Notes to the Consolidated Financial Statements

For the year ended 31 December 2025

Dubai Taxi Company P.J.S.C. (“DTC” or “the Company”) was formed on 28 June 1994 in the Emirate of Dubai with the provisions of Law No. (5) of 1994 decreed by H.H. The Ruler of Dubai (the “Original Decree”). The Company commenced operations on 20 May 1995.

The Company was wholly owned by the Roads & Transport Authority (“RTA”). On November 9, 2023, RTA transferred its 100% ownership in the Company to the Department of Finance (“DoF”) which was later transferred to Dubai Investment Fund (“DIF” or “the Parent”) with effect from November 21, 2023. The Company’s ultimate shareholder is the Government of Dubai (‘ultimate controlling party’).

During 2023, DoF unveiled its intention to list the Company’s shares on the Dubai Financial Market (DFM) and in order to comply with the listing requirements, based on Decree under Law No. (21) of 2023 (“the Amended Decree”) issued in The Official Gazette of Dubai Government on 9 November 2023, the legal status of the Company had been amended to a Public Joint Stock Company, and hence the revised name of the Company is Dubai Taxi Company P.J.S.C. (formerly “Dubai Taxi Corporation”).

DIF sold 24.99% of its equity stake in the Company through an Initial Public Offering (“IPO”). The Company became officially listed on the DFM on December 7, 2023.

The ownership structure of the Company as of 31 December is detailed as follows:

	31 December 2025 Ownership	31 December 2024 Ownership
Dubai Investment Fund	75.01%	75.01%
Local and international investors	24.99%	24.99%
	100%	100%

On 6 November 2024, the Company established a new subsidiary, as part of its strategic initiatives to expand operations and enhance business capabilities. The subsidiary is engaged in passengers transport by vehicles via e‑services. These consolidated financial statements comprise Company and its subsidiary (together referred to as “the Group”). Details of the subsidiary as at 31 December 2024 and 31 December 2025 are as follows:

Company name	Activity	Country of incorporation	Ownership held
Connectech L.L.C	Passengers transport by vehicles via e‑services	UAE	100%

The principal activities of the Group are transportation solutions across its five key business lines, including taxi services, VIP limousine services, bus services, last mile delivery bike services and passengers transport by vehicles via e‑services in the Emirate of Dubai and extending to other Emirates. The registered address of the Group is P.O. Box 2647, Dubai, UAE.

During the year ended 31 December, the Group has purchased own shares as disclosed in note 14 to these consolidated financial statements.

The consolidated financial statements were approved by the Board of Directors and authorised for issue on 23 February 2026.

2.1 New and amended IFRS Accounting Standards that are effective for the current period

The following new and revised IFRS Accounting Standards, which became effective for annual periods beginning on or after 1 January 2025, have been adopted in consolidated financial statements. Their adoption has not had any material impact on the disclosures or on the amounts reported in these consolidated financial statements.

New and revised IFRSs	Summary
Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates relating to Lack of Exchangeability	The amendments contain guidance to specify when a currency is exchangeable and how to determine the exchange rate when it is not

Other than the above, there are no other significant IFRS Accounting Standards and amendments that were effective for the first time for the financial year beginning on or after 1 January 2025.

2.2 New and revised IFRS in issue but not yet effective and not early adopted

At the date of authorisation of these consolidated financial statements, the Group has not applied the following new and revised IFRS Standards that have been issued but are not yet effective:

New and revised IFRSs	Effective for annual periods beginning on or after
Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures regarding the classification and measurement of financial instruments The amendments address matters identified during the post‑implementation review of the classification and measurement requirements of IFRS 9.	1 January 2026
Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures regarding purchase power arrangements The amendments aim at enabling entities to include information in their financial statements that in the IASB’s view more faithfully represents contracts referencing nature‑dependent electricity.	1 January 2026
Annual improvements to IFRS Accounting Standards ‑ Volume 11 The pronouncement comprises the following amendments: IFRS 1 First‑time Adoption of International Financial Reporting Standards: Hedge accounting by a first‑time adopter IFRS 7 Financial Instruments ‑ Disclosures: Gain or loss on derecognition IFRS 7 Financial Instruments ‑ Disclosures: Disclosure of deferred difference between fair value and transaction price IFRS 7 Financial Instruments ‑ Disclosures: Introduction and credit risk disclosures IFRS 9 Financial Instruments: Lessee derecognition of lease liabilities IFRS 9 Financial Instruments: Transaction price IFRS 10 Consolidated Financial Statements: Determination of a “de facto agent” IAS 7 Statement of Cash Flows: Cost method	1 January 2026
IFRS 18 Presentation and Disclosures in Financial Statements IFRS 18 includes requirements for all entities applying IFRS for the presentation and disclosure of information in financial statements to help ensure they provide relevant information that faithfully represents an entity’s assets, liabilities, equity, income and expenses.	1 January 2027
IFRS 19 Subsidiaries without Public Accountability: Disclosures IFRS 19 specifies the disclosure requirements an eligible subsidiary is permitted to apply instead of the disclosure requirements in other IFRS Accounting Standards.	1 January 2027
Amendments to IFRS 19 Subsidiaries without Public Accountability: Disclosures The amendments cover new or amended IFRS Accounting Standards issued between 28 February 2021 and 1 May 2024 that were not considered when IFRS 19 was first issued.	1 January 2027
Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates relating to Translation to a Hyperinflationary Presentation Currency The amendments clarify how companies should translate financial statements from a non‑hyperinflationary currency into a hyperinflationary one.	1 January 2027
Amendments to IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures (2011) The amendments relate to the treatment of the sale or contribution of assets from an investor to its associate or joint venture	Effective date deferred indefinitely. Adoption is still permitted.

The Group anticipates that these new standards, interpretations and amendments will be adopted in the Group’s consolidated financial statements as and when they are applicable and adoption of these new standards, interpretations and amendments may have no material impact on the consolidated financial statements of Group in the period of initial application.

Statement of compliance

These consolidated financial statements of the Group have been prepared in accordance with ‘International Financial Reporting Standards’ (“IFRS”) as issued by the International Accounting Standards Board (IASB), and the applicable provisions of the Company’s Articles of Association and UAE Federal Decree Law No. (32) of 2021, as amended.

Basis of preparation

The consolidated financial statements of the Group have been prepared on the historical cost convention basis except for certain investment in financial assets which are stated at fair value. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.

The summary of material accounting policies information are set out below.

Basis of consolidation

The consolidated financial statements incorporate the financial statements of the Company and entity controlled by the Company (its subsidiary).

Subsidiary is consolidated from the date of acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date when such control ceases.

Control is achieved when the Company:

has power over the investee;
is exposed, or has the rights, to variable returns from its involvement with the investee; and
has the ability to use its power to affect its returns.

The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.

When the Company has less than a majority of the voting rights of an investee, it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally.

The Company considers all relevant facts and circumstances in assessing whether or not the Company’s voting rights in an investee are sufficient to give it power, including:

the size of the Company’s holding of voting rights relative to the size and dispersion of holdings of the other vote holders;
potential voting rights held by the Company, other vote holders or other parties;
rights arising from other contractual arrangements; and
any additional facts and circumstances that indicate that the Company has, or does not have, the current ability to direct the relevant activities at the time that decisions need to be made, including voting patterns at previous shareholders’ meeting.

When the Company loses control over a subsidiary, it:

Derecognises the assets (including goodwill) and liabilities of the subsidiary;
Derecognises the carrying amount of any non‑controlling interest;
Derecognises the cumulative translation differences recorded in equity;
Recognises the fair value of the consideration received;
Recognises the fair value of any investment retained;
Recognises any surplus or deficit in profit and loss;
Reclassifies the parent’s share of components previously recognised in other comprehensive income to profit and loss or retained earnings, as appropriate.

Where necessary, adjustments are made to the financial statements of subsidiary to bring their accounting policies into line with those adopted at Group level.

All intra group balances, transactions, income and expenses and profits or losses resulting from intra group transactions are eliminated in full on consolidation.

Business combinations

Business combinations are accounted for using the acquisition method when control is transferred to the Group. The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. Any goodwill that arises is tested annually for impairment. Any gain on bargain purchase is recognised in consolidated statement of profit or loss and other comprehensive income immediately. Transaction costs are expensed as incurred, except if related to the issue of debt or equity securities.

The consideration transferred does not include amounts related to the settlement of pre‑existing relationships. Such amounts are generally recognised in consolidated statement of profit or loss and other comprehensive income.

Any contingent consideration is measured at fair value at the date of acquisition. If an obligation to pay contingent consideration that meets the definition of a financial instrument is classified as equity, then it is not remeasured and settlement is accounted for within equity. Otherwise, other contingent consideration is remeasured at fair value at each reporting date and subsequent changes in the fair value of the contingent consideration are recognised in consolidated statement of profit or loss and other comprehensive income.

Subsidiary

Subsidiary is entity controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiary is included in the consolidated financial statements from the date on which control commences until the date on which control ceases.

Non‑controlling interest (NCI)

NCI are measured at their proportionate share of the acquiree’s identifiable net assets at the date of acquisition. Changes in the Group’s interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions.

Loss of control

When the Group loses control over a subsidiary, it derecognises the assets and liabilities of the subsidiary, and any related NCI and other components of equity. Any resulting gain or loss is recognised in consolidated statement of profit or loss and other comprehensive income. Any interest retained in the former subsidiary is measured at fair value when control is lost.

Transactions eliminated on consolidation

Intra‑group balances and transactions, and any unrealised income and expenses arising from intra‑group transactions, are eliminated. Unrealised gains arising from transactions with equity accounted investees are eliminated against the investment to the extent of the Group’s interest in the investee.

Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.

Employee benefits

Short‑term employee benefits

Short‑term employee benefits are expensed as the related service is provided. A liability is recognised for the amount expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.

Liabilities for wages and salaries, including non‑monetary benefits and accumulating leave that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognised in respect of employees’ services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current liability in the consolidated statement of financial position.

Post‑employment obligations

Provision is also made for the full amount of end of service benefits due to employees in accordance with the Group’s policy, which is at least equal to the benefits payable in accordance with UAE Labour Law, for their period of service up to the end of the reporting period. The accrual relating to annual leave and leave passage is classified as a current liability, while the provision relating to end of service benefits is classified as a non‑current liability.

Pension contributions are made in respect of UAE national employees to the UAE General Pension and Social Security Authority in accordance with the UAE Federal Law No. (2), 2000 for Pension and Social Security. The Group’s contribution, for eligible UAE National employees is calculated as a percentage of the employees’ salaries and charged to the consolidated statement of profit or loss and other comprehensive income. The Group has no legal or constructive obligation to pay any further contributions.

