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Consolidated Statement of Cash Flows for the year ended 31 December 2025

AED’000 Notes 2025 2024
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before tax for the year 572,489 431,651
Adjustments for:
  • Depreciation of property, plant and equipment
 5 570,104 553,843
  • Depreciation of right‑of‑use assets
 14 9,322 14,279
  • Depreciation of investment property
 8 709 709
  • Amortisation of intangible assets
 9 21,796 11,679
  • Gain on disposal of assets held for sale
 18 (4,476) ‑
  • Reversal of impairment of property, plant and equipment
 5 ‑ (207,321)
  • Reversal of impairment loss on financial assets (net)
 11 (2,632) (5,453)
  • Employees’ end of service benefits charge, net
 19 19,720 (28,343)
  • Impairment charge on CWIP
 5 16,816 ‑
  • Impairment on assets held for sale
 18 ‑ 4,818
  • Gain on sale of associates
 7 ‑ (4,982)
  • Gain on disposal of property, plant and equipment
 (231) ‑
  • Finance income
 27 (15,392) (14,003)
  • Finance cost
 27 83,832 96,087
  • Impairment loss on inventories (net)
 10 23,762 13,580
Operating cash flows before movements in working capital 1,295,819 866,544
(Increase)/ decrease in inventories (412,886) 332,624
Decrease/ (increase) in trade and other receivables 541,794 (372,931)
Decrease in trade and other payables (320,507) (133,581)
Increase in due to related party 202,866 ‑
Cash generated from operations 1,307,086 692,656
Employees’ end of service benefits paid 18, 19 (15,278) (20,092)
Taxes paid 32 (18,022) ‑
Net cash generated from operating activities 1,273,786 672,564
CASH FLOWS FROM INVESTING ACTIVITIES
Payments for purchase of property, plant and equipment 5, 18 (413,564) (237,289)
Payments for purchase of intangible assets 9 (39,254) (46,133)
Proceeds from sale of property, plant and equipment 231 ‑
Proceeds from disposal of assets held for sale, net 18 73,683 ‑
Proceeds from sale of investment in associates 7 ‑ 99,000
Interest received 27 15,392 14,003
Net cash used in investing activities (363,512) (170,419)
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of borrowings 20 (1,720,459) (2,467,354)
Proceeds from borrowings 20 1,234,670 2,463,836
Interest paid (64,187) (68,280)
Payment of lease liabilities 22 (18,977) (32,861)
Net cash used in financing activities (568,953) (104,659)
Net increase in cash and cash equivalents 341,321 397,486
Cash and cash equivalents at the beginning of the year 823,294 425,808
Total cash and cash equivalents at the end of the year 12 1,164,615 823,294

The accompanying notes form an integral part of these consolidated financial statements.