Consolidated Statement of Cash Flows
For the year ended December 31, 2025
(Figures in thousands of AED)
| Notes | 2025 | 2024 | |
|---|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES | |||
| Profit for the year | 13,735 | 33,310 | |
| Adjustments for: | |||
| Depreciation of property, plant and equipment and amortization of intangible asset | 7, 8 | 51,541 | 46,522 |
| Interest on borrowings | 9 | 59,841 | 61,082 |
| Interest on litigation liability | 9 | 14,809 | 19,414 |
| Interest on lease liabilities | 9 | 11,746 | 11,541 |
| Finance income | (4,781) | (635) | |
| Provision for employees’ end of services benefits | 268 | 482 | |
| Change in fair value of a derivative financial instrument | 13 | 8,302 | 12,303 |
| Unwinding of discount on provision for decommissioning | 9 | 267 | 258 |
| Provision for / (reversal of) impairment of trade and other receivables, net | 11, 14 | 16,422 | (11,616) |
| Write‑off of other receivables and prepayments | 8 | Nil | 1,000 |
| Changes in working capital | |||
| Changes in trade accounts receivable, other receivables and prepayments | (41,575) | (5,778) | |
| Changes in inventories | (159) | 205 | |
| Changes in trade and other payables | (37,340) | (2,328) | |
| Changes in contract liabilities | (3,590) | 6,129 | |
| Payment of employees’ end of services benefits | (40) | (260) | |
| Net cash flows from operating activities | 89,446 | 171,629 | |
| CASH FLOWS FROM INVESTING ACTIVITIES | |||
| Cash withdrawn from restricted bank accounts | 55,905 | 1,092 | |
| Acquisition of subsidiaries, net of cash acquired | 27 | 520,775 | Nil |
| Purchase of property, plant and equipment | (58,265) | (20,331) | |
| Net cash flows from/(used in) investing activities | 518,415 | (19,239) | |
| CASH FLOWS FROM FINANCING ACTIVITIES | |||
| Proceeds from borrowings | 15 | 583,566 | Nil |
| Repayment of borrowings | 15 | (556,078) | (52,877) |
| Interest paid on borrowings | (60,126) | (50,982) | |
| Payment of lease liabilities | 17 | (39,296) | (20,400) |
| Payments on behalf of related parties | (32,621) | (7,090) | |
| Distribution to shareholders | 27 | (460,000) | Nil |
| Net cash flows used in financing activities | (564,555) | (131,349) | |
| Net change in cash and cash equivalents | 43,306 | 21,041 | |
| Cash and cash equivalents at January 1 | 49,356 | 28,315 | |
| Cash and cash equivalents at December 31 | 10 | 92,662 | 49,356 |
The accompanying notes from 1 to 29 form an integral part of these consolidated financial statements.