Property and equipment

Recognition and measurement

Items of property and equipment are measured at cost less accumulated depreciation and accumulated impairment losses, if any. Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of self‑constructed assets includes the followings:

the cost of materials and direct labour;
any other costs directly attributable to bringing the assets to a working condition for their intended use; and
when the Group has an obligation to remove the asset or restore the site, an estimate of the costs of dismantling and removing the items and restoring the site on which they are located; and capitalised borrowing costs.

If significant parts of an item of property and equipment have different useful lives, then they are accounted for as separate items (major components) of property and equipment. Any gain or loss on disposal of an item of property and equipment is recognised in the consolidated statement of profit or loss and other comprehensive income.

Subsequent costs

Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance expenses are charged to the consolidated statement of profit or loss and other comprehensive income in the period in which they are incurred.

Depreciation

Depreciation is calculated to write off the cost of items of property and equipment less their estimated residual values using the straight‑line method over their estimated useful lives and is generally recognised in the consolidated statement of profit or loss and other comprehensive income. Leased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Group will obtain ownership by the end of the lease term, the depreciation period extends to the full useful life of the underlying asset.

The estimated useful lives of property and equipment for the current and comparative period is as follows:

	Useful life (years)
Motor vehicles (including buses and bikes)	3 – 15
Equipment	3 – 7
Buildings, prefabricated houses, and sheds	4 – 30
Furniture and fittings	3 – 7

Depreciation methods, useful lives and residual values are reassessed at each reporting date and adjusted if appropriate. Any change is accounted for as a change in accounting estimate by changing the depreciation charge for the current and future periods.

Capital work in progress

Properties or assets in the course of construction for production, supply or administrative purposes, or for purposes not yet determined, are carried at cost, less any recognised impairment loss. Cost includes all direct costs attributable to the design and construction of the property including related staff costs, and for qualifying assets, borrowing costs are capitalised in accordance with the Group’s accounting policy. When the assets are ready for intended use, the capital work‑in‑progress is transferred to the appropriate property and equipment category and is depreciated in accordance with the Group’s policies.

Derecognition

The gain or loss arising on the disposal or retirement of an item of property and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the consolidated statement of profit or loss and other comprehensive income.

Intangible assets

Intangible assets are capitalised at cost only when future economic benefits are probable and can be estimated reliably. Cost includes purchase price together with any directly attributable expenditure. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and accumulated impairment losses. Internally generated intangibles, excluding capitalised development costs, are not capitalised and the related expenditure is reflected in the consolidated statement of profit or loss and other comprehensive income in the period in which the expenditure is incurred.

The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are amortised over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. The amortisation expense on intangible assets with finite lives is recognised in the consolidated statement of profit or loss and other comprehensive income.

Intangible assets with indefinite useful lives are not amortised, but are tested for impairment annually, either individually or at the cash‑generating unit level. The assessment of indefinite life is reviewed annually to determine whether the indefinite life continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis.

An intangible asset is derecognised upon disposal (i.e., at the date the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising upon derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the consolidated statement of profit or loss and other comprehensive income.

When the carrying amount of an intangible asset is greater than its estimated recoverable amount, it is written down immediately to its estimated recoverable amount and is reviewed at each reporting date for possible reversal of the impairment loss.

License plates

These represent license plates awarded through auctions conducted by the RTA. These plates have indefinite useful lives and are recorded at cost, net of any impairment losses.

Assets held for sale

The Group classifies non‑current assets as held for sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. Non‑current assets classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. Costs to sell are the incremental costs directly attributable to the disposal of an asset, excluding finance costs.

The criteria for held for sale classification is regarded as met only when the sale is highly probable, and the asset is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. Management must be committed to the plan to sell the asset and the sale expected to be completed within one year from the date of the classification.

Property and equipment are not depreciated once classified as held for sale.

Assets and liabilities classified as held for sale are presented separately as current items in the consolidated statement of financial position.

Leases

At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group uses the definition of a lease in IFRS 16.

Group as a lessee

The Group recognises a right‑of‑use asset and a lease liability at the lease commencement date. The right‑of‑use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received.

The right‑of‑use asset is subsequently depreciated under the straight‑line method over the shorter of the asset’s useful life or the lease term on a straight‑line basis. If the Group is reasonably certain to exercise a purchase option, the right‑of‑use asset is depreciated over the underlying asset’s useful life. In addition, the right‑of‑use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

Payments associated with short‑term leases and leases of low‑value assets are recognised on a straight‑line basis as an expense in the consolidated statement of profit or loss and other comprehensive income.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental borrowing rate.

Lease payments included in the measurement of the lease liability comprise the following:

fixed payments, including in‑substance fixed payments;
variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date;
amounts expected to be payable under a residual value guarantee; and
the exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Group is reasonably certain not to terminate early.

The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Group, the lessee’s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right‑of‑use asset in a similar economic environment with similar terms, security and conditions.

The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group’s estimate of the amount expected to be payable under a residual value guarantee, if the Group changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in‑substance fixed lease payment.

When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right‑of‑use asset or is recorded in the consolidated statement of profit or loss and other comprehensive income if the carrying amount of the right‑of‑use asset has been reduced to nil.

The Group presents right‑of‑use assets and lease liabilities separately on consolidated statement of financial position.

Variable lease payments that depend on revenue and output are recognised in consolidated statement of profit or loss and other comprehensive income in the period in which the condition that triggers those payments occurs.

Short‑term leases and leases of low‑value assets

The Group has elected not to recognise right‑of‑use assets and lease liabilities for short‑term leases of property and equipment that have a lease term of 12 months or less and leases of low‑value assets. The Group recognises the lease payments associated with these leases as an expense on a straight‑line basis over the lease term.

Group as a lessor

When the Group acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease.

To classify each lease, the Group makes an overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease; if not, then it is an operating lease. As part of this assessment, the Group considers certain indicators such as whether the lease is for the major part of the economic life of the asset.

Rental income from operating leases is recognised on a straight‑line basis over the term of the relevant lease, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight‑line basis over the lease term. When a contract includes lease and non‑lease components, the Group applies IFRS 15 to allocate consideration under the contract to each component.

Inventories

Inventories mainly consist of spare parts and consumables. Inventories are measured at the lower of cost and net realisable value. The cost of inventories is calculated based on weighted average method and includes expenditure incurred in acquiring inventories and bringing them to their existing location and condition. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and the estimated costs necessary to make the sale.

Impairment of non‑financial assets

The Group assesses at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or CGU’s fair value less costs of disposal and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.

In assessing value in use, the estimated future cash flows are discounted to their present value using a pre‑tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators.

The Group bases its impairment calculation on most recent budgets and forecast calculations, which are prepared separately for each of the Group’s CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of five years. A long‑term growth rate is calculated and applied to project future cash flows after the fifth year. Impairment losses are recognised in the consolidated statement of profit or loss and other comprehensive income in expense categories consistent with the function of the impaired asset.

For assets excluding goodwill, an assessment is made at each reporting date to determine whether there is an indication that previously recognised impairment losses no longer exist or have decreased. If such indication exists, the Group estimates the asset’s or CGU’s recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in the assumptions used to determine the asset’s recoverable amount since the last impairment loss was recognised. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in the consolidated statement of profit or loss and other comprehensive income unless the asset is carried at a revalued amount, in which case, the reversal is treated as a revaluation increase.

Intangible assets with indefinite useful lives are tested for impairment annually and when circumstances indicate that the carrying value may be impaired.

Financial assets

All regular way purchases or sales of financial assets are recognised and derecognised on a trade date basis. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the time frame established by regulation or convention in the marketplace.

All recognised financial assets are measured subsequently in their entirety at either amortised cost or fair value, depending on the classification of the financial assets. All financial assets held by the Group are at amortised cost and include balances with advances and other receivables, due from related parties, due from shareholders, cash and cash equivalents and margin deposits.

Classification of financial assets

Debt instruments that meet the following conditions are measured subsequently at amortised cost:

the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and
the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

By default, all other financial assets are measured subsequently at fair value through profit or loss (FVTPL).

Despite the foregoing, the Group may make the following irrevocable election/designation at initial recognition of a financial asset:

the Group may irrevocably elect to present subsequent changes in fair value of an equity investment in other comprehensive income if certain criteria are met; and
the Group may irrevocably designate a debt investment that meets the amortised cost or FVTOCI criteria as measured at FVTPL if doing so eliminates or significantly reduces an accounting mismatch.

Amortised cost and effective interest method

The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating interest income over the relevant period.

For financial instruments other than purchased or originated credit‑impaired financial assets (i.e. assets that are credit‑impaired on initial recognition), the effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) excluding expected credit losses, through the expected life of the debt instrument, or, where appropriate, a shorter period, to the gross carrying amount of the debt instrument on initial recognition. For purchased or originated credit‑impaired financial assets, a credit‑adjusted effective interest rate is calculated by discounting the estimated future cash flows, including expected credit losses, to the amortised cost of the debt instrument on initial recognition.

The amortised cost of a financial asset is the amount at which the financial asset is measured at initial recognition minus the principal repayments, plus the cumulative amortisation using the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance. The gross carrying amount of a financial asset is the amortised cost of a financial asset before adjusting for any loss allowance.

Interest income is recognised using the effective interest method for debt instruments measured subsequently at amortised cost and at FVTOCI. For financial instruments other than purchased or originated credit‑impaired financial assets, interest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset, except for financial assets that have subsequently become credit‑impaired (see below). For financial assets that have subsequently become credit‑impaired, interest income is recognised by applying the effective interest rate to the amortised cost of the financial asset. If, in subsequent reporting periods, the credit risk on the credit‑impaired financial instrument improves so that the financial asset is no longer credit‑impaired, interest income is recognised by applying the effective interest rate to the gross carrying amount of the financial asset.

For purchased or originated credit‑impaired financial assets, the Group recognises interest income by applying the credit‑adjusted effective interest rate to the amortised cost of the financial asset from initial recognition. The calculation does not revert to the gross basis even if the credit risk of the financial asset subsequently improves so that the financial asset is no longer credit‑impaired.

Interest income is recognised in consolidated statement of profit or loss and other comprehensive income and is included in the “Finance income” line item.

Foreign exchange gains and losses

The carrying amount of financial assets that are denominated in a foreign currency is determined in that foreign currency and translated at the spot rate at the end of each reporting period. Specifically:

for financial assets measured at amortised cost that are not part of a designated hedging relationship, exchange differences are recognised in consolidated statement of profit or loss and other comprehensive income in the ‘other gains and losses’ line item;
for debt instruments measured at FVTOCI that are not part of a designated hedging relationship, exchange differences on the amortised cost of the debt instrument are recognised in consolidated statement of profit or loss and other comprehensive income in the ‘other gains and losses’ line item. Other exchange differences are recognised in other comprehensive income in the investments revaluation reserve;
for financial assets measured at FVTPL that are not part of a designated hedging relationship, exchange differences are recognised in consolidated statement of profit or loss and other comprehensive income in the ‘other gains and losses’ line item; and
for equity instruments measured at FVTOCI, exchange differences are recognised in other comprehensive income in the investments revaluation reserve.

