Post Acquisition Business Plan Geotech Technologies of Geography, Engineering, Industry and Trade

Post Acquisition Business Plan
GeoTech Technologies of Geography, Engineering, Industry

and Trade
Management Presentation on Business Plan
Kingdom of Saudi Arabia
Date : 7th May 2020

Table of Contents
Topic Slide No.

Executive Summary…………………………………………………………………
Company Overview…………………………………………………………………
Market Overview…………………………………………………………………
Operational Assessment……………………………………………………………
Financial Assessment…………………………………………………………………
Conclusion………………………………………………………………………………
Transition Plan ………………………………………………………………………
Annexure………………………………………………………………………………
2
Table of Abbreviations
3
Agenda
Executive Summary
Company Overview
Market Assessment
Technical Assessment
Financial Assessment
Transition Plan
Conclusion
Annexure
4
Executive Summary
5
Agenda
Company Overview
 Company Profile
 Services and Projects
 Clients and Partners
 Organization Structure
 Management Profile
6
Company Profile & Brief History
• GeoTech Technologies of Geography, Engineering, Industry and Trade company ( GeoTech ) provides solutions & services in the field of Geodetic
Engineering, Terrestrial surveying and mapping, Photographic and satellite mapping, Geospatial data analysis and Information Technology.
• Jeo Tek Ltd. was established in 1997 in Turkey, and was subsequently registered as a Saudi Foreign Investment Company under the name of Geo
Tech Consulting (GTC) in the year 2002.
• The company provides services across Middle East in the field of Geodetic Engineering, Terrestrial Surveying and Mapping, Photogrammetric and
Satellite Mapping, Geospatial Data and Information Services.
• For GeoTech as a company to provide these services , its key asset is its highly educated, skilled and competent staff, who are experienced in
geomatics engineering and IT Services.
• They have been rapidly growing since their inception and have made strides towards establishing themselves as a leading player in the industry.
Incorporation Details of GeoTech LLC, Saudi Arabia
Name GeoTech Technologies of Geography, Engineering, Industry and Trade (L.L.C)
Year Of incorporation 2002
The company is part of the GeoTech Group which has presence all over Middle
Earlier presence East and Africa. GeoTech Consulting was established in 2002 to autonomously
handle the projects in Saudi Arabia region.
Area of Operation Geographic Information System
Countries in operation Saudi Arabia
7
GeoTech Services and Projects (1/3)
GNSS & Positioning Services (Geodetic) GIS/Spatial Analytics
• The term GNSS & Positioning comprises three distinct • Geographic Information Systems (GIS) or spatial analytics is a
technology areas: navigation systems, surveying and indoor system that is designed to capture, store, manipulate, analyze
mapping. and interpret data relationships, patterns and trends.
• While indoor mapping is a relatively new entrant to this group • Available to consumers as software, GIS is categorized into
of technologies, the rest of the constituents are some of the three types: Desktop GIS which runs on a personal computer;
most foundational contributors to the geospatial industry. Web/ Cloud GIS which allows the user to use the software on
Cloud; and Mobile GIS which enables user to use GIS on a
• They form the basic infrastructure upon which the output of
smartphone or a tablet.
others is used to drive meaningful insights for industry
professionals and end-users..
Earth Observation 3D Scanning Technologies

• Earth Observation is a technology used to map the • 3D Scanning refers to digital capturing of three-dimensional
surface or the earth from above or from space. This representation of physical objects, surface environments by
includes remote sensing satellites and aerial mapping. using laser light generating millions of coordinates), quickly
• Aerial mapping is the mapping of the earth’s surface from and accurately.
aircrafts, UAVs and other flying objects. • The speed, precision and accuracy requirements for digital
• Earth Observation is used to gather information about mapping of complex and contoured objects, surroundings in
planet Earth’s natural resources and topographic mapping, fields of architecture, engineering and construction, 3D
contour mapping, site mapping, etc. printing, precision manufacturing, autonomous systems -
make it the fastest growing segment of the geospatial market
until 2020.
8
GeoTech - Services and Projects (2/3)
I. Geodetic Engineering
Services
• GPS/GNSS Geodetic Positioning Surveys, Computation & Establishment of Geodetic Networks
• Precise Geometric Levelling, Computations and Geoid Determination
• Establishment of Continuously Operation Reference Stations (CORS)
Projects
• MOMRA (2013-2014) - Establishment of National CORS / MTRF2000 Datum
• Riyadh Regional Municipality (2012 -2013) - Establishment of Riyadh Regional CORS / MTRF2000 Datum
• MOMRA (2005-2007) - Establishment of National Geoid / MVD-2008 Datum, which included 2000 km of
geometric leveling, existing national BMs, GPS leveling and then geoid determination by thin-plate
technique.
II. Terrestrial Surveying & Mapping

Services
• Terrestrial Topographic / Cadastral Surveys by GNSS Techniques and/or Total Stations & Digital
Topographic
• Utility Surveys
• 3D Mobile Mapping
Projects
• Makkah (2017) - 3D Mobile Mapping as subcontractor to NZAM
• NEOM Project (2017-2018) - Satellite, Aerial, Terrestrial and Cadastral Mapping (60000 km2)
• MEWA (Ministry of Environment, Water and Agriculture) - Terrestrial Farm Surveys & Development of Farm
LIS
9
GeoTech - Services and Projects (3/3)
III. Photogrammetric & Satellite Mapping
Services
• Photogrammetric and Ortho-photo Mapping ( Aerial Photography/Triangulation, DTM Compilation, Ortho-photo
and Digital Mapping)
• Satellite mapping (Satellite Imagery Acquisition, GCP/DEM Compilation, Ortho-rectification)
Projects
• GCS (2015) – Makkah Ortho-photo Project.
• MOMRA (2006-2009) – Al Ahsa Digital Mapping Project.
IV. Smart City Services
Services
• Smart Object Based 3d Data
• Smart 3d Applications And Analysis
Projects
• PIF (2017 – 2018) 3D Smart NEOM Project - Satellite, Aerial, Terrestrial and Cadastral Mapping 3D city models
were developed for urban areas of the Project (60,000 km2) using 18cm GSD aerial imagery
V. IT and e-Government Services
Services
• Electronic Document Management System (BELGE ARSIV)
• e-Government and Portal Framework
• e-Archive / Archive Digitization
10
GeoTech Clients and Partners
11 Sources : Management Discussions , Empact research and evaluation

Ownership Structure
Pre-Acquisition Post-Acquisition
Geotech – LL (One Person Company) Geotech Overseas – LLC
Geotech
49%
Geotech
100%
RZM
51%
 Pre-Acquisition Geotech was a single person company with a Turkish ownership. To help Geotech, maintain its dominance in the KSA region a strategic
acquisition is was made by RZM to acquire the current market leader in KSA, under the name of “Geotech Overseas”.
 RZM has acquired 51% stake in the Geotech and rest 49% will be shared by Dr. Kamil Eren and Dr. Fahri Kartal.
12
Pre – Acquisition Organization Structure
Top Management
President & CEO
(Dr. Kamil Eren)
Regional Manager
(Dr. Fahri Kartal)
Technical Department Administration Department
VP for Projects Finance Dept.

(Talat Eksioglu) (2)
Data and Map Finance Dept. HR and Admin IT Support Dept.

Projects Dept. (10) (4)
GIS Dept. (16) Survey Dept. (26) Production Dept. (2)
(10) Dept. (2)

Post – Acquisition Organization Structure
Top Management
CEO
COO
(Dr. Kamil Eren) Internal Auditor
Regional Manager
(Dr. Fahri Kartal)
Technical Department Administration Department
VP for Projects
(Talat Eksioglu)
GIS Dept. Survey Dept. Data and Map Production Projects Finance Dept. HR and Admin IT Support
(16) (26) Dept. (10) Dept. (2) (2) Dept. (10) Dept.(4)

COO Profile
Prof. Dr. Kamil Eren
• Geotech’s most important asset is its highly educated and skilled staff with four experts holding Ph.D. Degrees. They are
led Prof. Dr. Kamil Eren, who has served in the region and in geomatics engineering since 1980 as an academic and
consultant to various universities and United Nations.
• He got his bachelor and master degrees from Geodetic Science Department of Yildiz University, Istanbul and completed
his Doctor of Philosophy (Ph.D.), Geomatics Engineering in 1979 from Ohio State University. After completing his Ph.D.
study and post-doctoral work in USA, K. Eren worked for Middle East Technical University (Ankara), Stuttgart University,
United Nations, and Turkish Government .
• He joined United Nations as a Geodetic Expert in 1986 and served until 1994 training technical staff, designing and
supervising numerous projects in geodetic surveys, digital mapping and GIS/LIS activities.
• K. Eren founded Geo-Tech Co. in 1997 offering services worldwide on surveying & mapping, GPS, and GIS/LIS activities.
He is part of GeoTech consulting for the last two decades and is well informed with the development and industry trends
with respect to the GeoSpatial Services.
• Through the companies and University mentioned above, K. Eren completed numerous projects:
• Engineering Surveys and Mapping of Blue Stream Natural Gas pipeline (in Turkey / 500 km)
• National GIS project of Ministry of Interior, Saudi Arabia
• Establishment of National Planning Information System in Saudi Arabia
• Establishment of Geodatabase and GIS for Saudi Telecom, Saudi Arabia
• Establishment of the National Geodetic Network and CORS of Saudi Arabia
• Establishment of “Network Based CORS TR Project” for RTK coverage throughout Turkey.
15
Agenda
Market Overview
 Industry Overview
 Macro-Economic Overview
 Market Analysis
 Porter’s 5 Forces
 SWOT Analysis
 Sales and Marketing Plan
16
Geospatial Industry Overview
The geospatial industry ecosystem is a complex entity with multiple interactive components. These technologies have evolved over the years
and are broadly segmented into four categories: GNSS and Positioning, GIS and Spatial Analytics, Earth Observation and 3D Scanning.
• GNSS and Positioning: A constellation of satellites, the Global Navigation Satellite System (GNSS), transmits signals from space to users with
a compatible device to determine their position, velocity and time.
• GIS and Spatial Analytics: Geographic Information Systems (GIS) or spatial analytics is a system that is designed to capture, store, manipulate,
analyze and interpret data relationships, patterns and trends.
• Earth Observation: Earth Observation is a technology used to map the surface or the earth from above or from space.
Global Geospatial Industry
GNSS & Positioning GIS/Spatial Analytics Earth Observation 3D Scanning
• GNSS • Software • Satellite-based Upstream • Hardware

