ﺔﻟود

ﺔﻣﺪﻘﻣ

هﺎﯿﻤﻟاو ﺔﻗﺎﻄﻠﻟ ﻰﻟوﻷا روﺰﻟا لﺎﻤﺷ ﺔﻛﺮﺸﻟ 2024 سرﺎﻣ 31 ﻲﻓ ﺎﻤﻛ ﺔﻘﻓﺮﻤﻟا ﺔﻔﺜﻜﻤﻟا ﺔﯿﻠﺣﺮﻤﻟا ﺔﯿﻟﺎﻤﻟا تﺎﻣﻮﻠﻌﻤﻟا ﺔﻌﺟاﺮﻤﺑ ﺎﻨﻤﻗ ﺪﻘﻟ ﺮﺋﺎﺴﺨﻟا وأ حﺎﺑرﻸﻟ ﺔﻔﺜﻜﻤﻟا تﺎﻧﺎﯿﺒﻟاو 2024 سرﺎﻣ 31 ﻲﻓ ﺎﻤﻛ ﻒﺜﻜﻤﻟا ﻲﻟﺎﻤﻟا ﺰﻛﺮﻤﻟا نﺎﯿﺑ ﻦﻤﻀﺘﺗ ﻲﺘﻟاو ،("ﺔﻛﺮﺸﻟا") (ﺔﻣﺎﻋ).ك.م.ش تﺎﻣﻮﻠﻌﻤﻟا لﻮﺣ تﺎﺣﺎﻀﯾإو ،ﺦﯾرﺎﺘﻟا ﻚﻟﺬﺑ ﺔﯿﮭﺘﻨﻤﻟا ﺮﮭﺷأ ﺔﺛﻼﺜﻟا ةﺮﺘﻔﻟ ﺔﯾﺪﻘﻨﻟا تﺎﻘﻓﺪﺘﻟاو ﺔﯿﻜﻠﻤﻟا قﻮﻘﺣ ﻲﻓ تاﺮﯿﻐﺘﻟاو ﻞﻣﺎﺸﻟا ﻞﺧﺪﻟاو ﻲﻟوﺪﻟا ﺔﺒﺳﺎﺤﻤﻟا رﺎﯿﻌﻤﻟ ًﺎﻘﻓو ﺔﻔﺜﻜﻤﻟا ﺔﯿﻠﺣﺮﻤﻟا ﺔﯿﻟﺎﻤﻟا تﺎﻣﻮﻠﻌﻤﻟا هﺬھ ضﺮﻋو داﺪﻋإ ﻦﻋ ﺔﻟوﺆﺴﻣ ةرادﻹا نإ .ﺔﻔﺜﻜﻤﻟا ﺔﯿﻠﺣﺮﻤﻟا ﺔﯿﻟﺎﻤﻟا

.ﺎﻨﺘﻌﺟاﺮﻣ ﻰﻠﻋ ءﺎﻨﺑً ﺔﻔﺜﻜﻤﻟا ﺔﯿﻠﺣﺮﻤﻟا ﺔﯿﻟﺎﻤﻟا تﺎﻣﻮﻠﻌﻤﻟا ﻚﻠﺗ لﻮﺣ جﺎﺘﻨﺘﺳا ءاﺪﺑإ ﻲھ ﺎﻨﺘﯿﻟﻮﺌﺴﻣ نإ .ﺔﯿﻠﺣﺮﻤﻟا ﺔﯿﻟﺎﻤﻟا ﺮﯾرﺎﻘﺘﻟا ،34