Impairment of financial assets

The Group recognises a loss allowance for expected credit losses on balances with banks, advances and other receivables, and due from related parties. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument.

The Group always recognises lifetime ECL for advances and other receivables. The expected credit losses on these financial assets are estimated using a provision matrix based on the Group’s historical credit loss experience, adjusted for factors that are specific to the drivers, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate.

For all other financial instruments, the Group recognises lifetime ECL when there has been a significant increase in credit risk since initial recognition. However, if the credit risk on the financial instrument has not increased significantly since initial recognition, the Group measures the loss allowance for that financial instrument at an amount equal to 12‑month ECL. The assessment of whether lifetime ECL should be recognised is based on significant increases in the likelihood or risk of a default occurring since initial recognition instead of on evidence of a financial asset being credit‑impaired at the reporting date.

Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument. In contrast, 12‑month ECL represents the portion of lifetime ECL that is expected to result from default events on a financial instrument that are possible within 12 months after the reporting date.

(i) Significant increase in credit risk

In assessing whether the credit risk on a financial instrument has increased significantly since initial recognition, the Group compares the risk of a default occurring on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as at the date of initial recognition. In making this assessment, the Group considers both quantitative and qualitative information that is reasonable and supportable, including historical experience and forward‑looking information that is available without undue cost or effort. Forward‑looking information considered includes the future prospects of the industries in which the Group’s debtors operate, obtained from economic expert reports, financial analysts, governmental bodies, relevant think‑tanks and other similar organisations, as well as consideration of various external sources of actual and forecast economic information that relate to the Group’s core operations.

In particular, the following information is taken into account when assessing whether credit risk has increased significantly since initial recognition:

an actual or expected significant deterioration in the financial instrument’s external (if available) or internal credit rating;
significant deterioration in external market indicators of credit risk for a particular financial instrument, e.g. a significant increase in the credit spread, the credit default swap prices for the debtor, or the length of time or the extent to which the fair value of a financial asset has been less than its amortised cost;
existing or forecast adverse changes in business, financial or economic conditions that are expected to cause a significant decrease in the debtor’s ability to meet its debt obligations;
an actual or expected significant deterioration in the operating results of the debtor;
significant increases in credit risk on other financial instruments of the same debtor; and
an actual or expected significant adverse change in the regulatory, economic, or technological environment of the debtor that results in a significant decrease in the debtor’s ability to meet its debt obligations.

Irrespective of the outcome of the above assessment, the Group presumes that the credit risk on a financial asset has increased significantly since initial recognition when contractual payments are more than 90 days past due, unless the Group has reasonable and supportable information that demonstrates otherwise.

Despite the foregoing, the Group assumes that the credit risk on a financial instrument has not increased significantly since initial recognition if the financial instrument is determined to have low credit risk at the reporting date. A financial instrument is determined to have low credit risk if:

The financial instrument has a low risk of default,
The borrower has a strong capacity to meet its contractual cash flow obligations in the near term, and
Adverse changes in economic and business conditions in the longer term may, but will not necessarily, reduce the ability of the borrower to fulfil its contractual cash flow obligations.

The Group considers a financial asset to have low credit risk when the asset has external credit rating of ‘investment grade’ in accordance with the globally understood definition or if an external rating is not available, the asset has an internal rating of ‘performing’. Performing means that the counterparty has a strong financial position and there is no past due amounts.

For financial guarantee contracts, the date that the Group becomes a party to the irrevocable commitment is considered to be the date of initial recognition for the purposes of assessing the financial instrument for impairment. In assessing whether there has been a significant increase in the credit risk since initial recognition of a financial guarantee contracts, the Group considers the changes in the risk that the specified debtor will default on the contract.

The Group regularly monitors the effectiveness of the criteria used to identify whether there has been a significant increase in credit risk and revises them as appropriate to ensure that the criteria are capable of identifying significant increase in credit risk before the amount becomes past due.

(ii) Definition of default

The Group considers the following as constituting an event of default for internal credit risk management purposes as historical experience indicates that receivables that meet either of the following criteria are generally not recoverable:

when there is a breach of financial covenants by the counterparty; or
information developed internally or obtained from external sources indicates that the debtor is unlikely to pay its creditors, including the Group, in full (without taking into account any collateral held by the Group).

Irrespective of the above analysis, the Group considers that default has occurred when amounts due from customers, are past due (between 180 days to over 300 days, based on the segment and geographical location of the particular customer).

(iii) Credit‑impaired financial assets

A financial asset is credit‑impaired when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred. Evidence that a financial asset is credit‑impaired includes observable data about the following events:

significant financial difficulty of the issuer or the borrower;
a breach of contract, such as a default or the balance is significantly overdue and the Group is no longer dealing with the borrower or a legal case has been filed against the borrower (see (ii) above);
the lender(s) of the borrower, for economic or contractual reasons relating to the borrower’s financial difficulty, having granted to the borrower a concession(s) that the lender(s) would not otherwise consider;
it is becoming probable that the borrower will enter bankruptcy or other financial reorganisation; or
the disappearance of an active market for that financial asset because of financial difficulties.

(iv) Write‑off policy

The Group writes off a financial asset when there is information indicating that there is no realistic prospect of recovery, e.g. when the counter‑party has been placed under liquidation or has entered into bankruptcy proceedings, or any factor demonstrate that the related amount cannot be recovered. None of the financial assets that have been written off is subject to enforcement activities. Financial assets written off may still be subject to enforcement activities under the Group’s recovery procedures, taking into account legal advice where appropriate. Any recoveries made are recognised in consolidated statement of profit or loss and other comprehensive income.

(v) Measurement and recognition of expected credit losses

The measurement of expected credit losses is a function of the probability of default, loss given default (i.e. the magnitude of the loss if there is a default) and the exposure at default. The assessment of the probability of default and loss given default is based on historical data adjusted by forward‑looking information as described above. As for the exposure at default, for financial assets, this is represented by the assets’ gross carrying amount at the reporting date.

For financial assets, the expected credit loss is estimated as the difference between all contractual cash flows that are due to the Group in accordance with the contract and all the cash flows that the Group expects to receive, discounted at the original effective interest rate.

If the Group has measured the loss allowance for a financial instrument at an amount equal to lifetime ECL in the previous reporting period, but determines at the current reporting date that the conditions for lifetime ECL are no longer met, the Group measures the loss allowance at an amount equal to 12‑month ECL at the current reporting date, except for assets for which simplified approach was used.

Calculation of expected credit loss

IFRS 9 pertains to the credit risk associated with a particular counterparty‑ that is the risk that payment is not received in whole or payment is delayed beyond the terms originally agreed between parties (default risk).

The Group considers a financial asset in default when contractual payments are 180 days past due. However, in certain cases, the Group may also consider a financial asset to be credit‑impaired when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.

For staff receivables, a multiple‑state model has been implemented to categorize staff members’ employment status, with balances being classified into active, suspended, or terminated states. An active balance is associated with a staff member currently working and earning income, while suspended balances indicate individuals under suspension from service, and terminated balances reflect those who are no longer employed and not on the payroll. The transition between these states is guided by certain principles:

The terminated state is defined as an absorbing state, signifying that once a staff member and their associated balance enter this state, they will not be reverted to an active or suspended state, with only a few exceptions.
Movement from an active state to suspended or terminated states is possible.
Movement from a suspended state to active or terminated states is also feasible.

The terminated state is regarded as default, indicating that balances in this state are unlikely to be recovered with only a few exceptions. The probability of default is determined through the analysis of the annual movement of balances across states, ultimately leading to the defined default state ‑ terminated. The calculation of the loss given default involves assessing various forms of security that effectively reduce associated receivables and exposure. This includes the examination of refundable deposits from drivers, pension and/or end‑of‑service benefits payable to drivers, and the presence of a surety or guarantor.

If the Group has measured the loss allowance for a financial instrument at an amount equal to lifetime ECL in the previous reporting period but determines at the current reporting date that the conditions for lifetime ECL are no longer met, the Group measures the loss allowance at an amount equal to 12‑month ECL at the current reporting date, except for assets for which simplified approach was used.

The Group recognises an impairment gain or loss in consolidated statement of profit or loss and other comprehensive income for all financial instruments with a corresponding adjustment to their carrying amount through a loss allowance account, except for investments in debt instruments that are measured at FVTOCI, for which the loss allowance is recognised in other comprehensive income and accumulated in the investment revaluation reserve, and does not reduce the carrying amount of the financial asset in the consolidated statement of financial position.

Derecognition of financial assets

The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognises its retained interest in the asset and an associated liability for amounts it may have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received.

On derecognition of a financial asset measured at amortised cost, the difference between the asset’s carrying amount and the sum of the consideration received and receivable is recognised in consolidated statement of profit or loss and other comprehensive income. In addition, on derecognition of an investment in a debt instrument classified as at FVTOCI, the cumulative gain or loss previously accumulated in the investments revaluation reserve is reclassified to consolidated statement of profit or loss and other comprehensive income. In contrast, on derecognition of an investment in equity instrument which the Group has elected on initial recognition to measure at FVTOCI, the cumulative gain or loss previously accumulated in the investments revaluation reserve is not reclassified to consolidated statement of profit or loss and other comprehensive income, but is transferred to retained earnings.

Financial liabilities and equity instruments

Classification as debt or equity

Debt and equity instruments are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.

Equity instruments

An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Group are recognised at the proceeds received, net of direct issue costs.

Repurchase of the Group’s own equity instruments is recognised and deducted directly in equity. No gain or loss is recognised in consolidated statement of profit or loss and other comprehensive income on the purchase, sale, issue or cancellation of the Group’s own equity instruments.

Financial liabilities

All financial liabilities are measured subsequently at amortised cost using the effective interest method.

However, financial liabilities that arise when a transfer of a financial asset does not qualify for derecognition or when the continuing involvement approach applies, and financial guarantee contracts issued by the Group, are measured in accordance with the specific accounting policies set out below.

Financial liabilities measured subsequently at amortised cost

Financial liabilities that are not (i) contingent consideration of an acquirer in a business combination, (ii) held‑for‑trading, or (iii) designated as at FVTPL, are measured subsequently at amortised cost using the effective interest method.

The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the amortised cost of a financial liability.

Financial guarantee contract liabilities

A financial guarantee contract is a contract that requires the issuer to make specified payments to reimburse the holder for a loss it incurs because a specified debtor fails to make payments when due in accordance with the terms of a debt instrument.

Financial guarantee contract liabilities are measured initially at their fair values and, if not designated as at FVTPL and do not arise from a transfer of an asset, are measured subsequently at the higher of:

the amount of the loss allowance determined in accordance with IFRS 9 (see financial assets above); and
the amount recognised initially less, where appropriate, cumulative amortisation recognised in accordance with the revenue recognition policies set out above.