• Surveying • Services & Solutions • Satellite-based • Software
• Indoor Mapping • Contents Downstream • Services
• Aerial Mapping
17
Global Market Size Assessment
• The cumulative geospatial industry was valued at an estimated US$ 299.2 Bn in 2017 and
Global market size is expected to cross US$ 640
is projected to reach US$ 439.2 Bn by 2020, and US$ 640 Bn by 2023
Bn by 2023
• The CAGR observed from 2013 to 2017 was 11.5%, and the industry is expected to grow
at 13.6% between 2017 and 2020.
APAC Europe North America Global GIS/Spatial Market (in US$ Bn)
(32.6% ) (24.6% ) (31.5% )
640
• The North America region will grow at a CAGR of 9.6% between 2017-2023, which is less 6% 559
3.
than the global average. GR1 500
CA
• The Asia-Pacific region is expected to grow at faster pace, capturing highest market share 439
of approximately 32.6% of the total geospatial market in 2020. This is mainly due to the 385
increasing investments by the governments in varied application areas and programs 339
299
driven by GIS technology and data.
• Middle-East and Africa region holds the lowest market share at 3% each and are expected
to grow at CAGR of 7.9% till 2023.
• Furthermore, the services and solutions segment of the GIS and spatial analytics market is
expected to grow much faster than the software business as clients look for complete
solutions instead of buying only software's due to the complicated nature of its
application. 2017 2018 2019 2020 2021 2022 2023
18 Sources: Reuters, Empact research and evaluation; Indian Geospatial Economy (IGE)-2018 Research
Global Market Size Assessment (1/2)
Revenue Split (in US$ Bn)
• GNSS and Positioning Technologies, are the most fundamental set of
tools that enable the rest of the geospatial industry; it accounted for
11.6
an estimated 59.6% of the total geospatial market in 2017 and has
10.1 maintained its share in the global geospatial industry during the
65.5
period (2018-2019).
8.6
57.5 • The market size of the second largest geospatial technology segment
6.6
50 80.9 GIS/Spatial Analytics has been around 21% and grew at a CAGR of
44.8 69.9 12.4% from during the period 2016-2019, which is due to growing
62.2 adoption in city planning, utilities management, e-governance,
56.7 applications, retail and logistic sector.
• The Earth Observation industry, which was worth US$ 50.0 Bn in
227.2 2017 and was expected to reach US$ 65.5 Bn in 2019, growing at a
201.5
161.7 178.4 CAGR of 14.9%. It’s total share in the market has been ~ 17%.
• The 3D Scanning industry, although having the least market share of
2.8% of total geospatial industry revenue for 2017, is growing at a
steady CAGR of 20.6% during the period under observation, and
2016 2017 2018 2019
reached ~ US$ 11.6 Bn by 2019 and had a market share of 3% of the
total geospatial revenue in 2019.
GNSS & Positioning GIS/Spatial Analytics Earth Observation
3D Scanning
19 Sources: Reuters, Inkwood Research, GeoBuiz Report Empact research and evaluation; Grand Review Research
Global Market Size Assessment (2/2)
Forecasted Revenue Split (in US$ Bn)
• GNSS and Positioning Technologies, is estimated to grow at a CAGR of
19.2
13.6% over the period of 2020-2023 and contribute 59% of the global
geospatial revenue, which translates to US$ 377.6 Bn in value.
16.8 108.8
15 • By 2020, the GIS/Spatial Analytics market is expected to reach US$ 92.2
95 Billion, and is expected to grow at a CAGR of 12.4% over the period
13.2 2020-2023, to reach a value of US$ 134.4 Bn.
85 134.4
74.6 117.4 • The cumulative Earth Observation industry was estimated to be worth
105 US$ 50 Bn in 2017, and is projected to reach US$ 108.8 Bn by 2023,
92.2 growing at a CAGR of 12.9% and contributing 17% of the global
geospatial market revenue.
• The surging acceptance of 3D Scanning in Architecture and Engineering,
377.6
329.8 Automobile and Aerospace Designing, the integration of indoor and
295
259 outdoor spatial data environments is driving market growth of the 3D
Scanning segment, as the fastest growing market segment in geospatial
market space.
2020 2021 2022 2023 • The 3D Scanning, is estimated to grow at a CAGR of 20.7% over the
period 2017-2020 and continue its growth at CAGR 14% over the
GNSS & Positioning GIS/Spatial Analytics Earth Observation period 2020-2023, to reach a value of US$ 19.2 Bn, contributing to 3%
3D Scanning of the global geospatial market revenue.
20 Sources: Reuters, Inkwood Research, GeoBuiz Report Empact research and evaluation; Grand Review Research
Global Market Drivers Assessment (1/2)
Sectors Driving Geospatial Market Growth • Increasing investments by government and the private sector, an
expanding digital services spectrum and innovations in geospatial
7% technologies have created new avenues for geospatial applications in
12%
recent times.
8%
• Satellite imageries, GIS/Spatial Analytics, Unmanned Aerial Vehicles
10% (UAVs), GNSS and Positioning and 3D Scanning are being used vigorously
8%
by various industries for geo-referencing, mapping, visualization and
analysis for better decision making and workflow automation.
9% 11% • The Defense & Internal Security is the largest segment of the geospatial
market. Infrastructure and Urban Development sectors, which are key
investment drivers in emerging economies, especially in the Asia Pacific
9% region, will drive the overall demand for geospatial information and
17%
technology services.
9%
• Retail and Logistics, Banking, Finance and Insurance (BFSI) and Citizen
Services are sectors largely driven by the criticalities of ‘location’ adding
Infrastructure and Smart Cities Utilities Urban Development to the demand for such services.
Retail and Logistics Agriculture Defence and Internal Security
• Traditional end-use sectors like Agriculture, Utilities and Land
BFSI Citizen Services Disaster Management Administration shall continue to drive the geospatial market as well,
Natural Resources albeit slowly as compared to the aforesaid sectors.
21 Sources: Reuters, GeoBuiz Report Empact research and evaluation; Grand Review Research
Global Market Drivers Assessment (2/2)
• Although GNSS and Positioning systems and solutions are being used across industries, the infrastructure and utilities segment is seen as the major
contributor to the growth of the market till 2020. Globally, focus on smart cities by various countries along with infrastructure sector investments, are
going to fuel the demand for these services in the future.
• Governments across the world are implementing digitization of their citizen services and GIS is seen as an important tool for e-governance initiatives,
leading to transparent and efficient service delivery. Utilities and urban administrative bodies, as well as, logistics companies are among the major
traditional users of the GIS technology.
• The earth observation industry is witnessing multiple technology and business model disruptions along with policy developments transforming the ways
spatial information is being captured, analyzed and made available to intermediate and end users.
• The Architecture, Engineering and Construction (AEC) sector will account for the largest share of consumption for 3D Scanning technology and services.
Industries Driving Global Geospatial Sectors
GNSS & Positioning GIS/Spatial Analytics Earth Observation 3D Scanning Industry wise
Growth
• Infrastructure and Utilities • Infrastructure and Smart • Defense and Security • Architectural Higher Growth
• Retails & Logistics Cities • Disaster Management Engineering
Average Growth
• Defense • Utilities • E-governance • Mining and Energy
Below Average
• Smart Cities & Urban • E-governance • National Mapping • Travel and hospitality
Growth
Development • Retail and Logistics • Water Resources • National Mapping
• Water Resources
22
GIS Application Technology Drivers
• The permeation of technologies such as IoT, Big Data Analytics, Cloud
Computing, Artificial Intelligence, etc. have also greatly aided the spurt in
adoption of Location Intelligence solutions.
• While Artificial Intelligence, Autonomous Systems and IoT have a relatively
moderate impact on Location Intelligence industry at present, their impact in
future is expected to be tremendous.
• The advent of 5G will transform the amount of location data that can be
captured and will lead to new and innovative services. This will fundamentally
require location awareness.
• Some of the current drivers such as ‘Big Data’ and ‘Cloud Computing’ may
gradually transform into being fundamental enablers or pre-requisites in the
near future, just as broadband connectivity is today. These drivers influence:
• Expanding the user base;
• Reducing the cost of acquisition;
• Speed of data acquisition and service delivery;
• Ever-growing list of formats for adoption (software, portal, app, platform,
plug-ins, etc.);
• Fundamental requirement of location awareness for many new services.
23
GIS Applications in GCC Region
Advanced
Land Base Other Data Operation Basic GIS Advanced
GIS DATA Acquisition Overlay AM/FM Functions GIS Analytics
GIS
Integration.
-Analysis of -Overlay of -Automated -Modelling and -Traffic -Customer

land existing digital mapping Simulation Monitoring complaint
related data. management
-Identification -Facility -Infrastructure -Infrastructure
of purchase -Scanning/ Monitoring Design planning using -Service
policy Digitalization of advanced coverage
-Spatial data -Network inquiry
-Purchase and existing data algorithm
monitoring installation
negotiation -Field Survey management -Sensitivity -Marketing
-Fault Campaign
-Cross check for mapping Analysis
localization -Resource
with onsite -Update allocation -Signal strength -Called ID
-Maintenance localization
measurement process to for network
and resource -Inventory
-Corrections ensure data optimization -Location based
allocation Management
relevance service
-Logistics
coordination
Initiation Planning Execution Closure
24
Macro-economic Analysis - KSA
Population 2019 to 2025F GDP 2019 –2025F (in USD Bn) Budegted Infrastructure Expense
37.3 2019 – 2025F (in USD Bn)
36.8 888
36.3 873 56.0
860
35.8 54.9
844 54.2
35.3 827 53.2
34.8 806 52.1
34.3 50.7
49.4
2019 2020 2021 2022 2023 2024 2025

2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 2022 2023 2024 2025
• The rising population of nationals and expatriates in KSA is expected to reach unto 37.3 Mn in 2025, with an increase at a CAGR of 1.4% from 2019.
This is the main driver for Infrastructure demand which in-turn drives the need for GIS services in construction industry.
• The GDP of KSA is expected to increase linearly over the period 2019-2025 at a CAGR of 1.86%. The infrastructure expense is budgeted to be approx.
6.3% of the GDP for the given period.
• Infrastructure projects (including transport) are allocated SAR 70 billion in 2019, 6.3 percent of the total budget and 28% higher than 2018. The upward
trend is primarily driven by the ramping up of spending on the Riyadh metro (6 lines covering 176 km) and the upgrading of King Abdulaziz International
Airport, Jeddah, among others, as they enter the final phase of construction.
25 Source: https://home.kpmg/content/dam/kpmg/sa/pdf/2018/kingdom-of-saudi-arabia-budget-report.pdf
GeoSpatial GCC Market Size Assessment
• The GCC region is expected to see a sharp increase in the usage of geospatial GCC Market in US$ Bn
information and technology for various applications. As a result, they are expected to
see a growth at a CAGR of 15.2% over the years 2018-2023. While the GeoSpatial 20.5
based service/solution industry is expected to grow at a CAGR of 9.6%.
.2% 17.9
R 15
• However, despite the high growth rate, the market share of GCC in GeoSpatial Industry CAG 15.3
is not likely to see major changes since the base value is lower compared to other 13.1
regions. 11.5
10.1
8.1 8.9
• At the end of 2020, the GCC region is expected to have a market share of nearly 3.1%, 7.2
of the total market share which would be ~ US$ 13.1 Bn.
GCC Geospatial Market Segmentation (2020)

