Consolidated Statement of Cash Flows
For the year ended 31 December 2025
| Note | 2025 AED | 2024 AED | |
|---|---|---|---|
| Cash flows from operating activities | |||
| Profit before tax for the year | 391,380,118 | 364,221,919 | |
| Adjustments for: | |||
| Depreciation of property and equipment | 5 | 208,314,225 | 172,167,661 |
| Provision for expected credit losses on financial assets | 2,860,535 | 4,134,356 | |
| Gain on equity securities held at fair value through profit or loss | 9 | (1,968,000) | (6,648,000) |
| Finance income | 24 | (12,671,685) | (14,792,795) |
| Interest on bank borrowings | 23 | 50,809,560 | 60,320,776 |
| Amortization of loan arrangement fee | 23 | 630,000 | 630,000 |
| Unwinding of long‑term liabilities | 23 | 12,382,880 | 907,095 |
| Provision for employees’ end of service benefits | 15 | 6,252,042 | 6,237,789 |
| Gain on disposal of property and equipment | 21 | (4,708,522) | (9,830,290) |
| Loss / (Gain) on disposal of assets held for sale | 21 | 3,635,827 | (2,096,486) |
| Amortization of right‑of‑use asset | 7 | 758,136 | 252,712 |
| Impairment loss on held for sale assets | 69,534 | ‑ | |
| Interest expense on lease liability | 7 | 166,810 | 67,727 |
| 657,911,460 | 575,572,464 | ||
| Working capital adjustments: | |||
| (Increase)/decrease in inventories | (913,337) | 300,618 | |
| Decrease/(increase) in trade and other receivables | 18,032,723 | (44,776,049) | |
| Decrease/(increase) in due from a related party | 11,399,981 | (14,643,448) | |
| Decrease in trade and other payables | (35,949,882) | (9,475,739) | |
| Increase in due to related parties | 26,600,767 | 224,738,041 | |
| 677,081,712 | 731,715,887 | ||
| Payment of employees’ end of service benefits | (1,945,071) | (2,745,186) | |
| Interest paid | (50,710,196) | (60,677,663) | |
| Corporate tax paid | (34,656,950) | ‑ | |
| Net cash flows generated from operating activities | 589,769,495 | 668,293,038 | |
| Cash flows from investing activities | |||
| Purchase of investments in financial assets, net | 9 | ‑ | (5,040,000) |
| (Increase)/decrease in wakala deposit held with financial institution, net | (71,495,025) | 40,000,000 | |
| Purchase of property and equipment | 5 | (272,823,923) | (297,608,487) |
| Purchase of intangible assets | (86,375,985) | (247,180,138) | |
| Proceeds from disposal of property and equipment | 32,413,381 | 77,681,968 | |
| Proceeds from disposal of assets held for sale | 4,345,035 | 19,158,662 | |
| Interest income received | 11,844,354 | 15,426,135 | |
| Net cash flows used in investing activities | (382,092,163) | (397,561,860) | |
| Cash flows from financing activities | |||
| Dividend paid | (282,999,915) | (230,249,909) | |
| Repayment of lease liabilities | 7 | (878,415) | ‑ |
| Net cash flows used in financing activities | (283,878,330) | (230,249,909) | |
| Net (decrease)/increase in cash and cash equivalents | (76,200,998) | 40,481,269 | |
| Cash and cash equivalents at beginning of the year | 336,071,609 | 295,590,340 | |
| Cash and cash equivalents at end of the year | 10 | 259,870,611 | 336,071,609 |
The attached notes 1 to 33 form part of these consolidated financial statements.