For financial liabilities that are denominated in a foreign currency and are measured at amortised cost at the end of each reporting period, the foreign exchange gains and losses are determined based on the amortised cost of the instruments. These foreign exchange gains and losses are recognised in the ‘other income’/‘other expenses’ line item in consolidated statement of profit or loss and other comprehensive income for financial liabilities that are not part of a designated hedging relationship. For those which are designated as a hedging instrument for a hedge of foreign currency risk foreign exchange gains and losses are recognised in other comprehensive income and accumulated in a separate component of equity.

The fair value of financial liabilities denominated in a foreign currency is determined in that foreign currency and translated at the spot rate at the end of the reporting period. For financial liabilities that are measured as at FVTPL, the foreign exchange component forms part of the fair value gains or losses and is recognised in consolidated statement of profit or loss and other comprehensive income for financial liabilities that are not part of a designated hedging relationship.

Derecognition of financial liabilities

The Group derecognises financial liabilities when, and only when, the Group’s obligations are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in consolidated statement of profit or loss and other comprehensive income.

When the Group exchanges with the existing lender one debt instrument into another one with the substantially different terms, such exchange is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. Similarly, the Group accounts for substantial modification of terms of an existing liability or part of it as an extinguishment of the original financial liability and the recognition of a new liability. It is assumed that the terms are substantially different if the discounted present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective rate is at least 10 percent different from the discounted present value of the remaining cash flows of the original financial liability. If the modification is not substantial, the difference between: (1) the carrying amount of the liability before the modification; and (2) the present value of the cash flows after modification should be recognised in consolidated statement of profit or loss and other comprehensive income as the modification gain or loss within other gains and losses.

Offsetting of financial instruments

Financial assets and financial liabilities are offset and the net amount reported in the consolidated statement of financial position if, and only if, there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise the assets and settle the liabilities simultaneously.

Value added tax (“VAT”)

Expenses and assets are recognised net of the amount of VAT, except:

When the sales tax incurred on a purchase of assets or services is not recoverable from the taxation authority, in which case, the sales tax is recognised as part of the cost of acquisition of the asset or as part of the expense item, as applicable.
When receivables and payables are stated with the amount of VAT included.

The net amount of VAT recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the consolidated statement of financial position.

Fair value measurement

The Group measures financial instruments such as financial assets at fair value through other comprehensive income and financial assets at fair value through profit or loss at fair value at each consolidated statement of financial position date.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:

In the principal market for the asset or liability, or
In the absence of a principal market, in the most advantageous market for the asset or liability.

The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non‑financial asset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.

The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.

Own shares

Own equity instruments that are reacquired (own shares) are recognised at cost and deducted from equity. No gain or loss is recognised in consolidated statement of profit or loss and other comprehensive income on the purchase, sale, issue, or cancellation of the Group’s own equity instruments. Any difference between the carrying amount and the consideration, if reissued, is recognised in the share premium. Such own shares may be acquired and held by the entity or by a third party on behalf of the Group. Consideration paid or received shall be recognised directly in equity.

Provisions

Provisions are recognised when the Group has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount can be reliably estimated.

Provisions are measured at the present value of the expenditures expected to be required to settle the obligation at the end of the reporting period, using a rate that reflects current market assessments of the time value of money and the risks specific to the obligation.

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of receivable can be measured reliably.

Dividends

The Group recognises a liability to pay a dividend when the distribution is authorised, and the distribution is no longer at the discretion of the Group. A distribution is authorised when it is approved by the shareholders. A corresponding amount is recognised directly in equity.

Revenue recognition

The Group recognizes revenue from contracts with customers based on a five‑step model as set out in IFRS 15:

Step 1 Identify contract(s) with a customer: A contract is defined as an agreement between two or more parties that creates enforceable rights and obligations and sets out the criteria for every contract that must be met.

Step 2 Identify performance obligations in the contract: A performance obligation is a promise in a contract with a customer to transfer a good or service to the customer.

Step 3 Determine the transaction price: The transaction price is the amount of consideration to which the Group expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third parties.

Step 4 Allocate the transaction price to the performance obligations in the contract: For a contract that has more than one performance obligation, the Group allocates the transaction price to each performance obligation in an amount that depicts the amount of consideration to which the Group expects to be entitled in exchange for satisfying each performance obligation.

Step 5 Recognise revenue when (or as) the Group satisfies a performance obligation.

The Group satisfies a performance obligation and recognises revenue over time, if one of the following criteria is met:

The Group’s performance does not create an asset with an alternate use to the Group and the Group has an enforceable right to payment for performance completed to date.
The Group’s performance creates or enhances an asset that the customer controls as the asset is created or enhanced.
The customer simultaneously receives and consumes the benefits provided by the Group’s performance as the Group performs.

For performance obligations where any of the above conditions are not met, revenue is recognized at the point in time at which the performance obligation is satisfied. Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of allowances. The Group recognizes revenue when the amount of revenue can be reliably measured; when it is probable that future economic benefits will flow to the entity; and when specific criteria have been met for each of the Group’s activities.

The Group’s revenue mainly consists of revenue from below services:

Taxi and limousine transport service revenue

The Group offers regular taxi and limousine services. Revenue from these services is recorded when the performance obligation is fulfilled. As the customer receives and consumes the benefits provided by the Group’s performance upon the completion of the taxi and limousine trip, revenue is recognized at a point in time. Customers settle payments using either cash or credit cards after the performance obligation has been satisfied. The billing is determined by meter readings and pre‑established rates for trips, encompassing both within and outside the emirate of Dubai.

Bus transport service revenue

The Group engages in contracts with schools and other parties to render bus transport services. These services are rendered throughout the agreed‑upon period, leading to the recognition of revenue as the performance obligation is fulfilled over time. The revenue is either calculated based on number of days in a semester and predetermined rates per seat. Invoices are generated in accordance with the terms outlined in the agreements and are typically due for payment within a 30‑day period.

Delivery services

Revenue from delivery services is satisfied over time, as the customer simultaneously receives and consumes the benefits provided by the Group on a fixed contract basis. Performance obligation includes to supply bikes and drivers to the customers, enabling the fulfillment of bookings initiated through the customers’ delivery application. Customers usually settle payments on a weekly basis after the performance obligation has been satisfied.

Manpower services

The Group recognises revenue from provision of manpower to its customers when the services are rendered to customers and on the basis of the contractual labour rates agreed with the customers. Customers usually settle payments within a week after the performance obligation has been satisfied.

BOLT mobility services

BOLT mobility generates revenue primarily through service fees paid by drivers for accessing the BOLT platform and related services, enabling them to connect with riders and complete trips via the platform. Revenue is recognized upon the completion of a trip.

Incentives to drivers / customers

Incentives provided to drivers are treated as a reduction of revenue unless the Group receives a distinct good or service or can reasonably estimate the fair value of the good or service received. Incentives earned by customers for referring new users are considered payment for a distinct service and classified as customer acquisition costs. Such referral payments are expensed as incurred under sales and marketing expenses in the consolidated statement of profit or loss and other comprehensive income.

Market‑wide promotions

Market‑wide promotions, offered as discounts to reduce fares charged by drivers to non‑customer end‑users, enable these end‑users to benefit from discounted rides on eligible trips. The cost of these promotions is recognized as a reduction of revenue when the corresponding transaction is completed.

Following are policies for other sources of income:

Finance income

Finance income is recognized as the interest accrues using the effective interest method, under which the rate used exactly discounts estimated future cash receipts through the expected life of the financial asset to the net carrying amount of the financial asset.

Rental income:

Rental income arising from operating lease is recognized, net of discount, in accordance with the terms of lease contract over the lease term on a straight‑line basis. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight‑line basis over the lease term.

Contingencies

Contingent liabilities are not recognised in the consolidated financial statements. They are disclosed unless the possibility of an outflow of resources embodying economic benefits is remote. Contingent assets are not recognised in the consolidated financial statements but disclosed when an inflow of economic benefits is probable.

Current versus non‑current classification

The Group presents assets and liabilities in the consolidated statement of financial position based on current/noncurrent classification.

An asset is classified as current when it is:

Expected to be realised or intended to be sold or consumed in the normal operating cycle;
Held primarily for the purpose of trading;
Expected to be realised within twelve months after the reporting period; or
Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.

All other assets are classified as non‑current.

A liability is classified as current when:

It is expected to be settled in the normal operating cycle;
It is held primarily for the purpose of trading;
It is due to be settled within twelve months after the reporting period; or
There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.

The terms of the liability that could, at the option of the counterparty, result in its settlement by the issue of equity instruments do not affect its classification. The Group classifies all other liabilities as non‑current.

Foreign currency transactions

The consolidated financial statements of the Group are presented in the currency of the primary economic environment in which the Group operates (its functional currency). These consolidated financial statements are presented in United Arab Emirates Dirhams (AED) since that is the currency of the country in which the Group is domiciled.

In preparing the consolidated financial statements, transactions in currencies other than the Group’s functional currency (foreign currencies) are recorded at the rates of exchange prevailing on the dates of the transactions. At each reporting date, monetary items denominated in foreign currencies are retranslated at the rates prevailing on the reporting date. Non‑monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.

Exchange differences arising on the settlement of monetary items, and on the retranslation of monetary items, are included in consolidated statement of profit or loss and other comprehensive income.

Taxation

The income tax expense represents the sum of current and deferred income tax expense.

Current Tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in consolidated statement of profit or loss and other comprehensive income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

A provision is recognized for those matters for which the tax determination is uncertain, but it is considered probable that there will be a future outflow of funds to a tax authority. The provisions are measured at the best estimate of the amount expected to become payable. The assessment is based on the judgement of tax professionals within the Group supported by previous experience in respect of such activities and in certain cases based on specialist independent tax advice.

Deferred tax

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the liability method. Deferred tax liabilities are generally recognized for all taxable temporary differences and deferred tax assets are recognized to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilized. Such assets and liabilities are not recognized if the temporary difference arises from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.

Deferred tax liabilities are recognized for taxable temporary differences arising on investment in subsidiary, except where the Group is able to control the reversal of the temporary difference, and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognized to the extent that it is probable that there will be sufficient taxable profits against which to utilize the benefits of the temporary differences, and they are expected to reverse in the foreseeable future.

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset is realized based on tax laws and rates that have been enacted or substantively enacted at the reporting date.

The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis.

Current tax and deferred tax for the year

Current and deferred tax are recognized in consolidated statement of profit or loss and other comprehensive income, except when they relate to items that are recognized in other comprehensive income or directly in equity, in which case the current and deferred tax are also recognized in other comprehensive income or directly in equity respectively.

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

While applying the accounting policies as stated in note 3, management of the Group has made certain judgments, estimates and assumptions that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revision to accounting estimates are recognised in the period of the revision in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Key sources of estimation of uncertainty

The following are the key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Useful lives and residual value of property and equipment

The Group’s management determines the estimated useful lives of its property and equipment for calculating depreciation. This estimate is determined after considering the expected usage of the asset or physical wear and tear. Management reviews the residual value and useful lives annually and the future depreciation / amortisation charge would be adjusted where management believes that the useful lives and residual value differ from previous estimates. Where management determines that the useful life or residual value of an asset requires amendment, the net book amount in excess of the residual value is depreciated / amortised over the revised remaining useful life.