2015 2016 2017 2018 2019 2020 2021 2022 2023
3%
GCC Segment wise Revenue in US$ Bn (2020)
23% Segment Global GCC

GNSS 260.0 7.0
54%
GIS 88.5 2.6
20%
Earth Observation 75.9 3.0
3D Scanning 14.2 0.5
GNSS GIS Earth Observation 3D Scanning
Total 438.6 13.1

Current Market Size
• The GCC region holds 3.0% of the market share in GIS/Spatial Analytics solutions, of
which 45% is solution and services business. KSA Geospatial Market Segmentation
• KSA region ranks 4 in the Middle East GIS solution adaption ranking, while 46 in the
5%
world. They come in the category of aspirers which is lead by the UAE.
9%
• The companies listed below hold up to 85%-90% market share in GIS in KSA which is
25%
led by GeoTech and followed by Khatib & Alami and Dar Al Riyadh. Their revenues
either directly or through their local arm are estimated to as follows:
14%
Company Estimated Revenue (2018)
GeoTech SAR 42 Mn 12% 19%
Khatib & Alami SAR 25–30 Mn

• 16%
Dar Al Riyadh SAR 25-27 Mn 85-90%
Market
share
Zaki Farsi SAR 22-25 Mn
MIS SAR 20-25 Mn GeoTech Khatib & Alamy Dar Al Riyadh

Zaki Farsi MIS Dar Al Handasa
Dar Al Handasa SAR 15-20 Mn
Others

Current Market Size
• The GCC region holds 3.0% of the market share in GIS/Spatial Analytics solutions, of
which 45% is solution and services business. KSA Geospatial Market Segmentation
• KSA region ranks 4 in the Middle East GIS solution adaption ranking, while 46 in the
5%
world. They come in the category of aspirers which is lead by the UAE.
9%
• The companies listed below hold up to 85%-90% market share in GIS in KSA which is
25%
led by GeoTech and followed by Khatib & Alami and Dar Al Riyadh. Their revenues
either directly or through their local arm are estimated to as follows:
14%
Company Estimated Revenue (2018)
GeoTech SAR 42 Mn 12% 19%
Khatib & Alami SAR 25–30 Mn

• 16%
Dar Al Riyadh SAR 25-27 Mn 85-90%
Market
share
Zaki Farsi SAR 22-25 Mn
MIS SAR 20-25 Mn GeoTech Khatib & Alamy Dar Al Riyadh

Zaki Farsi MIS Dar Al Handasa
Dar Al Handasa SAR 15-20 Mn
Others

Market Demand Forecast
• The KSA market demand is forecasted based on the GIS growth rate in the GCC region
KSA GIS Demand Forecast
(in SAR Mn)
and the past trends of Geotech and MIS, who together hold 40% of the total market
share in 2018.
292
• The market demand is estimated to grow from SAR 170 Mn to SAR 292 Mn in the 273
255
period of 2018 – 2026 at a CAGR of 7%. Hence the revenue projections for Geotech 239
213 223
are estimated to grow at a CAGR 5%. 202
186
• This is mainly driven by, infrastructure demand and with the government aiming to 170
diversify its revenue streams to support its 2030 goals, KSA is allocating an expenditure
budget of SAR 1.1 trillion in 2019, out of which SAR 246 billion are allotted for capex to
backup its infrastructure projects.
• Besides Infrastructure the key industries that can drive the market demand in KSA are:
• Oil and Gas
• Utilities 2018 2019 2020 2021 2022 2023 2024 2025 2026
• Telecommunication
• Defense and Internal Security
• Geotech has technical capabilities to undertake projects in all these sectors and
Geotech is estimated to hold is market share as a market leader at 25%, with a scope to
grow based on various strategic business decisions.
29
Assessment of Expansion Potential
• According to the GeoSpatial Readiness Index, which ranks the countries mainly on current
level of applications of GeoSpatial Technology and availability of Infrastructure to support Ranking
Country Points
(2019)
the future growth in this market segment, The United States of America is at number one
position since the last three years, making it the most geospatial-ready country.
• In the GCC, only UAE and Saudi Arabia are the only countries that have a functional 1 USA 82.60
National Spatial Data Infra in place to facilitate easy access to spatial information and
data. 2 United Kingdom 62.16
• In Bahrain, for the implementation of the Bahrain Spatial Data Infrastructure (BSDI), a
National GIS Steering Committee (NGISSC) has been established which has also
28 UAE 26.50
formulated a Data Exchange Policy for the said purpose.
• The Middle Eastern countries have strong government support programs for SMEs and
startups, especially so in UAE, Saudi Arab, Bahrain, Brunei and Oman. These countries 40 Bahrain 18.65
have structured mechanisms for venture funding, entrepreneur capacity development,
incubation and acceleration hubs involving collaborations and strategic support of
41 Saudi Arabia 18.20
corporates and countries like the UK.
• Which makes expansion not only a lucrative but also a well supported business
opportunity, given the only requirement is the relation with government authority to get 46 Qatar 15.43
orders.
62 Oman 10.33
30 Sources: Reuters, Empact research and evaluation; GSRI Index report for 2019
Competitive Landscape
For competitive landscape analysis, five direct competitors in GIS Company Khatib & Dar Al Zaki Dar Al
MIS GeoTech
in KSA Alami Riyadh Farsi Handasa
KSA are considered, as considered by GeoTech Management. A
Year Established 1964 2010 1977 1979 1956 2002
comprehensive list of services provided by them is illustrated in
the table. The competitors are: Presence in # of
23 1 1 1 35 -
Countries
• Khatib & Alami: It is multidisciplinary urban and regional GNSS √ √ √ - √ √
planning, architectural and engineering consulting company. CORS - - √ √ - √
• Dar Al Riyadh: Beside GIS services, they are also into Survey √ √ √ √ √ √
Architecture, Construction Management and HR solutions. Planning √ √ √ √ √ √
• Zaki Farsi Group: It has various companies which handle 3D √ √ - √ √ √
different target segment - Consultancy, Development ,
Satellite √ - - √ - √
Maps, IT Solutions.
Aerial √ √ - √ √ √
• MIS: Al Moammar Information Systems Co. is a public listed
Geospatial Data √ √ √ √ √ √
company, which provides trageted solution to cater specific
IT & eGov. √ √ √ √ √ √
need of various sectors.
Software √ - - √ √ -
• Dar Al Handasa: It is a privately-owned international
Hardware √ - - - √ -
multidisciplinary consulting organization in engineering,
architecture, planning, environment, project and Military / Power - - - √ - -
construction management, facilities management, and Training - √ - √ - -
economics. Construction √ √ √ - √ -
BFSI - - √ - -
31 – Not Available, Sources : Management Discussions , Empact research and evaluation

Competitive Landscape for GIS Market in KSA (1/2)
Empact has used a 2X2 matrix to analyse the level of competitive rivalry and the structure of competition in the GIS segment in KSA. The Y-axis
represents the extent of ‘internationalization’ while the X-axis represents the offered service variety by the respective GIS Companies in the Kingdom of
Saudi Arabia.
International
Presence
International presence with focus International presence with

on limited service areas high degree variety of service
offerings
Geographic Presence
Regional Presence
Domestic or regional presence Domestic presence with high

with focus on limited services degree of service variety
Only Local
Presence
Low Service High Service

variety variety
Service Variety
Competitive Landscape for GIS Market in KSA (2/2)
An acquisition of local GIS players in KSA is in line with the regional trends, wherein, the global firms with high level of internationalization are acquiring local players to
gain access and penetration in the region. In this context. GeoTech profile makes it an enviable target for acquisition by international players who can gain competitive
advantage against their international peers and reap immediate benefits in terms of both its ability to seamlessly bid for large government projects.
International
Dar Al
Presence Khatib & Handasa
Alami GeoTech will gain more
local presence helping
it to overcome its
current issues of
having foreign
Geographic Presence
GeoTech GeoTech
Regional Presence
Pre-acq* Post-acq* ownership and win

more government
projects, when
compared to an
international player.
Dar Al MIS This will also help
Riyadh GeoTech target
industry specific
Only Local
solutions, such as, BSFI

Presence
& Military projects.

Zaki
Farsi
Low Service High Service

variety variety
*Pre-acq: Pre-acquisition; Service Variety
**Post-acq: Post-acquisition;
Pricing Analysis
Sample Cost Structure
7% 10% 1%
 Geotech has a well defined project cost calculator which helps them bid for various 6%
projects effectively. Also, Mr. Talat Eksioglu has good relation with government official 4%
which helps Geotech to get critical project related data to bid accurately.
10%
 The pricing tool helps in identifying the costs in depth and obtain per unit costs for
various services – Mapping, Surveying, Scanning and Drawing Services as well as the 17%
data collection costs, processing costs, value added services costs and area under
observation costs. This when added to the admin and equipment expenses helps 10%
Geotech effectively understand the requirements of the project and bid conservatively.
 The pricing tool is also used to make the schedule of the project there by optimizing the
resource utilization and there by reducing costs of the projects.
 Geotech has a small team to highly experienced and technically sound engineers and IT
analyst, while for the manpower extensive operations such as data collection are 35%
generally outsources to a sub-contractor.
 In the year 2017 and 2018, the sub-contractor costs were 15-20% of the revenue, while
the direct salary expense is also an average 20% of revenue over the period 2015-2019. MANAGEMENT STAFF LOGISTICS
Therefore it is essential to estimate costs for bidding accurately. USER ASSESSMENT DEVELOP GEODATABASE
OPERATE GIS CENTER DEVELOP APPLICATIONS
SYSTEM MAINTENANCE TRAINING
FIELD SURVEY
34
Competitive Advantages
Products and Services Client and Customer Partnerships
• GeoTech has diversified revenue streams, and provides services • GeoTech is a 2 decade old company in KSA and has a strong
and solutions across Geodetic Engineering, Terrestrial customer base of 70 clients, with a high client retention rate.
Surveying & Mapping, Smart City Services and IT and e- • They have good liaison with government bodies and has
Government Services. worked on major government projects in MOMRA and
• They have also worked on projects in other regions of GCC and Municipality of Riyadh.
also in the African region. • During the issues with gov. receivables, both vendors /
• They have seen through multiple volatile economic cycles. partners have supported them by extending the payables.
Skilled Employees and Technology Access to Capital and Capital Structure
• GeoTech considers its highly educated, skilled and competent • GeoTech, has high fixed costs and minimal debt (almost 0),
staff, who are experienced in geomatics engineering and IT which has helped them to survive the slow market conditions
Services as it most important asset. and delay in receivables.
• The team is guided by highly experienced and technically • They operate efficiently to effectively maintain the working
sound, project managers and top level management team. capital requirements as a result, the company has largely
• They have been regularly investing in acquiring latest remained debt free in the past.
technology such as “Drone eBee Plus RTK”, “Drone • They have a strong order book position to meet the revenue
DeltaQuad Pro” and “Orbit MM Feature Extraction” Software. expectations.
35
Porter’s 5 Forces
New Market Entrants
The capital requirement is low. Furthermore, licensing