ﺔﻌﺟاﺮﻤﻟا قﺎﻄﻧ

تﺎﺑﺎﺴﺤﻟا ﺐﻗاﺮﻣ ﻞﺒﻗ ﻦﻣ ﺔﯿﻠﺣﺮﻤﻟا ﺔﯿﻟﺎﻤﻟا تﺎﻣﻮﻠﻌﻤﻟا ﺔﻌﺟاﺮﻣ" ﺔﻌﺟاﺮﻤﻟا مﺎﮭﻤﺑ ﻖﻠﻌﺘﻤﻟا 2410 ﻢﻗر ﻲﻟوﺪﻟا رﺎﯿﻌﻤﻠﻟ ﺎﻘﻓو ﺎﻨﺘﻌﺟاﺮﻤﺑ ﺎﻨﻤﻗ ﺪﻘﻟ رﻮﻣﻷا ﻦﻋ ﻦﯿﻟوﺆﺴﻤﻟا صﺎﺨﺷﻸﻟ ﺔﯿﺴﯿﺋر ﺔﻔﺼﺑ ،تارﺎﺴﻔﺘﺳﻻا ﮫﯿﺟﻮﺗ ﻲﻓ ﺔﯿﻠﺣﺮﻤﻟا ﺔﯿﻟﺎﻤﻟا تﺎﻣﻮﻠﻌﻤﻟا ﺔﻌﺟاﺮﻣ ﻞﺜﻤﺘﺗ ."ةﺄﺸﻨﻤﻠﻟ ﻞﻘﺘﺴﻤﻟا يﺬﻟا ﻖﯿﻗﺪﺘﻟا ﻦﻣ ﺎﻗﺎﻄﻧ ﻖﯿﺿأ ﺎﯾﺮھﻮﺟ ﺔﻌﺟاﺮﻤﻟا ﺮﺒﺘﻌﺗ .ىﺮﺧﻷا ﺔﻌﺟاﺮﻤﻟا تاءاﺮﺟإو ﺔﯿﻠﯿﻠﺤﺘﻟا تاءاﺮﺟﻹا ﻖﯿﺒﻄﺗو ،ﺔﯿﺒﺳﺎﺤﻤﻟاو ﺔﯿﻟﺎﻤﻟا ﻦﻣ نﺎﻛ ﻲﺘﻟا ﺔﻣﺎﮭﻟا رﻮﻣﻷا ﺔﻓﺎﻜﺑ ﻢﻠﻋ ﻰﻠﻋ نﻮﻜﻧ نﺄﺑ ﺪﯿﻛﺄﺗ ﻰﻠﻋ لﻮﺼﺤﻟا ﻦﻣ ﺎﻨﻨﻜﻤﺗ ﻻ ﻲﻟﺎﺘﻟﺎﺑو ،ﻖﯿﻗﺪﺘﻠﻟ ﺔﯿﻟوﺪﻟا ﺮﯿﯾﺎﻌﻤﻠﻟ ﺎﻘﻓو هؤاﺮﺟإ ﻢﺘﯾ

.ﻖﯿﻗﺪﺗ يأر يﺪﺒﻧ ﻻ ﺎﻨﻧﺈﻓ ،ﻚﻟﺬﻟ .ﻖﯿﻗﺪﺘﻟا لﻼﺧ ﻦﻣ ﺎھﺪﯾﺪﺤﺗ ﻦﻜﻤﻤﻟا

جﺎﺘﻨﺘﺳﻻا

،ﺪﻌﺗ ﻢﻟ 2024 سرﺎﻣ 31 ﻲﻓ ﺎﻤﻛ ﺔﻘﻓﺮﻤﻟا ﺔﻔﺜﻜﻤﻟا ﺔﯿﻠﺣﺮﻤﻟا ﺔﯿﻟﺎﻤﻟا تﺎﻣﻮﻠﻌﻤﻟا نأ ﺪﻘﺘﻌﻧ ﺎﻨﻠﻌﺠﯾ ﺎﻣ ﺎﻨﻤﻠﻌﻟ دﺮﯾ ﻢﻟ ﮫﻧﺈﻓ ،ﺎﻨﺘﻌﺟاﺮﻣ ﻰﻟإ ادﺎﻨﺘﺳا

.ﺔﯿﻠﺣﺮﻤﻟا ﺔﯿﻟﺎﻤﻟا ﺮﯾرﺎﻘﺘﻟا 34 ﻲﻟوﺪﻟا ﺔﺒﺳﺎﺤﻤﻟا رﺎﯿﻌﻤﻟ ًﺎﻘﻓو ،ﺔﯾدﺎﻤﻟا ﻲﺣاﻮﻨﻟا ﺔﻓﺎﻛ ﻦﻣ

ﻲﺟ مإ ﻲﺑ ﻲﻛ ﺔﺳﺳؤﻣ ﻲﻓ وﺿﻋ بﺗﻛﻣو تﯾوﻛﻟا ﺔﻟودﺑ تﺎﺑﺎﺳﺣ ﻲﺑﻗارﻣ ،هﺎﻛرﺷو ﻲﻋﺎﻧﻘﻟا ﻲﺟ مإ ﻲﺑ ﻲﻛ نﻣﺎﺿﺗ ﺔﻛرﺷ ﻲھو ،ةدودﺣﻣﻟا ﺔﯾﻣﻟﺎﻌﻟا ﻲﺟ مإ ﻲﺑ ﻲﻛ ﺔﻛرﺷﻟ ﺔﻌﺑﺎﺗﻟاو نوﻠﻘﺗﺳﻣﻟا ءﺎﺿﻋﻷا بﺗﺎﻛﻣﻠﻟ ﺔﯾﻣﻟﺎﻌﻟا

.ﺔﺻﺎﺧ ﺔﯾزﯾﻠﺟﻧإ ةدودﺣﻣ