Impairment assessment of non‑financial assets

Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions, conducted at arm’s length, for similar assets or observable market prices less incremental costs of disposing of the asset. The value in use calculation is based on a discounted cash flow (DCF) model. The cash flows are derived from the budget for the next five years and do not include restructuring activities that the Group is not yet committed to or significant future investments that will enhance the performance of the assets of the CGU being tested.

The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash inflows and the growth rate used for extrapolation purposes. These estimates are most relevant to intangibles with indefinite useful lives recognised by the Group. Intangible assets with indefinite useful lives are tested for impairment on an annual basis.

Property and equipment are assessed for impairment based on the assessment of cash flows on individual cash‑generating units when there is an indication that those assets have suffered an impairment loss.

Based on the assessment performed, management has not recorded any impairment loss on any of its non‑financial assets for the year ended 31 December 2025 (2024: AED nil). Further, based on impairment testing conducted by management, no impairment loss was recorded on intangible assets with indefinite useful lives.

Provision for expected credit losses of trade receivables

The Group uses a provision matrix to calculate ECLs for trade receivables. The provision rates are based on days past due for groupings of various customer segments that have similar loss patterns (i.e., by geography, product type, customer type and rating etc.).

The provision matrix is initially based on the Group’s historical observed default rates. The Group will calibrate the matrix to adjust the historical credit loss experience with forward‑looking information. At every reporting date, the historical observed default rates are updated and changes in the forward‑looking estimates are analysed.

The assessment of the correlation between historical observed default rates, forecast economic conditions and ECLs is a significant estimate. The amount of ECLs is sensitive to changes in circumstances and of forecast economic conditions. The Group’s historical credit loss experience and forecast of economic conditions may also not be representative of customer’s actual default in the future.

At the reporting date, gross trade receivables were AED 100,961,032 (2024: AED 140,155,541), with provision for expected credit losses of AED 35,999,941 (2024: AED 61,732,900).

Any difference between the amounts actually collected in future periods and the amounts expected to be received will be recognised in the consolidated statement of profit or loss and other comprehensive income.

The terminated state is defined as an absorbing state, signifying that once a staff member and their associated balance enter this state, they will not be reverted to an active or suspended state, with only a few exceptions.
Movement from an active state to suspended or terminated states is possible.
Movement from a suspended state to active or terminated states is also feasible.

At the reporting date, gross staff receivables were AED 154,959,867 (2024: AED 199,616,096), with provision for expected credit losses of AED 28,423,157 (2024: AED 70,430,738). Any difference between the amounts actually collected in future periods and the amounts expected to be received will be recognised in the consolidated statement of profit or loss and other comprehensive income.

	Motor vehicles	Equipment	Buildings, prefabricated houses, and sheds	Furniture and fittings	Capital work‑in‑progress	Total
	AED	AED	AED	AED	AED	AED
Cost
At 1 January 2024	942,435,322	43,614,331	129,785,159	29,703,112	11,749,421	1,157,287,345
Additions	277,552,094	7,342,579	1,326,983	5,574,457	5,812,374	297,608,487
Transfers	3,550,050	3,652,689	4,757,552	613,120	(12,573,411)	‑
Disposals	(160,385,246)	‑	‑	‑	‑	(160,385,246)
Transferred from assets held for sale (note 11)	27,698,397	‑	‑	‑	‑	27,698,397
Transferred to assets held for sale (note 11)	(21,665,976)	‑	‑	‑	‑	(21,665,976)
At 31 December 2024	1,069,184,641	54,609,599	135,869,694	35,890,689	4,988,384	1,300,543,007
Additions	232,680,234	12,724,429	86,460	6,286,137	21,046,663	272,823,923
Transfers	6,798,094	2,998,372	2,409,754	4,348,758	(16,554,978)	‑
Disposals	(82,166,254)	‑	‑	‑	‑	(82,166,254)
Transferred from assets held for sale (note 11)	206,851	‑	‑	‑	‑	206,851
Transferred to assets held for sale (note 11)	(36,847,435)	‑	‑	‑	‑	(36,847,435)
At 31 December 2025	1,189,856,131	70,332,400	138,365,908	46,525,584	9,480,069	1,454,560,092
Accumulated depreciation
At 1 January 2024	277,990,581	36,882,392	84,155,180	23,293,536	‑	422,321,689
Charge for the year	162,196,329	3,133,862	2,738,643	4,098,827	‑	172,167,661
Eliminated on disposals	(92,533,569)	‑	‑	‑	‑	(92,533,569)
Transferred from assets held for sale (note 11)	23,323,788	‑	‑	‑	‑	23,323,788
Transferred to assets held for sale (note 11)	(18,090,447)	‑	‑	‑	‑	(18,090,447)
At 31 December 2024	352,886,682	40,016,254	86,893,823	27,392,363	‑	507,189,122
Charge for the year	193,910,872	5,883,833	3,042,994	5,476,526	‑	208,314,225
Eliminated on disposals	(54,461,406)	‑	‑	‑	‑	(54,461,406)
Transferred from assets held for sale (note 11)	175,823	‑	‑	‑	‑	175,823
Transferred to assets held for sale (note 11)	(28,007,173)	‑	‑	‑	‑	(28,007,173)
At 31 December 2025	464,504,798	45,900,087	89,936,817	32,868,889	‑	633,210,591
Net book value
At 31 December 2025	725,351,333	24,432,313	48,429,091	13,656,695	9,480,069	821,349,501
At 31 December 2024	716,297,959	14,593,345	48,975,871	8,498,326	4,988,384	793,353,885

Depreciation charge for the year has been allocated as follows:

	2025	2024
	AED	AED
Direct costs (note 20)	205,207,847	170,506,802
General and administrative expenses (note 22)	3,106,378	1,660,859
	208,314,225	172,167,661

	Airport taxi licensed plates	Normal taxi licensed plates	Total
	AED	AED	AED
At 31 December 2025	141,241,275	748,115,993	889,357,268
At 31 December 2024	141,241,275	661,740,008	802,981,283

These represent license plates purchased from RTA as a consideration for obtaining the rights relating to operation of taxis. These have indefinite useful life, therefore, are not amortised.

During the year, additional plates amounting to AED 86,375,985 (Year ended on 31 December 2024: 246,273,043) were introduced in the airport taxi and normal taxi licensed plates categories.

Impairment assessment

License plates with indefinite useful lives have been allocated to regular taxis, for the purpose of impairment testing.

The recoverable amount of the CGU has been determined based on their value in use calculated using cash flow projections based on the financial budgets and forecasts approved by management for a period of five years.

Details of the CGU are shown below:

	2025	2024
	AED	AED
Carrying value of regular taxis	409,512,357	457,717,508
Carrying value of licensed plates	889,357,268	802,981,283
	1,298,869,625	1,260,698,791

The following describes each key assumption on which management has based its cash flow projections to undertake impairment testing of regular taxis and license plates.

Gross budgeted margins
Discount rate
Terminal growth rate

For license fleet, five years’ cash flows were included in the discounted cash flow model and a terminal growth rate thereafter.

Gross budgeted margins – The basis used to determine the value assigned to the gross budgeted margin is the average gross margin achieved in the year immediately before the budgeted year, adjusted for expected growth. The initial gross budgeted margin stood at 35% (2024: 34%). A decrease in the gross budgeted margin by 17% (2024: 14%) would result in the recoverable amount equalling the carrying amount of the cash‑generating unit (i.e., no headroom), and any further decrease would result in an impairment loss.

Discount rates – The Group has taken the Weighted Average Cost of Capital (WACC) as the discount rate of 10.1% (2024: 9.42%). This represents the cost of capital adjusted for the UAE risk factor.

Terminal value growth rate – In management’s view, the terminal growth rate is the minimum growth rate expected to be achieved beyond the five‑year period. This is based on the overall regional economic growth forecasted and the Group’s existing internal capacity changes. Based on the historical trend of growth, the long‑term growth of 3% (2024: 3%) is considered reasonable.

Sensitivity to changes in assumptions

The calculation of value in use for the CGU requires estimates on future earnings and therefore a sensitivity analysis was performed. A sensitivity analysis demonstrated that a 20% (2024: 20%) decrease in earnings for a future period of five years from the reporting date would not result in impairment. An increase of 2.5% (2024: 2.5%) in discount rate and / or decrease of 0.5% (2024: 0.5%) in terminal value growth rate would not result in impairment.

Right of use asset

During 2024, the Group entered into a 5‑year land lease agreement. The table below shows the carrying amount of the right‑of‑use asset and its movements during the year:

	2025	2024
	AED	AED
As at 1 January	3,537,969	‑
Additions during the year	‑	3,790,681
Amortization during the year	(758,136)	(252,712)
As at 31 December	2,779,833	3,537,969

Amounts recognised in relation to right‑of‑use asset and lease liabilities in the consolidated statement of profit or loss and other comprehensive income during the year is as follows:

	2025	2024
	AED	AED
Amortization of right‑of‑use asset (note 20)	758,136	252,712
Expense relating to short‑term lease and low value assets (note 20)	20,585,722	21,574,452
Finance costs (note 23)	166,810	67,727
	21,510,668	21,894,891

Lease liability

Set below are the carrying amount of lease liability and movement during the year:

	2025	2024
	AED	AED
As at 1 January	3,858,408	‑
Additions during the year	‑	3,790,681
Finance cost (note 23)	166,810	67,727
Payments during the year	(878,415)	‑
As at 31 December	3,146,803	3,858,408

Lease liability is presented in the consolidated statement of financial position as follows:

	2025	2024
	AED	AED
Current liability	732,460	697,644
Non‑current	2,414,343	3,160,765
	3,146,803	3,858,409

	2025	2024
	AED	AED
Trade receivables	100,961,032	140,155,541
Less: provision for expected credit losses	(35,999,941)	(61,732,900)
Trade receivables, net	64,961,091	78,422,641
Staff receivables	154,959,867	199,616,096
Less: provision for expected credit losses	(28,423,157)	(70,430,738)
Staff receivables, net	126,536,710	129,185,358
Prepaid expenses	12,059,459	3,095,628
Advances to suppliers	‑	2,581,575
Other receivables	29,807,270	49,899,721
	233,364,530	263,184,923
Non‑current portion	(9,024,288)	(9,132,340)
Current portion	224,340,242	254,052,583

The average credit period on rendering of services is 30 ‑ 90 days (2024: 30 ‑ 90 days). No interest is charged on the outstanding trade receivables.