procedures to start a GIS service/solution provider are
not stringent. The only difficult part is to tie with a GIS
software provider and win Gov. projects. Therefore the
threat of new entrants is deemed to be “High”.
Supplier Power Buyer Power
Competitive Rivalry
Suppliers in this industry primarily refer to the Currently, the many players in this space all with
software providers and sub-contractors. For Competition in this space primarily stems different advantages and sector speciality. This
software providers like ESRI, has a standard from Khatib & Alami, Zaki Farsi, MIS & Dar oligopolistic scenario also, has fine line between
prices for services that they provide, namely in Al Handasa which along with Geotech hold target sector and the Buyers (Gov. & Private) can
silver/gold/platinum partnership, which is a combined market share of ~ 95%. opt take multiple quotations/bids before
standard for all partners. Sub-contractors Though these companies are in same deciding the service provider. Therefore, buyer
depend on lack of capabilities of the firm, which sector with similar capabilities, Geotech power is deemed to be “High”
vary company to company. Therefore the has better Gov. and Client management.
supplier power is deemed to be “Low” Therefore, the threat is deemed to be
“Moderate”
Threat of Substitutes
There is a high threat for substitution primarily due to

the quotation/bidding methods to get new projects.
This includes both effective costs estimation and
technical capabilities of the firm. Therefore, the threat
36 of substitutes is considered “High”
SWOT Analysis
Strengths Weakness
• Geotech major strength is the relationship with
S W
• Geotech has a diversified portfolio, as a result
Gov. & clients, which helps them to retain the they may need a well experienced operational
maintenance projects and get critical inputs on team to manage all the projects efficiently.
development projects.
• Geotech lacks local Arabic speakers with
• Geotech is also a partner with leading software
Technical Capabilities.
provider ERSI, which eliminates the risk of
obsoletion and has a patent “Citigenius” for • The company’s smooth operations depends on
development of Smart Cities. the top management & technical team with
high dependency on a every member.
Opportunities Threats
• Expansion is an opportunity which is common in • Geotech also needs to expand their revenue
GCC with good cross border relations. Geotech streams, by targeting projects in other segments
Overseas can try to establish to establish local beyond infrastructure and into, Defense, Internal
entity in each country using a franchise or self- Security and Telecommunications.
owned model to boost the revenue. • Geotech Overseas needs to reach out to Gov.,
O T
• Having a Local ownership in KSA region instead of Clients and Partners to make them aware of the
a Turkish, can help them to get more projects and change in ownership from Turkish to Saudi.
support from local government.
37
Marketing Strategy
38
Agenda
 Operational Plan
 Manpower Assessment
 Locations Assessment
 Licensing Requirements
 SWOT Analysis
 Sales and Marketing Plan
39
Project Flow Plan
Top Level Management – (Dr. Fahri, Dr. Kamil and 3 Senior project managers)
Weekly
Report
Project
New Project Project Creation of Updates
Information Project Manager Report Project Reports
Documentation Project Team Review to Top Level
Management
Collating *Project Weekly Project
Project Documents Report Report
Documents
VP for Projects (Dr. Talat)
Weekly Report
New Project
Information Project Project Manager
Awarding Weekly Update Final
to Clients Project
Internal & External Project Bidding/ Report Maintenance Team
Project Information Tendering Process
Weekly Report
Governments and Clients
Bidding / Tendering Process Project Operation Process Project Maintenance Process
40 *Project Documents include project information from client, pricing/costing reports and reporting template
Geotech Equipment Overview
Equipment List Qty
 Over the last decade Geotech has invested a total sum of SAR 10.7 Mn, in fixed assets of which INVAR Staff 13
40% invested in surveying and field equipment while another 4% is invested in software. Drone eBee Plus RTK 5
Trimble R6 GNSS Receiver 6
 Although Geotech uses, the depreciation of equipment assets as 90%, which eliminates them from Trimble DiNi (0.3) Leveling Instrument 4
P755-LOG Thermometer 3
financials in 1 year, but they are used for over 2 years before becoming obsolete. Therefore, a
Drone DeltaQuad Pro 1
constant investments are required towards equipment purchases. TELESCOPIC STRUT 2
TOPCON DL-101C 1
 GeoTech makes consistent investments to obtain new technologies and software to keep Nvidia 3D vision 2 wireless glasses 10
themselves relevant to market demand. They invest both in hardware devices, as well as, software, Drill 3
for example in 2018, they procured five “Drone eBee Plus RTK” and a “Drone DeltaQuad Pro”
worth SAR 0.7 Mn, and also purchased “Orbit MM Feature Extraction Software.”
Trimble DiNi 0.3 Leveling Instrument Drone eBee Plus RTK Drone DeltaQuad Pro
41
Geotech Technology Overview
 Geotech is silver partner with ESRI, which is an international supplier of geographic
information system software, web GIS and geodatabase management applications.
Geotech planned to extend this to gold partnership which is obtained at an annual
fees of USD 10,000.
 Geotech develops GIS solutions and provide services for local or national markets.
Therefore in the Silver Tier, which is the foundation of the ESRI Partner Network,
provided Geotech with a rich, cost effective set of resources, software and benefits.
While upgrading to a Gold tier, Geotech Overseas can have a market focus that is Orbit MM Feature Extraction Software
national or multinational.
 The ESRI-based solutions and/or services that they develop are targeted to end
users in industries that align with ESRI’s vision, goals, and industry focus areas. This
also helps Geotech to have a defined go-to-market strategy and engage with ESRI
and ESRI distributors in sales and marketing activities.
 Having an market leader as a Partner and software provider eliminates the risk of
technology obsoletion, also upgrading to a Gold partnership will provide:
• Assigned Resources to Assist with Technical Objectives
• Assigned Contact to Support Business Development Activities
• Joint Business Planning
• Sales Engagement Opportunities
42
Alternate Technology for Geotech
Internet of
Real Time GIS Moving Taking IoT a step further, 4-D GIS
Data from everything like
smartphones to social
Things (IoMT) connected mobile objects Today 4D GIS or spatial
like mobiles, automobiles temporal GIS is fast
media is being integrated
etc. creates Internet of becoming the need for
with real-time data from
Moving Things. This is decision making and
IOT, and is directly being
revolutionizing the concept predicting dimensions
fed into a GIS for real-time
of real-time data for GIS/ across time.
GIS applications.
Spatial Analytics.
GIS
Software as
VR GIS Integrated GIS & VR, GIS SaaS and leap from
a Service
with the specific server to Cloud has
software, is being used (Saas) opened up numerous
in Big Data applications avenues for
and enabling collaboration for GIS
complicated VR users as well as
visualizations. technology providers.
43 Sources: Reuters, GeoBuiz Report Empact research and evaluation; Grand Review Research
Manpower Assessment (1/2)
Designation No. of Staff Department Designation No. of Staff Department
President 1 Top Management Government Services 1 Gov. Relations Dept
General Manager 1 Top Management Government Relations 2 Gov. Relations Dept
VP for Projects 1 Top Management GIS Manager 1 GIS Dept
Chief Engineer 1 Survey Dept GIS Operator 13 GIS Dept

GIS Expert 1 GIS Dept
SEC Project Manager 1 Survey Dept
GIS Developer 1 GIS Dept
QS Expert 2 Survey Dept
Senior Accountant 1 Finance Dept
Chief Surveyor 1 Survey Dept
Accountant 1 Finance Dept
Field Surveyor 13 Survey Dept
Senior Developer 1 Data & Map Production Dept
Senior Adviser 2 Projects Dept
Developer 1 Data & Map Production Dept
Ass. Project Man. 2 Projects Dept
Field Survey Manager 1 Data & Map Production Dept
Project Manager 2 Projects Dept
Senior Surveyor 1 Data & Map Production Dept
IT Support 2 IT & Support Dept
Senior Engineer 1 Data & Map Production Dept
Driver 2 IT & Support Dept
CORS Support 5 Data & Map Production Dept
Support services 10 IT & Support Dept Data Production Manager 1 Data & Map Production Dept
Cleaner-Office Serv. 1 IT & Support Dept 3D Photogrammetry Operator 7 Data & Map Production Dept
Office service 2 IT & Support Dept 3D Photogrammetry Expert 1 Data & Map Production Dept
Senior IT Expert 1 IT & Support Dept Senior Photogrammetrist 1 Data & Map Production Dept
Administrator 1 HR and Admin Dept Office service 1 IT & Support Dept
Front Desk-Secretary 1 HR and Admin Dept Senior IT Expert 1 IT & Support Dept
44
Manpower Assessment (2/2)
 Geotech has over 88 employees, who are lead by a top level management Employee Nationality Composition
and experienced project manager and department managers.
 Geotech was a Turkish owned foreign company and a similar split is seen in
the employee composition, with 24%-Turkish and 27%-Sudanese of the total
24%
employee strength. While the local Saudi composition is 14%. 28%
 In the last three years around 20 people have left Geotech of which 10 have
left in the last year. This brings the attrition rate to11.36%. To ensure the
optimal level of employees Geotech has hired 25 employees over the last 3
years of which 13 were hired last year.
 According to Geotech management, this manpower at 100% utilization can
generate or cater to a total project value of SAR 80 Mn, hence the
manpower utilization current can be estimated to be 62.5% at an average
over the period 2020-2026. 7% 14%
 All forms of recruitment in Geotech is driven by need and can be one of the
flowing types in decreasing preference,
Contract/Project based employment
6%
Sub-contractors 22%
Local Contract Employee Turkish Saudi Indian Pakistani Philippino
Sudanese
Full-Time recruitment
45
Key Resources List
Geotech has a total staff of 80 people who are lead by highly educated, technically sound and experienced team, of which most critical are mentioned
below:
No Staff Name Qualification Position Salary Nationality

