2-Attention

We would like to draw attention to Note (31), which indicates that during the current year, the Group has amended the disclosures regarding potential contractual obligations existing since 2016 related to a guarantee provided to the Saudi Industrial Development Fund for a loan granted to Al-Reef Sugar Refining Company in the amount of SAR 100.8 million. This guarantee was not disclosed in the financial statements for prior periods. A provision for this obligation was also recognized during the current year as a result of the Group receiving a demand from the Saudi Industrial Development Fund to repay the full value of the guarantee (Note 8/3). Our opinion has not been modified in this regard.

2- Attention

1- We would like to draw attention to Note (31), which indicates that during the current year, the Group amended the disclosures regarding potential contractual obligations existing since 2016 related to a guarantee provided to the Saudi Industrial Development Fund for a loan granted to Al Reef Sugar Refining Company in the amount of SAR 100.8 million. This guarantee was not disclosed in the financial statements for prior periods. A provision for this obligation was also recognized during the current year as a result of the Group receiving a demand from the Saudi Industrial Development Fund to repay the full value of the guarantee (Note 8/3). This, coupled with management's assessment of the likelihood of the Group's inability to recover the value of its investment in Al Reef Sugar Refining Company, resulted in a loss related to the change in the fair value of the investment in the amount of SAR 42 million (Note 8/2). This loss was a result of Al Reef Sugar Company's failure to commence operations and the difficulty of providing a fair valuation of its net assets. Our opinion has not been modified in this regard.

2- We would like to draw attention to Note 2/5/2 regarding the going concern assumption, which states that the Group incurred operating losses and negative cash flows from operating activities during the year ending December 31, 2024. The note also indicates that the Group received a letter of demand from the Saudi Industrial Development Fund (SIDF) demanding full repayment of the guarantee provided for a loan granted to Al Reef Sugar Refining Company, amounting to SAR 100.8 million.

Management has studied the impact of this demand and prepared a budget for 2025, in addition to cash flow forecasts for the next twelve months. Management also notes that there are undrawn bank facilities that support the Group's ability to meet its obligations. In addition, the Group enjoys good working capital, with current assets exceeding current liabilities by a ratio of 2:1.

Accordingly, management believes there are no material uncertainties that would affect the Group's ability to continue its business in the foreseeable future. Our opinion has not been modified in this regard.