Below is the information about the credit risk exposure on the Group’s trade receivables:

		31 December 2025			31 December 2024
	ECL	Gross carrying amount at default	Lifetime ECL	ECL	Gross carrying amount at default	Lifetime ECL
	%	AED	AED	%	AED	AED
Not yet due	0%	54,335,588	115,666	6%	34,225,092	2,187,903
0 to 30	12%	566,184	65,670	1%	22,191,923	198,183
31 to 60	17%	438,250	73,821	3%	1,882,852	59,964
61 to 90	9%	1,614,548	144,858	1%	4,612,070	46,805
91 to 180	12%	3,097,210	358,377	6%	15,493,036	929,377
181 to 365	91%	3,157,493	2,869,600	76%	14,329,308	10,889,408
Above 365	86%	37,751,759	32,371,949	100%	47,421,260	47,421,260
		100,961,032	35,999,941		140,155,541	61,732,900

The movement in the provision for expected credit losses during the year on trade receivables is as follows:

	2025	2024
	AED	AED
As at 1 January	61,732,900	69,705,708
Reversal for the year	(11,027,635)	(7,972,808)
Write off	(14,705,324)	‑
As at 31 December	35,999,941	61,732,900

Below is the information about the credit risk exposure on the Group’s staff receivables:

		31 December 2025			31 December 2024
	ECL	Gross carrying amount at default	ECL	ECL	Gross carrying amount at default	ECL
	%	AED	AED	%	AED	AED
Active	10%	127,183,687	12,874,455	10%	117,011,758	12,086,755
Suspended	74%	6,550,618	4,863,302	72%	996,038	720,225
Terminated	50%	21,225,562	10,685,400	71%	81,608,300	57,623,758
		154,959,867	28,423,157		199,616,096	70,430,738

The movement in the provision for expected credit losses during the year on staff receivables is as follows:

	2025	2024
	AED	AED
As at 1 January	70,430,738	58,324,794
Charge for the year	12,926,291	12,105,944
Write off	(54,933,872)	‑
As at 31 December	28,423,157	70,430,738

The details of the provision for expected credit losses, as required under IFRS 9, presented in the consolidated statement of profit or loss and other comprehensive income are as follows:

	2025	2024
	AED	AED
Reversal during the year on trade receivables	(10,091,875)	(7,972,808)
Charge during the year on staff receivables	12,926,291	12,105,944
Charge during the year on investment in financial assets (note 9)	26,118	58,547
Reversal for the year on cash and cash equivalents (note 10)	(39,147)	(57,327)
	2,821,387	4,134,356

	2025	2024
Investments in financial assets at amortized cost	AED	AED
National bonds	73,420,239	70,347,428
Less: allowance for expected credit loss	(105,918)	(79,800)
	73,314,321	70,267,628

Details of provision for expected credit losses as per IFRS 9 are as follows:

	2025	2024
	AED	AED
At 1 January	79,800	21,253
Charge during the year	26,118	58,547
As at 31 December	105,918	79,800

These are investments in listed national bonds. The national bonds are held by the Group within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Hence the national bonds are classified at amortized cost. The interest from these investments are ranging between 4.35% ‑ 4.60% (2024: 4.00% ‑ 5.75%) with a maturity period within 1 year.

	2025	2024
Financial assets measured at fair value through profit or loss	AED	AED
Investment in equity securities	13,656,000	11,688,000

This represents investment in equity securities of Parkin Company P.J.S.C. which is listed on stock exchange and is actively traded in the market. Accordingly, fair value of this investment is categorized at Level 1 of the fair value hierarchy.

Movement during the year in financial assets measured at fair value through profit or loss is as follows:

	2025	2024
	AED	AED
At 1 January	11,688,000	‑
Additions	‑	5,040,000
Change in fair value (note 21)	1,968,000	6,648,000
At 31 December	13,656,000	11,688,000

	2025	2024
	AED	AED
Cash in hand	337,047	196,228
Cash at banks	61,782,668	82,249,103
Short term wakala deposits (note 10.1)	197,765,471	253,680,000
Less: provision for expected credit losses	(14,575)	(53,722)
Cash and cash equivalents	259,870,611	336,071,609

Details of provision for expected credit losses as per IFRS 9 are as follows:

	2025	2024
	AED	AED
As at 1 January	53,722	111,049
Reversal for the year	(39,147)	(57,327)
As at 31 December	14,575	53,722

10.1 Wakala deposits

	2025	2024
	AED	AED
Wakala deposits	270,219,925	253,680,000
Less: deposits with original maturity of three months or less	(197,765,471)	(253,680,000)
	72,454,454	‑

These represent deposits held with financial institutions, earning interest rates ranging from 3.25% to 4.7% (2024: 4.0% to 4.7%). Deposits with original maturities of three months or less are classified as cash and cash equivalents and are accordingly disclosed under that category.

	2025	2024
	AED	AED
At 1 January	11,027,855	28,889,111
Transfer from property and equipment (note 5)	8,840,262	3,575,529
Completed sale during the year	(7,980,862)	(17,062,176)
Net transfer to property and equipment (Note 5)	(31,028)	(4,374,609)
Impairment	(69,534)	‑
At 31 December	11,786,693	11,027,855

The Group has classified a portion of its vehicle fleet as held for sale. This classification signifies the intent to sell or otherwise dispose these assets. The assets held for sale are reported separately on the balance sheet, and their carrying amount is presented at the lower of their carrying amount or fair value less costs to sell. The Group is actively pursuing the disposal of these vehicles, and any significant changes in their status will be disclosed in the consolidated financial statements. Assets held for sale amounting to AED 3,904,905 (2024: AED 6,105,829) and AED 7,951,322 (2024: AED 4,922,026 ) relates to regular taxis including others and limousine service segments respectively.

	2025	2024
	AED	AED
Authorised issued and fully paid
2,500,000,000 shares of AED 0.04 each	100,000,000	100,000,000

In previous years, a total of AED 200 million was transferred from the Government of Dubai to the share capital account. In line with the resolution passed by the Board of Directors of the RTA on 6 November 2023, the Group has executed a reduction in the share capital, lowering it from AED 200 million to AED 100 million.

Under the authority of the Group’s Board of Directors, the remaining share capital has been subdivided into 2,500,000,000 shares, each having a nominal value of AED 0.04. All shares within the Group maintain equal status in all respects. Therefore, as of December 31, 2025, the Group’s share capital is composed of authorized and paid‑up capital amounting to AED 100 million.

In accordance with UAE Federal Decree Law No. (32) of 2021, as amended and the Group’s Articles of Association, the Group has established a statutory reserve by appropriation of 5% of profit for each year until the reserve equals 50% of the share capital. This reserve is not available for distribution except as stipulated by the Law. As the statutory reserve already constitutes 50% of the share capital, no transfers were carried out during the current year.

During 2023, the Group engaged a third‑party licensed Market Maker on the Dubai Financial Market that offers liquidity provision services, to place buy and sell orders of the Group’s shares with the objective of reducing bid/ask spreads as well as reducing price and volume volatility. The initial advance balance remitted to the liquidity provider amounting to AED 25,000,000, and the outstanding balance as of 31 December 2025, stands at AED 5,475,056 (2024: AED 24,872,651). Below are the details relating to own shares:

	2025	2024
	AED	AED
Own shares
Number of shares outstanding	3,636,247	181,971
Nominal value per share	0.04	0.04
Shares’ nominal value as at 31 December	(145,450)	(7,279)
Own shares reserve
Market value per share	2.570	2.780
Shares premium	(9,199,705)	(498,601)
Cash dividend	273,511	181,342
Realized profit	805,650	879,689
At 31 December	(8,120,544)	562,430

	2025	2024
	AED	AED
At 1 January	33,362,608	31,675,925
Charge for the year	6,252,042	6,237,789
Transfer during the year to current liabilities (note 16)	(712,655)	(1,805,920)
Paid during the year	(1,945,071)	(2,745,186)
At 31 December	36,956,924	33,362,608

In addition to the above, the Group contributes 15% of the ‘contribution calculation salary’ in case of UAE nationals. These employees are also required to contribute 5% of the ‘contribution calculation salary’ to the scheme. The Group’s employer contribution is recognised as an expense in the consolidated statement of profit or loss and other comprehensive income as incurred.

	2025	2024
	AED	AED
Trade payables	103,004,668	129,337,118
Staff payables	135,704,306	128,744,450
Accrued expenses	74,731,957	50,693,021
Leave salary provision*	41,117,441	42,232,956
Bonus payable	39,309,412	34,145,668
Vehicles acquisition costs accrual	81,212,137	124,369,014
Gratuity Provision ‑ current	2,518,575	1,805,920
Interest payable	248,489	149,125
Other payables	51,767,806	50,202,570
	529,614,791	561,679,842
Non‑current portion	(2,351,913)	(3,419,388)
Current portion	527,262,878	558,260,454

*Leave salary provision movement during the year is as follows:

	2025	2024
	AED	AED
As at 1 January	42,232,956	26,577,266
Charged during the year	23,768,017	37,453,874
Utilized during the year	(24,883,532)	(21,798,184)
At 31 December	41,117,441	42,232,956

Related parties comprise the Parent, ultimate controlling party, the shareholders, key management personnel, subsidiaries, joint venture and businesses which are controlled directly or indirectly by the ultimate controlling party or directors or over which they exercise significant management influence. The Group has availed the exemption as per para 25 of IAS 24 Related Party Disclosure and consider the entities controlled by the Government of Dubai as non‑related. The Group, in the normal course of business, receives goods / services from related parties at terms mutually agreed.

Balances with related parties included in the consolidated statement of financial position are as follows:

	2025	2024
	AED	AED
Due from a related party
Entity with common key management personnel
RTA Careem LLC	11,589,382	22,989,363
Due to related parties
Entities with common key management personnel
Roads & transport authority (“RTA”)	303,300,446	265,095,583
Entity under common control
Salik Company PJSC	14,047,308	13,268,524
	317,347,754	278,364,107
Less: non‑current portion	(171,092,904)	(160,417,530)
Current portion	146,254,850	117,946,577

These balances are unsecured, interest free and are repayable on demand.

During the year, the Group entered into the following significant transactions with related parties in the ordinary course of business, carried out on an arm’s length:

	2025	2024
	AED	AED
Entities with common key management personnel:
Plate and license fees	367,330,200	328,697,564
New plates fees	98,000,000	267,795,000
Hala trip charges	81,666,719	74,709,203
Salik charges	86,100,796	69,542,380
Traffic related fines	7,655,250	8,142,388
Other services	6,465,649	3,639,370
Rent income	7,200,000	7,200,000
E‑hail booking fee	15,434,450	2,184,775

Compensation for key management personnel

Key management personnel and entities controlled by them are also related to the Group. Key management personnel within the Group encompass directors and employees serving as directors of specific segments or departments. This relationship extends to both the individuals themselves and the entities under their control.