1 Kamil Eren Prof. Dr. Geodesy President 38,000 Turkish
2 Fahri Kartal PhD. Geodesy General Manager 30,000 Turkish
3 Talat Eksioglu PhD. Urban Planning & GIS VP for Projects 25,500 Turkish
4 Abdul Salam Abdulah Ms. Urban Planning Senior Adviser 33,333 Saudi
5 Dr. Ekrem Ucar PhD. Photogrammetry Senior Adviser 7,500 Turkish
6 Musa Arslan Environmental Eng. & GIS GIS & Project Manager 22,000 Turkish
7 Mustafa Haluk Ay Ms. Geodesy Eng. & GIS Ass. Project Man. 20,000 Turkish
8 Murat Arslanoglu Ms. Geodesy Eng. & Drone Surveys Chief Engineer 16,750 Turkish
9 Hamza Khaled Saleh Computer Eng. & Software Developer Senior Developer 18,000 Jordanian
10 Baris Uluzmanoglu Computer Eng. & Software Developer Developer 13,750 Turkish
11 Selvam Muthu University Degree & Surveying Field Survey Manager 14,375 Indian
12 Deniz Eren Geodesy Eng. & Surveying Senior Surveyor 15,750 Turkish
13 Nasif Mehmet Erisik Human Relations / Resources Administrator 13,000 Turkish
14 Ayhan Tekgul Ms. Geodesy Eng. & GIS Project Manager 18,750 Turkish
15 Muhammad Yousaf Ismail Ms. IT Engineer Senior Engineer 18,750 Pakistani
16 Ramazan Ibrahim Yanar PhD. Geodesy & Geodetic Networks CORS Support 20,000 Turkish
46
Agenda
 Business Strategy
 Financial Overview
 Financial Assumptions
 Financial Projections
 Ratio Analysis
 Risk Analysis
47
Business Strategy
 RZM has decided to acquire the 51% of stake in Geotech at SAR 15.3 Mn against the valuation of SAR 25 Mn, with a closing amount of SAR 5.2 Mn
and three installments of SAR 3.37 Mn in every 6 months. Also, the company has decided to hold back any annual operating bonus (10% of net
income), unless the invested capital is received back from the business.
 Also, the “Citigenius” developed by sister company of Geotech which can be used for “development of smart cities”, can be used by Geotech Overseas
for free for next 10 years over all geographies.
 It is also agreed that the company should have working capital which will be needed for the smooth continuity of the business for 6 ‐months post
acquisition (This amount is estimated to be SAR 9 Mn according to Empact). Beyond which both parties shall invest amounts according to their shares,
i.e. 51% by RZM and 49% by Dr. Kamil Eren and Dr. Fahri Kartal.
 Although, Geotech considers its highly educated, skilled and competent staff, who are experienced in geomatics engineering and IT Services as it most
important asset, company is driven by:
• Dr. Kamil Eren – President and CEO of the Geotech group
• Dr. Fahri Kartal – General Manager
• Talat Eksioglu– Vice President for projects and SPOC for all Government project communications
• Ekrem Ucar – Project Manager
• Guven Ozcan – Project Manager
• Murat Arslanoglu – Production Manager (Photogrammetry)
• Musa Arslan – GIS Manager fot GIS Department
• Ayan Tekgul – Project Co-Ordinator for Surveying Department
48
Financing
 Geotech, as a company has an total invested capital of SAR 2 Mn, with a statutory
reserve of SAR 1 Mn which according to government regulations prior to 2015 needed
to 50% of the capital invested but, as per the new amendment statutory reserve needs
to be only 30%. Therefore the company Geotech Overseas has the option to invest
additional SAR 1 Mn without adding to the statutory reserve.
 The Company has been operating in a self sustaining model for the past five years
(according to audited financials), with no long term loan requirements, and has
produced a positive bottom line year on year. This also eliminates any interest rate
risks that company may face.
 Post-Acquisition, the company Geotech Overseas will have 51% ownership of RZM
and 49% ownership of current Geotech owners. Any future investments will also be
made in the similar ratio, as agreed by both parties.
 The company has access to all forms of financing, debt as well as equity, due to a
strong order book position and hygiene of the operations the company can easily opt
for short term loans to meet its current liabilities or use long term loans to funding
major business plans like expansions.
 As per the agreement of both the parties, the dividend payout will be 50% of the net
profit every year.
49
Analysis of Historical Financials: Income Statement
• The company revenue has been widely varying; this was mainly due to lack of cash flows from
Government based projects which result in majority of the revenue.
GeoTech Revenue (in SAR Mn)
• Cost of sales as a percentage of revenue has been in the range of 40% to 70% between 2014 to 2019.
• General and administrative expenses, which are not completely dependent on revenue, vary between
9% to 30% of revenue . 59.7
• As this is not a highly capital intensive industry, the company’s fixed assets (and therefore, the
depreciation expense) remain almost constant, at ~2-4%.
• The company has had positive net profits (from 2014-2019) in spite of the turbulent market conditions
across GCC. 43.8 Net
42.5
Profit
• In 2019, with the revenue less than 1/3 rd its highest value, the company closed its financial year with a
positive bottom line. 29.2
Year 2014 2015 2016 2017 2018 2019
Revenue growth 133% -48% 163% -29% -58%
Cost of sales 67% 70% 59% 40% 52% 65% 22.7
GP % 33% 30% 41% 60% 48% 35% 18.8 17.9
General & Admin Expenses 20% 10% 20% 9% 15% 30% 12.5
EBITDA Margin 13% 19% 21% 51% 33% 6%

6.5
Depreciation 4.2% 1.9% 3.2% 1.3% 1.7% 3.4%
3.9
Net Profit% 7.3% 14.9% 17.0% 48.8% 29.3% 2.5% 1.4 0.5
Profit in SAR MN 1.37 6.52 3.85 29.15 12.45 0.45 Series1

2014 2015 2016 2017 2018 2019

Analysis of Historical Financials : Revenue
• GeoTech has various revenue streams, of which Photographic and Satellite mapping and Geospatial data Revenue Split in 2018
analysis are responsible for 60% of the total revenue in the year 2018. Whereas, IT and Consultancy
projects have provided a steady revenue of SAR 2.5-3 Mn (8-10% of revenue) between 2014 to 2018. 4%
6% 16%
• The revenue from Terrestrial surveying and mapping projects contributed 16% of the revenue in the year
2018, and have been at a constant range since 2016. The geodetic engineer projects revenues have
increased from 9% in 2014 to 29% in 2018.
29% 16%
• The company is working on projects worth SAR 36Mn, with project period of 1-3 Years. These projects
include maintenance and other services.
Revenue in SR Mn 2014 2015 2016 2017 2018
Geodetic Engineering 8.80 11.82 3.43 14.61 6.77 30%
Terrestrial Survey & Mapping 6.19 1.08 3.88 10.97 6.66
Photogrammetric & Satellite Mapping 0.25 19.39 4.49 19.63 12.62

Geodetic Engineering
Geospatial Data & Information System 1.72 9.61 7.57 12.26 12.17
Terrestrial Survey & Mapping
Planning and Consultancy Services 0.72 0.97 1.59 1.35 2.67 Photogrammetric & Satellite Mapping
Geospatial Data & Information System
IT & e-Government Services 1.12 0.88 1.76 0.88 1.63
Planning and Consultancy Services
Total 18.81 43.75 22.71 59.70 42.52 IT & e-Government Services
51
Analysis of Historical Financials : Expense
Direct Costs : Cost of Sales (in SAR Mn)
• Cost of Sales majorly comprises of three elements – Staff salary, material purchases and 30.7
sub contracting expenses.
• Cost of sales as a percentage of revenue has been in the range of 55% to 65% of the 23.8
22.3
revenue from 2014 to 2018..
• As seen in any service based industry, GeoTech also reflects similar direct expenses 12.6 13.4
11.6
pattern where the major expense is towards the Salary of technical staff.
• Material purchase costs vary over the period under observation, this is mainly due to the
purchases of instruments made for a particular project but were utilized over multiple
years. 2014 2015 2016 2017 2018 2019
Indirect costs : General and Admin Expenses (in SAR

• General and administrative expenses constitute of administrative staff salary, rent, ticketing Mn)
6.39
and travelling expense and consulting charges.
5.39 5.38
• These expenses vary in the range of 15%-20% with respect to revenue, but year on year 4.57 4.83
3.83
have show a growth from about 3% to 5% (in value terms).
• Salary is a major operational expense, amounting to 60%-70% of the total operational
expenses.
2014 2015 2016 2017 2018 2019

Analysis of Historical Financials : Balance Sheet (1/2)
Assets in SAR Mn 2014 2015 2016 2017 2018 2019
Current Assets
Cash On hand & at Bank 1.02 1.98 3.96 16.17 7.79 10.57
Accounts Receivables 12.65 15.74 8.44 11.42 19.82 3.96
Total Current Assets 13.67 17.72 12.40 27.59 27.61 14.53
Fixed Assets (PPE) 4.13 4.14 3.47 4.03 3.53 3.50
Total Assets 17.81 21.87 15.87 31.62 31.14 18.03
• The company’s cash and bank balances are adequate to meet its working capital requirements.
• They keep zero inventory as it’s a service based business.
• Trade receivables have been high through the period under analysis, due to delay in payments from government clients, with payments generally
being delayed by 6 months.
• Trade receivables have been generally in the range of 140 to 180 days, but in 2017-18 it went up to 270 days.
• The net value of fixed assets remains constant, at around SAR 4 Mn.

Analysis of Historical Financials : Balance Sheet (2/2)
Liabilities in SAR Mn 2014 2015 2016 2017 2018 2019 Equity in SAR Mn 2014 2015 2016 2017 2018 2019
Accounts payables 2.12 4.63 2.15 24.99 22.47 13.25 Capital 2.00 2.00 2.00 2.00 2.00 2.00
Customer Advance 4.62 2.47 1.25 0.44 0.41 0.18 Statutory Reserve 0.98 1.00 1.00 1.00 1.00 1.00
Accrued Expenses 1.16 0.15 0.83 0.69 0.08 0.00 Partner current account 1.53 0.00 0.00 0.00 0.00 0.00
Short Term Loan - - 1.00 - - - Retained Earnings 5.16 10.53 7.29 1.85 3.48 -1.59
Provision for Tax & Zakat 0.25 1.09 0.34 0.66 0.67 0.00 Total Owners Equity 9.66 13.53 10.29 4.85 6.48 1.41
Provision for EOS - - - - 1.03 3.19
Total Liabilities & Equity 17.81 21.87 15.87 31.62 31.14 18.03
Total Liabilities 8.14 8.34 5.57 26.77 24.66 16.62
• As the company has had adequate cash balances, it has only once required a short term loan to tide over cash shortfalls in the year 2016.
• Trade payables have been extended, a consequence of higher trade receivables. As a result, the payables days were as high as 180-270 days.
• The Company started to implement the End of Service Liability norms in the year 2018, as per the Labour Law article 84/85.
• The accrued expenses are relatively lower.
• The customer advances are only seen in projects with the private sector, but are not very frequent.
• The company has an invested equity amount of SAR 2 Mn, and a statutory reserve of SAR 1 Mn, and has turned up a positive retained earning year after year.