	2025	2024
	AED	AED
Salaries and short‑term employee benefits	7,489,211	8,919,513
Post‑employment benefits	541,964	517,594
	8,031,175	9,437,107
Board of directors and committees’ remuneration	4,748,743	4,904,772

	2025	2024
	AED	AED
Unsecured term loan	1,000,000,000	1,000,000,000
Less: unamortized transaction cost:	(1,727,250)	(2,357,250)
	998,272,750	997,642,750
Disclosed in the consolidated statement of financial position as follows
Current	‑	‑
Non‑current	998,272,750	997,642,750

Movement in unamortized transaction cost is as follows:

	2025	2024
	AED	AED
As 1 January	2,357,250	2,987,250
Amortization	(630,000)	(630,000)
At 31 December	1,727,250	2,357,250

The loan carries an interest rate of EIBOR plus 0.8% and is structured for repayment over a period of 5 years in the form of a bullet payment. The funds obtained from the loan drawdown were utilized to settle the RTA liability. Additionally, in 2023, the Group secured a revolving credit facility amounting to AED 200 million, maturing in 5 years. However, no drawdown was executed from the revolving credit facility throughout the year.

Financial covenants

The Group is subject to a leverage ratio requirement. The Group’s leverage ratio must not exceed 4:1 in any relevant period. At 31 December 2025, the Group is in compliance with this covenant.

	2025	2024
	AED	AED
Regular taxis	2,136,149,859	1,917,479,155
Limousine service	128,886,101	124,487,665
Bus service	124,014,520	119,218,690
Delivery services	78,443,452	42,530,067
BOLT mobility services	37,980,174	4,523,437
Others	4,636,059	2,517,793
	2,510,110,165	2,210,756,807
Discounts:
Discounts to drivers / limo companies	(6,271,966)	(4,523,437)
Discounts to end user / riders	(29,677,031)	(9,626,108)
	(35,948,997)	(14,149,545)
Revenue from contracts with customers, net	2,474,161,168	2,196,607,262
Timing of revenue recognition
Services transferred at point in time	2,267,067,137	2,032,340,712
Services transferred over the period of time	207,094,031	164,266,550
	2,474,161,168	2,196,607,262

All the revenues are generated within the United Arab Emirates.

	2025	2024
	AED	AED
Staff costs	638,538,728	570,793,712
Fuel cost	219,183,188	232,473,734
Depreciation of property and equipment (note 5)	205,207,847	170,506,802
Charges and commission	155,283,448	114,004,299
Insurance	80,680,529	77,763,642
Vehicle maintenance	70,803,110	62,807,304
Non‑recoverable VAT expenses	29,163,418	32,621,922
Rent expense	20,509,762	21,574,452
Staff bonus	15,145,512	15,107,839
Credit card processing fee	23,326,262	20,804,449
Vehicle surveillance hosting charges	8,595,046	8,620,258
Amortization of right‑of‑use asset	758,136	252,712
Others	70,511,784	57,608,095
	1,537,706,770	1,384,939,220

	2025	2024
	AED	AED
Rental income	8,583,706	8,707,513
Gain on disposal of property and equipment	4,708,522	9,830,290
Advertising income	3,557,194	4,252,962
Gain on disposal of equity securities held at fair value through profit or loss	1,968,000	6,648,000
Dividend income	695,809	‑
(Loss)/gain on disposal of assets held for sale	(3,635,827)	2,096,486
Impairment loss on assets held for sale	(3,411,225)	‑
Others	3,622,579	5,205,114
	16,088,758	36,740,365

	2025	2024
	AED	AED
Staff costs	74,003,057	57,606,285
Advertising	19,158,279	5,723,055
Staff bonus	9,836,947	10,512,476
Consultancy charges	8,117,421	13,373,385
Maintenance expenses	6,882,222	2,532,323
Insurance expenses	6,178,142	4,804,912
Depreciation of property and equipment (note 5)	3,106,378	1,660,859
Software license fee	4,979,729	2,620,298
Cleaning expenses	523,652	160,973
Security expenses	445,989	322,099
Others	6,118,438	4,264,143
	139,350,254	103,580,808

The Group has made social contributions amounting to AED 4,903,319 for the year ended 31 December 2025 (2024: AED 2,080,410).

	2025	2024
	AED	AED
Interest on bank borrowings	50,809,560	60,320,776
Unwinding of long‑term liabilities	12,382,880	907,095
Bank charges	343,632	640,957
Amortization of arrangement fee (note 18)	630,000	630,000
Interest expense on lease liability	166,810	67,727
	64,332,882	62,566,555

	2025	2024
	AED	AED
Interest income on national bonds and wakala deposits	11,698,805	13,061,844
Interest income on cash at banks	972,880	1,730,951
	12,671,685	14,792,795

The Group has identified the revenue streams as its basis of segmentation.

Regular taxis
Limousine service
Bus transport service

The Group measures the segment performance on profit for the year. The Chief Operating Decision Maker (Chief Executive Officer) reviews the internal management reports of the reported segments on a monthly basis.

The following tables presents certain results, assets and liabilities information regarding the Group’s reportable segments as at the reporting date:

	Regular taxi		Limousine service		Bus transport		Delivery service		Other services		Inter‑segment eliminations		Total
	31‑Dec‑25	31‑Dec‑24	31‑Dec‑25	31‑Dec‑24	31‑Dec‑25	31‑Dec‑24	31‑Dec‑25	31‑Dec‑24	31‑Dec‑25	31‑Dec‑24	31‑Dec‑25	31‑Dec‑24	31‑Dec‑25	31‑Dec‑24
	AED	AED	AED	AED	AED	AED	AED	AED	AED	AED	AED	AED	AED	AED
Revenue	2,136,149,859	1,917,479,155	128,886,101	124,487,665	124,014,520	119,218,690	78,443,452	42,530,067	25,626,119	(7,108,315)	(18,958,883)	‑	2,474,161,168	2,196,607,262
Gross profit	535,197,593	435,769,322	11,598,482	21,271,665	17,859,955	17,711,894	10,585,820	7,904,187	(6,117,652)	313,410	‑	‑	569,124,198	482,970,478
Operating profit/ (loss)	433,775,153	356,209,764	143,827	14,331,673	23,081,680	23,595,180	2,311,943	3,292,322	(16,271,288)	14,566,740	‑	‑	443,041,315	411,995,679
Finance income	‑	‑	‑	‑	‑	‑	‑	‑	12,671,685	14,792,795	‑	‑	12,671,685	14,792,795
Finance cost	(53,617,149)	(52,231,265)	(3,380,401)	(3,522,258)	(3,282,133)	(3,345,439)	(2,049,425)	(1,195,079)	(2,003,774)	(2,272,514)	‑	‑	(64,332,882)	(62,566,555)
Profit/(loss) before tax	380,158,004	303,978,499	(3,236,574)	10,809,415	19,799,547	20,249,741	262,518	2,097,243	(5,603,377)	27,087,021	‑	‑	391,380,118	364,221,919
Taxation	(30,610,441)	(25,426,937)	(769,100)	(1,205,602)	(1,552,492)	(2,265,321)	‑	(268,383)	(2,377,242)	(3,775,433)	‑	‑	(35,309,275)	(32,941,676)
Profit/(loss) for the year	349,547,563	278,551,562	(4,005,674)	9,603,813	18,247,055	17,984,420	262,518	1,828,860	(7,980,619)	23,311,588	‑	‑	356,070,843	331,280,243

Timing of recognition of revenue from contract with customers (refer to note 19) for the Group’s reportable segments is presented below:

	Regular taxi		Limousine service		Bus transport		Delivery service		Other services		Inter‑segment eliminations		Total
	31‑Dec‑25	31‑Dec‑24	31‑Dec‑25	31‑Dec‑24	31‑Dec‑25	31‑Dec‑24	31‑Dec‑25	31‑Dec‑24	31‑Dec‑25	31‑Dec‑24	31‑Dec‑25	31‑Dec‑24	31‑Dec‑25	31‑Dec‑24
	AED	AED	AED	AED	AED	AED	AED	AED	AED	AED	AED	AED	AED	AED
Transferred at point in time	2,136,149,859	1,917,479,155	128,886,101	124,487,665	‑	‑	‑	‑	20,990,060	(9,626,108)	(18,958,883)	‑	2,267,067,137	2,032,340,712
Transferred over the period of time	‑	‑	‑	‑	124,014,520	119,218,690	78,443,452	42,530,067	4,636,059	2,517,793	‑	‑	207,094,031	164,266,550
	2,136,149,859	1,917,479,155	128,886,101	124,487,665	124,014,520	119,218,690	78,443,452	42,530,067	25,626,119	(7,108,315)	(18,958,883)		2,474,161,168	2,196,607,262

Basic earnings per share is calculated by dividing the profit after tax for the year attributed to the owners of the Group by the weighted average number of shares in issue throughout the year. Diluted earnings per share is calculated by dividing the profit after tax for the year attributed to the owners of the Group by the weighted average number of shares in issue throughout the year, adjusted for the effects of dilutive instruments if any.

	2025	2024
	AED	AED
Profit attributable to owners of the Group (AED)	356,070,843	331,280,243
Weighted average number of shares (shares)	2,498,385,924	2,498,376,413
Basic and diluted earnings per share for the year (AED)	0.1425	0.1326

As of 31 December 2025, and 31 December 2024, the Group has not issued any instruments that have a dilutive impact on earnings per share when exercised.

(a) Material accounting policies information

Details of the material accounting policies information and methods adopted, including the criteria for recognition, the basis of measurement and the basis on which income and expenses are recognised, in respect of each class of financial asset, financial liability and equity instrument are disclosed in Note 3 to the consolidated financial statements.

(b) Categories of financial instruments

	2025	2024
	AED	AED
Financial assets
At amortised cost
Trade and other receivables (excluding prepayments and advance to suppliers)	221,305,071	257,507,720
Investment in financial assets	73,314,321	70,267,628
Due from a related party	11,589,382	22,989,363
Wakala deposits	72,454,454	‑
Cash and cash equivalents	259,870,611	336,071,609
	638,533,839	686,836,320
At fair value through profit or loss
Investment in equity securities	13,656,000	11,688,000
	652,189,839	698,524,320
Financial liabilities
Amortised cost
Bank borrowings	998,272,750	997,642,750
Trade and other payables	529,614,791	561,679,842
Due to related parties	317,347,754	278,364,107
Corporate tax liability	33,539,446	32,875,384
Lease liability	3,146,803	3,858,409
	1,881,921,544	1,874,420,492

(c) Fair value of financial instruments

The fair values of financial assets and financial liabilities approximate their respective carrying values in the consolidated statement of financial position as at the end of the reporting period. The following table presents the financial assets measured at fair value as at 31 December 2025 and 2024:

2025	Level 1	Level 2	Level 3	Total
2025	AED	AED	AED	AED
Financial assets measured at fair value through profit or loss
Investment in equity securities	13,656,000	‑	‑	13,656,000

2024	Level 1	Level 2	Level 3	Total
2024	AED	AED	AED	AED
Financial assets measured at fair value through profit or loss
Investment in equity securities	11,688,000	‑	‑	11,688,000

There were no transfers between each of level during the year. There are no other financial assets or liabilities which should be categorised under any of the levels in the table above.