Revenue Assumptions
• As the market in KSA for GIS services is currently dominated by government projects, Revenue Projections for 2020 Amount (SAR Mn)
coupled with the fact that ~85% of Geotech revenue accrues from such projects, the Signed Projects
Al Madinah Project 8.22
projected revenues are heavily dependent on award of such projects.
NIC Maintenance 1.08
• For the purpose of estimating revenue, Empact’s approach was to consider 2020 as the NPP Project 8.11
base year and then to project revenue, taking the global market trends and previous years’ PIF- RMO Project Phase 2 1.13
PIF – Palaces 0.38
revenue trend of Geotech in consideration.
Total Value (A) 18.92
• Revenue projections for 2020 include revenue of SAR 18.9Mn from contracts which are Revenue Booking Probability 100%
already signed; SAR 35.9Mn is from the projects that are in advanced stages of discussion; Revenue from Signed Projects (D) 18.92

and SAR 14.5Mn are from the contracts that are not yet signed. Hence, the revenue
Project in advanced stage of discussion
booking probability is rationalized by considering a probability of realization as 100%, 80%, SEC GIZAN 8.74
and 20%, respectively. Jeddah GIS 8.48
Momra Mulayssa 18.0
• Revenue projected for 2020 is SAR 50.6 Mn. For future years, Empact has estimated a
Other 0.74
CAGR of 5%, as compared to global Geospatial and Services CAGR of 7.6%. Total Value (B) 35.96
• Also, considering GeoTech revenue trend, which shows de-growth after two successive Revenue Booking Probability 80%
Revenue Estimated (E) 28.77
growth years and as per the companies current workforce utilization, the projected

revenue is also fluctuating. Projects in Pipeline
Land & 3d GIS Services in Urayirah & Judah 14.5
Projections 2020 2021 2022 2023 2024 2025 2026 Total Value (C) 14.5
Revenue Booking Probability 20%
Revenue ( SAR Mn) 50.6 53.1 55.8 39.1 48.8 51.3 53.8 Revenue from Unsigned Projects (F) 2.9
%Growth 5% 5% -30% 25% 5% 5% Total Value of Projects (A+B+C) 69.4

Total Revenue Projection for 2020 (D+E+F) 50.6

Expense Assumptions
Direct Costs :
• Cost of sales in the earlier years of operations have been fluctuating between 55% to 65% Cost of Sales (in SAR Mn)
of the revenue. 32.2
30.1 30.7
28.7 29.3
• The Salaries, Materials Purchased and Subcontractor Costs form a significant part of cost 27.4
25.7
of sales.
• In accordance, in Empact’s projections, direct costs have been estimated to be 57% to 60%
of revenue over the projected period.
• The increase is due to factors like employee efficiency, inflation and machine rental costs.
• Empact expects wage inflation to be 3%-5% during this period, while materials purchased
and subcontractor costs as a percentage of revenue will be constant and in line with
previous years.
2020 2021 2022 2023 2024 2025 2026
Indirect costs :
General and Admin Expenses (in
• Empact has estimated an annual increase of 3% to 5% in administrative staff salary, rent, SAR Mn)
ticketing and travelling expense and consulting charges.
10.4
• GOSI has been taken as a percentage of Salary, and Maintenance and Repair charges as a 10.2
9.9
percentage of Assets. GOSI is estimated at 9% and Maintenance at 0.5%. 9.7
9.4
• Empact has considered the bank charges as a percentage of revenue, which is estimated to 9.1
8.9
be 0.3%.
• After acquisition, there is a plan to hire a CEO and internal auditor to provide additional
support to the operational activities of Geotech, whose salaries have been incorporated. 2020 2021 2022 2023 2024 2025 2026
56
Projected Financials
• As observed in historical financials, revenues show high volatility, therefore, this has been reflected in
the projected financials, as well. Project Revenue (in SAR Mn)
• Cost of sales as a percentage of revenue has been projected in the range of 55% to 60% of revenue
55.8
based on the historical financials (around 65% of revenue in the previous years) 53.1 53.8
50.6 51.3
• General and administrative expenses are not completely dependent on revenue, but show annual 48.8
increase of 5% in the historical financials, and have been projected to grow on similar lines; when there
is an expected decrease in the revenue in 2023, G&A expense also are reduced.
39.1
• The company is expected to remain debt free during the projected period due to healthy cash flows
from operations.
• The company is projected to report a positive bottom line for every year in spite the turbulent market
conditions, as evidenced from historical trend.
Year 2020 2021 2022 2023 2024 2025 2026
Revenue growth 5% 5% -30% 25% 5% 5%
12.98 13.32
Cost of sales 55% 55% 55% 67% 61% 61% 61% 13.81 10.15
9.47
8.83
GP % 45% 45% 45% 33% 39% 39% 39%
3.2
General & Admin Expenses 17% 17% 17% 21% 18% 18% 18%
EBITDA Margin 28% 28% 28% 12% 21% 21% 22%

Series1
Net Profit% 26% 25% 25% 8% 18% 19% 19%
2020 2021 2022 2023 2024 2025 2026
Profit in SAR MN 12.98 13.32 13.81 3.20 8.83 9.47 10.15

Projected Financials : Balance Sheet (1/2)
Assets in SAR Mn 2020 2021 2022 2023 2024 2025 2026
Current Assets
Cash On hand & at Bank -0.93 3.33 9.76 18.00 20.34 24.73 29.44
Accounts Receivables 26.78 27.40 28.01 19.07 23.17 23.62 24.07
Total Current Assets 25.86 30.73 37.77 37.07 43.51 48.35 53.51
Fixed Assets (PPE) 4.00 4.00 5.00 5.00 5.00 5.00 5.00
Total Assets 29.9 34.7 42.8 42.1 48.5 53.4 58.5
• According to the terms of acquisition, all the revenue generated due to old projects (i.e. before 2020) will belong to Geotech while the revenue
form the ongoing projects will belong to Geotech Overseas. Hence, the cash in 2020 is expected to be negative with high receivables value.
• Also, it is agreed that after the acquisition, a cash of 9 Mn, which is equivalent to 6-months of working capital requirement will be available to
Geotech Overseas to ensure smooth operations. Beyond which further cash requirement will be funded as per the new ownership.
• The inventory is projected to be 0 as a service based business.
• Trade receivables have been high through the period under analysis, and have been projected based on the DSO observed in the past.
• The net value of fixed assets remained around SAR 4 Mn from 2014-2019, hence it is projected SAR 4 Mn – SAR 5 Mn to support the revenue
growth.

Project Financials : Balance Sheet (2/2)
Liabilities in SAR Mn 2020 2021 2022 2023 2024 2025 2026
• As the company has had adequate cash balances in the past,
same has been projected and working capital loans have not Accounts payables 18.0 15.9 16.7 14.3 15.9 16.7 17.4
been taken. Other Credit Balance 0.51 0.53 0.56 0.39 0.49 0.51 0.54
• Due to the existing terms with partners, Trade payables can Short Term Loan - - - - - - -
be extended, to manage the extended receivables days.
Provision for Tax 0.0 0.0 0.0 0.0 0.0 0.0 0.0
• As Company started to implement the End of Service
Provision for EOS 3.46 3.75 4.05 4.33 4.61 4.91 5.22
Liability norms in the year 2018, as per the Labour Law
article 84/8, the same have been taken for the year 2020
and projected further till 2026. Total Liabilities 22.0 20.2 21.3 19.0 21.0 22.1 23.2
• The other credit balances are relatively low and taken as 1% Equity in SAR Mn 2020 2021 2022 2023 2024 2025 2026
of revenue, for the projection period 2020-2026. Capital 2.00 2.00 2.00 2.00 2.00 2.00 2.00
• The company has an invested Capital of SAR 2 Mn and a
Statutory Reserve 1.00 1.00 1.00 1.00 1.00 1.00 1.00
statutory reserve of 1 Mn, which will remain same post-
acquisition for Geotech Overseas, of which 51% will belong Partner current account 0.00 0.00 0.00 0.00 0.00 0.00 0.00
to RZM. Retained Earnings 4.9 11.6 18.5 20.1 24.5 28.3 32.3
• The company is expected to generate a positive retained Total Owners Equity 7.9 14.6 21.5 23.1 27.5 31.3 35.3
earning year after year as the primary operational team
remains same post acquisition.
Total Liabilities & Equity 29.9 34.7 42.8 42.1 48.5 53.4 58.5

Capex Estimates
Value of Fixed Asset (in SAR Mn)

5 5 5
4.5
4.13 4.14 4.03 4
3.47 3.52 3.5
2014 2015 2016 2017 2018 2019 2020 2021 2022 2024 2025
• GeoTech has shown a trend of maintaining an overall fixed asset value of around SAR 3.5 Mn. Asset Value in % of Total
SAR (2018) Asset (2018)
• The Fixed assets are divided into Buildings, Vehicles, Devices , Office equipment and Furniture.
Buildings 1,161,600 33%
• Empact has considered the capex equal to the depreciation for any financial year, keeping the value of assets
Vehicles 668,800 19%
constant (as a service based company, it is not expected to acquire substantial fixed assets in the near future)
Devices 176,000 5%
• The Fixed asset depreciation over 2014-2018 is ~ 20% of the value of fixed assets and projected financials
reflect a similar ratio Office Equip. 1,302,400 37%
Furniture 211,200 6%

Working Capital Requirements
Amount as on Forecasted Amount forecasted for 2020 Amount forecasted for
Description Historical 2019 (2020-2026) 2026
Trade receivable days 130- 90 Days 9,483,406 175 – 155 Days 24,258,885 21,377,949
Other receivables Nominal 3,550,239 5% of Revenue 2,529,855 2,690,673
Trade Payables 60 Days 13,428,896 180 – 150 Days 17,916,099 17,350,597
Other Payables 60 Days 179,117 5% of COS 505,971 538,135
Inventories 0 days 0 0 days 0 0
• GeoTech is a service/solution providing company and majority of its working capital requirement arise as salaries to be paid every month, whereas realisation of
revenue is delayed y about 6 months creating a working capital gap.
• Generally all the working capital requirements were met by equity and in past there has been one instance where a working capital loan was taken of SAR 1 Mn.
• During the financial year 2017 – 2018, the company faced issues due to delay in receivable from government projects, where, in some cases receivable days
extended over 200 days. During this time GeoTech was supported by its partners/suppliers by extending the payable days by over 200 days, and helping them
to perform smoothly without leaning over high debt during the period.
• The company is expected to improve its receivable and payable days and is expected to bring in working capital within forecasted range by 2022, as the
economic condition in the region is improving and local governments are expected to increase their budgets for various projects in this field.
• The inventory in GeoTech is nil and has no impact on the working capital requirement. Also, any material required for a project is considered as an asset.

Ratio Analysis
Ratio Description 2020 2021 2022 2023 2024 2025 2026
Profitability Ratio
Gross profit ratio (Sales - Cost of Production) / Sales 45.9% 46.0% 45.9% 34.0% 39.9% 40.0% 40.1%
Net profit ratio PAT / Net Sales 25.7% 25.1% 24.8% 8.2% 18.1% 16.6% 17.0%
Operating Profit Ratio EBIT/Total Sales 27.9% 27.2% 27.2% 11.0% 20.6% 20.9% 21.2%
SGA to Net Sales SGA / Net Sales 18.0% 18.8% 18.8% 23.0% 19.3% 19.1% 18.9%
Return on Capital Employed (PBIT) / (Total Assets - Current Liabilities 1.79 0.99 0.71 0.19 0.37 0.34 0.32
Return on Assets (PAT) / Total Assets 43.5% 38.3% 32.3% 7.6% 18.2% 16.0% 15.6%
Liquidity Ratio
Current Ratio Current Assets / Current Liabilities 1.18 1.52 1.77 1.95 2.07 2.19 2.31
Quick Ratios (Current Assets-Inventory) / Current Liabilities 1.18 1.52 1.77 1.95 2.07 2.19 2.31
Operating Cash flows / Sales Operating cash flows / Sales 0.26 0.25 0.25 0.08 0.18 0.17 0.17
Solvency Ratio
Return on Equity Net Income / Shareholder Equity 1.64 0.91 0.64 0.14 0.32 0.27 0.26
Dividend Payout Ratio Dividend Paid/Net Income 0.50 0.50 0.50 0.50 0.50 0.50 0.50
Turnover Ratios
Sales to Capital Employed Sales / (Total Assets - Current Liabilities) 6.40 3.65 2.60 1.69 1.78 1.64 1.52
Asset Turnover (TATO) Sales / Assets 1.69 1.53 1.30 0.93 1.01 0.96 0.92
Sales to Net Working Capital Sales / Net Working Capital 12.97 5.03 3.39 2.16 2.17 1.95 1.77
62
Risk Analysis
 Interest Rate Risk: is the risk that the fair value or the cash flows of a financial instrument will fluctuate due to fluctuations in the interest rates. This
company is free from being exposed to interest rate risk as it is effectively managing its operations without any short term or long term borrowings.
 Foreign Exchange Risk: is the risk that the value of a financial instrument will fluctuate due to fluctuations in due to fluctuations in the foreign
exchange rate. The company does not undertake any significant transactions in a currency other than the Saudi Riyal during the period. The company is
therefore not exposed to significant foreign exchange risk. In case if a business expansion is planned with an entity in other country, this risk needs to
be mitigated.
 Credit Risk: this risk represents the risk that the counterparty will fail to meet its obligations to a financial instrument or a customer contract resulting
in financial loss. The company has major credits towards secure government bodies, therefore it is confident towards managing the customer credit risk
against any defaults.
 Liquidity Risk: this risk represents the difficulties faced by the firm in providing funds to meet the obligations relating to the financial instruments. The
company’s method of managing liquidity risk is to ensure, to the extent possible, sufficient liquidity to meet its liabilities when under normal
circumstances or adverse circumstances, without incurring any unacceptable losses or risking damage to the firm’s reputation/relation with partners, by
maintaining adequate cash balance with the bank and ensuring that adequate facilities are available if required to cover their short term liabilities on an
ongoing basis. The company has managed its liquidity effectively and in last five years of operations, the company required a working capital loan in one
adverse circumstance.
63
Agenda
Company Overview
Transition Plan
Conclusion
Annexure
64
Agenda
Company Overview
Transition Plan
Conclusion
Annexure
65
Agenda
Company Overview
Transition Plan
Conclusion
Annexure
66
Disclaimers (1/2)
• This report , its contents and the results herein are specific to (i) the purpose of the valuation agreed per the terms of our engagement (II) the date of this report (iii) the
financial statements of GeoTech Technologies of Geography, Engineering, Industry and Trade (L.L.C), and the specified contracts as on 15th Dec 2019 and other
information provided by the management on key events after 15th Dec 2019 till the date of the report.
• The management has represented that the business activities of GeoTech Technologies of Geography, Engineering, Industry and Trade (L.L.C) have been carried out in
the normal and ordinary course between 15th Dec 2019 and the date of this report and that no material changes adverse changes has occurred in the operation and
financial position between 15th Dec 2019 and the report date
• An analysis of this nature is necessarily based on the prevailing stock market ( both domestic and international ), financial , economic and other conditions in general
and industry trends in particular as in effect on, and the information made available to us as of , the date hereof. Events and transactions occurring after the date hereof
may affect this report and the assumptions used in preparing it , and Empact do not assume any obligation to update , revise or reaffirm this report.
• The ultimate analysis will have to tempered by exercise of judicious discretion by the valuer and judgement taking into account all the relevant factors. There will always
be several factors e.g. management capability , present and prospective competition , market sentiment etc which are not evident form the face of the balance sheet
but which will strongly influence the worth of a share / business. This concept is also recognised in judicial decisions.
• Valuation is based on estimates of future financial performance or opinions that represent reasonable expectations at a particular point in time, but such information,
estimates or opinions are not offered as predictions or as assurances that a particular level of income or profit will be achieved, that events will occur, or that a particular
price will be offered or accepted. Actual results achieved during the period covered by the prospective financial analysis will vary from these estimates, and the
variations may be material. Consequently, this information cannot be relied upon to the same extent as that derived from audited accounts for completed accounting
periods.
• In the course of the valuation, Empact was provided with both written and verbal information, including market, financial and operating data. In accordance with the
terms of our engagement, Empact has assumed and relied upon, without/ with limited independent verification, (i) the accuracy of the information that was publicly
available and was considered as part of our analysis for this Report and (ii) the accuracy of information made available to us by GeoTech Technologies of Geography,
Engineering, Industry and Trade (L.L.C).
Disclaimers (2/2)
• Valuations are based on the financials provided from 2014 – 2018 and selective financials available for 2019.
• In accordance with our scope of work and in accordance with the customary approach adopted in valuation exercises in the GCC, Empact has deployed a suitable
valuation methodology based on the business segment and the client operations.
• For the above, Empact has based its analysis and estimates on audited financials submitted by the client by an approved auditor in KSA. However, Empact has not
reviewed or otherwise investigated the historical financial information provided in the audited financials. Accordingly, the potential acquirer may conduct their
independent due-diligence to verify the same.
• Empact has verified the data provided by the client in accordance with its market research and sector dynamics as observed through market research. However, Empact
has not carried out an legal or commercial due-diligence and cannot held liable for any discrepancies found with respect to such aspects.
• Accordingly, Empact is not in position to opine on the investment worthiness of the business or offer any form of assurance regarding the truth and fairness of the
financial position as indicated in the audited financial statements. Also, with respect to explanations and information sought from the client, Empact has been given to
understand by the Management of the client that they have not omitted any relevant and material information related to the firm which may adversely impact the
forecasted valuations for the firm.
• All the analysis and conclusions provided in this valuation report are based on the audited financials certified by an independent third party audit firm, secondary and
market research conducted by Empact during this exercise, management inputs with respect to operations, and information given by/on behalf of the client and reliance
on public information. The Management of the company has indicated to us that they have understood that any omissions, inaccuracies or misstatements may materially
affect the valuation analysis/results. Accordingly, Empact assumes no responsibility for any errors or discrepancies arising due to any errors in the information furnished by
the client.
• As per the analysis done by Empact, nothing has come to its attention wherein the indicated information provided had material errors or inconsistencies.
• The current valuation report assumes that the company is in 100% compliance with relevant laws and regulations applicable to its operations unless otherwise stated in a
written format. Empact also assumes that the client will be in position to furnish the necessary documentary evidence as requested upon by the potential
investors/buyers.
• Further, except as specifically stated to the contrary, this Valuation Report has given no consideration to matters of a legal nature, including issues of legal title and
compliance with local laws, and litigation and other contingent liabilities that are not recorded in the audited/unaudited balance sheet of the client.
Annexures – Income Statement
All Values are in Saudi 31-Dec-14 31-Dec-15 31-Dec-16 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26
Riyals
Revenue 18,807,464 43,746,136 22,711,093 59,695,566 42,520,488 17,911,738 50,597,102 53,126,957 55,783,305 39,048,314 48,810,392 51,250,912 53,813,457
Salaries & Its related 3,311,278 6,063,559 6,856,062 6,976,280 6,135,878 6,997,112 8,396,534 8,816,361 9,257,179 9,720,038 10,206,040 10,716,342 11,252,159
Subcontracts 787,000 2,710,000 1,115,360 9,118,308 9,328,596 809,831 10,119,420 10,625,391 11,156,661 7,809,663 9,762,078 10,250,182 10,762,691
Purchase Materials 3,880,000 11,342,500 1,791,000 5,451,000 3,194,000 1,128,832 5,059,710 5,312,696 5,578,331 3,904,831 4,881,039 5,125,091 5,381,346
Others 4,662,888 10,639,229 3,698,442 2,325,068 3,656,529 2,669,467 3,784,268 3,947,572 4,159,041 4,335,457 4,490,436 4,651,809 4,819,840
Cost of Revenue - - - - - - - - - - - - -
12,641,166 30,755,288 13,460,864 23,870,656 22,315,003 11,605,241 27,359,933 28,702,020 30,151,212 25,769,989 29,339,594 30,743,424 32,216,036
Gross Profit 6,166,298 12,990,848 9,250,229 35,824,910 20,205,485 6,306,496 23,237,169 24,424,937 25,632,093 13,278,324 19,470,798 20,507,488 21,597,421

G&A Expenses -3,831,017 -4,578,534 -4,583,739 -5,390,878 -6,392,424 -5,386,242 -9,121,084 -9,967,765 - -8,994,893 -9,412,090 -9,791,990 -
10,466,154 10,187,257

EBITDA 2,402,452 8,453,726 4,672,946 30,480,593 13,849,554 1,057,869 14,116,085 14,457,171 15,165,939 4,283,431 10,058,709 10,715,498 11,410,164
Depreciation -786,590 -845,252 -726,510 -766,622 -731,003 -605,940 -800,000 -800,000 -1,000,000 -1,000,000 -1,000,000 -1,000,000 -1,000,000

Net Profit after Tax 1,368,660 6,522,749 3,852,953 29,153,298 12,452,495 451,929 12,983,183 13,315,742 13,811,791 3,201,345 8,832,241 9,472,610 10,149,910
Operational Bonus 0 0 0 0 0 947,261 1,014,991
Net Profit 1,368,660 6,522,749 3,852,953 29,153,298 12,452,495 451,929 12,983,183 13,315,742 13,811,791 3,201,345 8,832,241 8,525,349 9,134,919
Net Profit as % of 7.28% 14.91% 16.97% 48.84% 29.29% 2.5% 25.7% 25.1% 24.8% 8.2% 18.1% 18.5% 18.9%
Revenue
69
Annexures – Balance Sheet
31-Dec-
All Values are in Saudi Riyals 31-Dec-14 31-Dec-15 16 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26
Assets
Current Assets
Cash On hand & at Bank 17,736,63