Overview

The Group has exposure to the following risks from its use of financial instruments:

Credit risk;
Liquidity risk; and
Market risk

This note presents information about the Group’s exposure to each of the above risks, the Group’s objectives, policies and processes for measuring and managing risk, and the Group’s management of capital. Furthermore, quantitative disclosures are included throughout these consolidated financial statements.

Risk management framework

The Board of Directors has overall responsibility and oversight for the Group’s risk management framework and monitoring the Group’s risk management policies. The Group’s risk management policies are established to identify and analyse the risks faced by the Group, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions. The Group, through its training and management standards and procedures, aims to develop a disciplined and constructive control environment, in which all employees understand their roles and obligations.

Credit risk

Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Group’s trade and other receivables, investment in financial assets and cash at banks. Customer credit risk is managed subject to the Group’s established policy, procedures and control relating to customer credit risk management. Credit quality of a customer is assessed based on an extensive credit rating scorecard and individual credit limits are defined in accordance with this assessment. The Group’s exposure and the credit ratings of its counterparties are continuously monitored and the aggregate value of transactions concluded is spread amongst approved counterparties.

Exposure to credit risk

The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was:

	2025	2024
	AED	AED
Cash and cash equivalents excluding cash on hand	259,533,564	335,875,381
Trade and other receivables (excluding prepayments and advances)	221,305,071	257,507,720
Due from a related party	11,589,382	22,989,363
Investments in financial assets at amortized cost	73,314,321	70,267,628
Financial asset at fair value through profit or loss	13,656,000	11,688,000
Wakala deposits	72,454,454	‑
	651,852,792	698,328,092

Information about the credit risk exposure on the Group’s trade and staff receivables is disclosed under note 8.

Cash and cash equivalents and wakala deposits

The Group limits its exposure to credit risk by placing balances with local reputed banks. Bank balances are limited to high‑credit‑quality financial institutions and bank ratings are reviewed on an annual basis. Banks have credit ratings of A+, A, BBB+ and A‑ indicating a stable outlook and low default risk. Given the profile of its bankers, management does not expect any counter party to fail to meet its obligations.

Impairment of cash and cash equivalents has been measured on a 12‑month expected loss basis and reflects the short maturities of the exposures. The Group considers that its cash and cash equivalents have low credit risk based on the external credit ratings of the counterparties. Balances with banks are assessed to have low credit risk of default since these banks are highly regulated by the central bank of UAE. Accordingly, management of the Group estimates the loss allowance on balances with banks at the end of the reporting period at an amount equal to 12‑month ECL.

Investment in financial assets

For the purposes of impairment assessment, the Sukuk and national bonds are considered to have low credit risk as the counterparties to these investments have a minimum B‑ credit rating. Accordingly, for the purpose of impairment assessment for these financial assets, the loss allowance is measured at an amount equal to 12‑month ECL.

In determining the expected credit losses for these assets, the management of the Group have taken into account the historical default experience, the financial position of the counterparties, as well as the future prospects of the industries in which the issuers operate obtained from economic expert reports, financial analyst reports and considering various external sources of actual and forecast economic information, as appropriate, in estimating the probability of default of each of these financial assets occurring within their respective loss assessment time horizon, as well as the loss upon default in each case.

Liquidity risk

Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. Ultimate responsibility for liquidity risk management rests with the board of directors, which has built a liquidity risk management framework for the management of the Group’s short, medium and long‑term funding and liquidity management requirements. The Group manages liquidity risk by maintaining reserves and by monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities. The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted and include contractual interest payments and exclude the impact of netting agreements.

	Carrying value	Contractual cash flows	Less than 1 year	1 – 5 years
	AED	AED	AED	AED
At 31 December 2025
Non‑derivative financial liabilities:
Bank borrowings	1,000,000,000	1,135,624,000	45,208,000	1,090,416,000
Trade and other payables	529,614,791	529,614,791	527,262,878	2,351,913
Due to related parties	317,347,754	337,203,750	157,367,334	179,836,416
Lease liability	3,146,803	3,466,815	878,416	2,588,399
	1,850,109,348	2,005,909,356	730,716,628	1,275,192,728

	Carrying value	Contractual cash flows	Less than 1 year	1 – 5 years
	AED	AED	AED	AED
At 31 December 2024
Non‑derivative financial liabilities:
Bank borrowings	1,000,000,000	1,195,332,000	48,833,000	1,146,499,000
Trade and other payables	561,679,842	561,679,842	558,260,454	3,419,388
Due to related parties	278,364,107	298,978,968	122,111,469	176,867,499
Lease liability	3,858,408	4,345,231	878,416	3,466,815
	1,843,902,357	2,060,336,041	730,083,339	1,330,252,702

As at 31 December 2025 and 31 December 2024, there were no derivative financial instruments carried by the Group.

Market risk

Market risk is the risk that changes in market prices such as foreign exchange rates, interest rates and equity prices will affect the Group’s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return. There has been no change to the Group’s exposure to market risks or the manner in which it manages and measures the risk.

Currency risk

The Group does not have any significant foreign currency exposure, as majority of its transactions are denominated in AED.

Interest rate risk

Interest rate risk is the risk that the value of a financial instrument will fluctuate because of changes in market interest rates. The Group is exposed to interest rate risk in respect of its fixed deposits and bank borrowings.

At the reporting date, the interest rate profile of the Group’s interest‑bearing financial instruments is:

	2025	2024
	AED	AED
Fixed rate instruments
Financial assets
National bonds (note 9)	73,314,321	70,267,628
Wakala deposits (note 10.1)	270,219,925	253,680,000
	343,534,246	323,947,628
Floating rate instrument
Financial liability
Bank borrowings (note 18)	998,272,750	997,642,750

Sensitivity analysis for floating rate instruments

At 31 December 2025, if interest rates on the bank borrowings had been 10 basis points lower/higher with all other variables held constant, profit for the year would have been increased or decreased by AED 1,000,000 (2024: AED 1,000,000).

Capital management

The Group’s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. Management monitors the return on capital, as well as the level of dividends to the shareholders. The Group manages the capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets.

Fair value hierarchy

Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows:

Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

At 31 December 2025, investments in equity shares amounting to AED 13,656,000 (2024: 11,688,000) are measured at fair value at Level 1 in the hierarchy.

The Group’s capital commitments relating to purchase of motor vehicles at the reporting date amounted to AED 1,088,850 (2024: AED 8,662,650). The Group does not have any contingent liabilities (2024: nil).

Staff bonus represents bonuses related to management and the board of directors, calculated as 5% and 1%, respectively, of profit before bonus and tax.

	2025	2024
	AED	AED
Corporate taxes
Current corporate tax expense	35,321,012	32,875,384
Deferred corporate tax (income)/expense	(11,737)	66,292
	35,309,275	32,941,676

Movement in corporate tax liability is as follows:

	2025	2024
	AED	AED
At 1 January	32,875,384	‑
Current corporate tax expense for the year	35,321,012	32,875,384
Payment during the year	(34,656,950)	‑
At 31 December	33,539,446	32,875,384

	2025	2024
	AED	AED
Deferred tax
Reconciliation of deferred tax assets:
At 1 January	1,092,727	1,159,019
Tax (income)/expense recognised in consolidated statement of profit or loss and other comprehensive income during the year	11,737	(66,292)
At 31 December	1,104,464	1,092,727

On 9 December 2022, the UAE Ministry of Finance released Federal Decree‑Law No. 47 of 2022 on the Taxation of Corporations and Businesses (Corporate Tax Law or the Law) to enact a Federal Corporate Tax (CT) regime in the UAE. The CT regime will become effective for accounting periods beginning on or after 1 June 2023.

Decision No. 116 of 2022 (published in December 2022 and considered to be effective from 16 January 2023) specifies that taxable income not exceeding AED 375,000 would be subject to a 0% UAE CT rate, and taxable income exceeding AED 375,000 would be subject to the 9% UAE CT rate. With the publication of this Decision, the UAE CT Law is considered to have been substantively enacted for the purposes of accounting for Income Taxes.

Subsequently, the UAE CT Law has been supplemented by a number of Decisions of the Cabinet of Ministers of the UAE (Decisions). Such Decisions and other interpretive guidance of the UAE Federal Tax Authority provide important details relating to the interpretation of the UAE CT Law and are required to fully evaluate the impact of the UAE CT Law on the Group.

The Group is subject to the provisions of the UAE CT Law with effect from 1 July 2023, and current taxes have been accounted for as appropriate in the consolidated financial statements for the financial year beginning 1 January 2023.

The taxable income of the Group for UAE CT purposes will be subject to the rate of 9% corporate tax.

The charge for the year can be reconciled to the profit before tax as follows:

	2025	2024
	AED	AED
Profit before tax	391,380,118	364,221,919
Tax at the UAE corporate tax rate of 9% (2024:9%)	35,224,211	32,779,973
Tax effect of expenses that are not deductible in determining taxable profit	130,551	129,161
Tax effect of standard deduction	(33,750)	(33,750)
Current corporate tax expense for the year	35,321,012	32,875,384

During the year, the Group made certain reclassifications of balances included within the consolidated financial statements. These reclassifications were made to ensure a more appropriate presentation of the Group’s financial performance by allocating staff bonus to direct costs and general and administrative expenses as well as reflecting certain expenses as direct costs rather than administrative expenses, thereby providing a more accurate depiction of the direct costs and gross profit. These reclassifications do not have any effect on the previously reported total equity, operating profit, net profit after tax and total comprehensive income. In accordance with the requirements of IAS 1 Presentation of Financial Statements, the below‑mentioned “comparative information” has been reclassified as follows:

Consolidated statement of profit or loss and other comprehensive income	2024 As previously reported (AED)	Reclassifications (AED)	As reported (AED)
Direct costs	(1,344,545,727)	(40,393,493)	(1,384,939,220)
Gross profit	523,363,971	(40,393,493)	482,970,478
General and administrative expenses	(118,353,986)	14,773,178	(103,580,808)
Staff bonus	(25,620,315)	25,620,315	‑

On 19 February 2025, the Board of Directors proposed to distribute a dividend payment of AED 122,249,950 (AED 4.89 fils per share) for the second half of 2024, as per the Group’s dividend policy. The proposed dividend was approved by the shareholders at the Group’s General Assembly Meeting on 19 March 2025 and paid subsequently in the month of April 2025.

On 28 July 2025, the Board of Directors proposed and approved to distribute a dividend payment of AED 160,749,964 (AED 6.43 fils per share) for the first half of 2025, in accordance with the Group’s dividend policy and paid subsequently in the month of August 2025.

On 23 February 2026, the Board of Directors proposed and approved to distribute a dividend payment of AED 141,990,888 million (AED 5.68 fils per share) for the second half of 2025, in accordance with the Group’s dividend policy.