1,019,685 1,984,706 3,962,745 16,174,599 7,792,956 8,610,661 (1,197,409) 3,065,475 9,497,292 9 20,075,393 24,462,290 29,180,064
AR– Trade 16,267,31 24,258,88 24,744,06 25,217,11 17,117,06

5,131,705 7,463,937 6,583,223 9,686,480 3 3,065,570 5 2 1 9 20,727,701 21,062,018 21,377,949
AR – Other 7,520,274 8,274,148 1,853,498 1,728,931 3,550,239 895,587 2,529,855 2,656,348 2,789,165 1,952,416 2,440,520 2,562,546 2,690,673
13,671,66 17,722,79 12,399,46 27,610,50 37,503,56
Total Current Assets 4 1 6 27,590,010 8 12,571,81 25,591,33 30,465,88 8 36,806,12 43,243,613 48,086,854 53,248,686
9 0 6 3
Fixed Assets
4,133,942 4,144,105 3,467,544 4,027,461 3,525,773 3,500,000 4,000,000 4,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000
Total Assets 17,805,60 21,866,89 15,867,01 31,136,28 16,071,81 29,591,33 34,465,88 42,503,56 41,806,12
6 6 0 31,617,471 1 8 48,243,613 53,086,854 58,248,686
9 0 6 3
Liabilities & Partner's Equity
Current Liabilities
AP - trade 2,119,063 4,625,019 2,149,795 22,474,76 13,249,77 17,990,63 15,891,69 16,692,06 14,286,93 15,925,349 16,658,389 17,426,011
24,985,371 8 9 8 3 8 8
Other Credit Balance 0 776,467 0 438,626 410,239 179,117 505,971 531,270 557,833 390,483 488,104 512,509 538,135
Provision for EOS 0 0 0 0
1,030,000 1,233,976 3,194,183 3,484,514 3,789,362 4,063,725 4,349,063 4,645,814 4,954,435
Total Current Liabilities 8,141,204 8,336,560 5,574,089 26,772,427 24,657,01 14,662,87 21,690,79 19,907,47 21,039,26 18,741,14 21,816,712
5 2 2 7 3 6 20,762,516 22,918,580
Owners Equity
Capital 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000
Statutory Reserve 980,896 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000
10,530,02 18,464,30 20,064,97

Retained Earnings 5,157,402 7,292,921 1,845,044 3,479,266 (1,591,054) 4,900,538 11,558,40 28,270,142
2 9 4 7 24,481,098 32,330,106
13,530,02 10,292,92 14,558,40 21,464,30

Total Owners Equity 9,663,929 6,479,266 1,408,946 7,900,538 23,064,97 27,481,098 35,330,106
2 1 4,845,044 9 4 7 31,270,142
70 and Equity 17,805,13 21,866,58 15,867,01 31,136,28 34,465,88 42,503,56

Total Liabilities 3 2 0 31,617,471 1 16,071,81 29,591,33 6 8 41,806,12 48,243,613 53,086,854 58,248,686
9 0 3
Annexures- Cash Flow Statement
All Values are in Saudi
Riyals 31-Dec-14 31-Dec-15 31-Dec-16 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26
Operating Activities
Net Profit 1,368,660 6,522,749 3,852,953 29,153,298 12,452,495 451,929 12,983,183 13,315,742 13,811,791 3,201,345 8,832,241 8,525,349 9,134,919
Adjustment to non cash
Items
+Fixed assets
786,590 845,252 726,510 766,622 731,003 605,940 800,000 800,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000
depreciation
Changes in Assists and

Liabilities
-Changes in Current
-900,813 -3,086,106 7,301,364 -2,978,690 -8,402,141 15,856,395 -22,827,582 -611,670 -605,866 8,936,791 -4,098,736 -456,344 -444,058
Assets
+Changes in Trade 70,983 195,356 -2,475,224 22,835,576 -2,510,603 -9,224,989 4,740,860 -2,098,946 800,375 -2,405,130 1,638,411 733,040 767,622
payables
+Changes in Other 0 0 -536,963 -964,362 -638,300 -307,074 326,854 25,299 26,563 -167,350 97,621 24,405 25,625
Credit Balance
Change in provision for
0 0 0 0 1,030,000 203,976 1,960,207 290,331 304,848 274,363 285,338 296,751 308,621
EOS
Net Cashflow from 1,325,420 4,477,251 7,782,915 49,139,568 2,408,963 6,920,121 -2,016,479 11,720,756 15,337,712 10,840,020 7,754,875 10,123,202 10,792,729
Operating Activities

Investing Activities
-Changes in Fixed Assets
-852,492 -855,415 -49,949 -1,326,539 -229,315 -580,167 -1,300,000 -800,000 -2,000,000 -1,000,000 -1,000,000 -1,000,000 -1,000,000
(incl Dep)
Net Investing Activities -852,492 -855,415 -49,949 -1,326,539 -229,315 -580,167 -1,300,000 -800,000 -2,000,000 -1,000,000 -1,000,000 -1,000,000 -1,000,000

Financing Activities
-Profit distribution 0 -1,000,000 -5,000,000 -7,292,921 0 -5,522,249 -6,491,592 -6,657,871 -6,905,895 -1,600,673 -4,416,120 -4,736,305 -5,074,955
Net Cashflow from 0 -2,656,815 -4,000,000 -8,598,135 0 -5,522,249 -6,491,592 -6,657,871 -6,905,895 -1,600,673 -4,416,120 -4,736,305 -5,074,955
Financing Activities

Cash at the beginning of
year 546,757 1,019,685 1,984,706 5,717,672 44,932,566 7,792,956 8,610,661 -1,197,409 3,065,475 9,497,292 17,736,639 20,075,393 24,462,290
Increase in cash 472,928 965,021 3,732,966 39,214,894 2,800,574 817,705 -9,808,071 4,262,885 6,431,816 8,239,347 2,338,755 4,386,897 4,717,775
Cash at end of the year 1,019,685 1,984,706 5,717,672 44,932,566 47,733,140 8,610,661 (1,197,409) 3,065,475 9,497,292 17,736,639 20,075,393 24,462,290 29,180,064
71
Annexures – CGRI 2019 Parameters
Pillars Sub Pillars Factors Weightage
Stages of NSDI
Scale and Frequency of Update of Available Thematic Layers
Topographic and Earth Observation Data Infrastructure
Open and Linked Data
Earth Observation Infrastructure and Data Resolutions
Data Infrastructure Satellite-Based Positioning Systems 20%
Positioning Infrastructure Satellite-Based Augmentation Systems
Ground-Based Augmentation Systems (RTK Base Stations and GCPS)
Platforms and Portals Standards Stage of Geospatial Technology Architecture
National Geospatial Policy
Open Data Policy
Core Geospatial Policy Framework
Space-EO-GNSS Policy
Drone Policy
Policy Framework 10%
Science and Technology (S&T) and Innovation Policy
Information and Communication Technology Policy + Telecom Policy
Enabling Policies Framework
Digital/AI/IoT Strategy
BIM Plan/Strategy/ Policy
Research Courses
Knowledge Creation
Post-Graduate Courses
Institutional Capacity Graduate Courses 20%
Foundational Academia Diploma Courses
Certificate Courses
Mapping or Service Level
Asset Management/Business Process Modelling
User Adoption Analytics and Workflow Level 20%
System Integration Level
Enterprise Level
Industry Capacity Existence Of Industries In Different Geospatial Technology Segments
Industry Networks
Industry Fabric Industry Networks 30%
Knowledge Networks
Innovation Promotion Incubation And Accelerator Programs
These parameters are used by GeoSpatial Readiness Index to rank a country’s acceptance towards Geospatial services; the above table represents the Index’s
72
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Post Acquisition Business Plan

GeoTech Technologies of Geography, Engineering, Industry

Management Presentation on Business Plan

Kingdom of Saudi Arabia

Date : 7th May 2020

Topic Slide No.

Incorporation Details of GeoTech LLC, Saudi Arabia

Name GeoTech Technologies of Geography, Engineering, Industry and Trade (L.L.C)

Year Of incorporation 2002

Area of Operation Geographic Information System

Countries in operation Saudi Arabia

Earth Observation 3D Scanning Technologies

II. Terrestrial Surveying & Mapping

11 Sources : Management Discussions , Empact research and evaluation

Technical Department Administration Department

VP for Projects Finance Dept.

Data and Map Finance Dept. HR and Admin IT Support Dept.

13 Sources : Management Discussions , Empact research and evaluation

Technical Department Administration Department

14 Sources : Management Discussions , Empact research and evaluation

Global Geospatial Industry

GNSS & Positioning GIS/Spatial Analytics Earth Observation 3D Scanning

• GNSS • Software • Satellite-based Upstream • Hardware

Industries Driving Global Geospatial Sectors

-Analysis of -Overlay of -Automated -Modelling and -Traffic -Customer

2019 2020 2021 2022 2023 2024 2025

GCC Geospatial Market Segmentation (2020)

23% Segment Global GCC

26 Sources : Management Discussions , Empact research and evaluation

Company Estimated Revenue (2018)

GeoTech SAR 42 Mn 12% 19%

Khatib & Alami SAR 25–30 Mn

MIS SAR 20-25 Mn GeoTech Khatib & Alamy Dar Al Riyadh

27 Sources : Management Discussions , Empact research and evaluation

Company Estimated Revenue (2018)

GeoTech SAR 42 Mn 12% 19%

Khatib & Alami SAR 25–30 Mn

MIS SAR 20-25 Mn GeoTech Khatib & Alamy Dar Al Riyadh

28 Sources : Management Discussions , Empact research and evaluation

31 – Not Available, Sources : Management Discussions , Empact research and evaluation

International presence with focus International presence with

Domestic or regional presence Domestic presence with high

Low Service High Service

Pre-acq* Post-acq* ownership and win

solutions, such as, BSFI

& Military projects.

Low Service High Service

Skilled Employees and Technology Access to Capital and Capital Structure

The capital requirement is low. Furthermore, licensing

There is a high threat for substitution primarily due to

VP for Projects (Dr. Talat)

Governments and Clients

Bidding / Tendering Process Project Operation Process Project Maintenance Process

VP for Projects 1 Top Management GIS Manager 1 GIS Dept

Chief Engineer 1 Survey Dept GIS Operator 13 GIS Dept

No Staff Name Qualification Position Salary Nationality

EBITDA Margin 13% 19% 21% 51% 33% 6%

Profit in SAR MN 1.37 6.52 3.85 29.15 12.45 0.45 Series1

50 Sources : Management Discussions , Empact research and evaluation