Consolidated Statement of Cash Flows
for the year ended 31 December 2024

AED’000 Notes 2024 2023
Cash flows from operating activities
Profit before tax for the year 431,651 601,916
Adjustments for:
Depreciation of property, plant and equipment 5 553,843 532,811
  • Depreciation of right‑of‑use assets
 14 14,279 135,447
  • Depreciation of investment property
 8 709 709
  • Amortisation of intangible assets
 9 11,679 2,961
  • Impairment of property, plant and equipment and right‑of‑use assets
 5, 14 ‑ 83,450
  • Reversal of impairment of property, plant and equipment and right‑of‑use assets
 5, 14 (207,321) (83,450)
  • Impairment loss on financial assets (net)
 11 (5,453) (233)
  • Employees’ end of service benefits charge, net
 19 (28,343) 23,757
  • Share of profit of associates
 7 ‑ (16,479)
  • Impairment loss on asset held for sale
 18 4,818 ‑
  • Gain on sale of associates
 7 (4,982) ‑
  • Gain on disposal of property, plant and equipment
 ‑ (7,067)
  • Finance income
 27 (14,003) (7,805)
  • Finance cost
 27 96,087 105,366
  • Impairment loss on inventories (net)
 10 13,580 439
Operating cash flows before movements in working capital 866,544 1,371,822
Decrease in inventories 10 332,624 131,027
Increase in trade and other receivables 11 (372,931) (102,147)
(Decrease) increase in trade and other payables 21 (133,581) 54,932
Cash generated from operations 692,656 1,455,634
Employees’ end of service benefits paid 19 (20,092) (9,981)
Net cash generated from operating activities 672,564 1,445,653
Cash flows from investing activities
Payments for purchase of property, plant and equipment 5 (237,289) (182,449)
Payments for purchase of intangible assets 9 (46,133) (7,405)
Proceeds from sale of property, plant and equipment 5 ‑ 13,708
Proceeds from sale of investment in associates 7 99,000 ‑
Interest received 27 14,003 7,805
Dividends received from associates 7 ‑ 10,000
Net cash used in investing activities (170,419) (158,341)
Cash flows from financing activities
Repayment of borrowings 20 (2,467,354) (4,280,627)
Proceeds from borrowings 20 2,463,836 3,318,898
Repayment of shareholder loan 13 ‑ (18,361)
Interest paid (68,280) (88,078)
Payment of lease liabilities 22 (32,861) (150,378)
Net cash used in financing activities (104,659) (1,218,546)
Net increase in cash and cash equivalents 397,486 68,766
Cash and cash equivalents at the beginning of the year 12 425,808 357,042
Total cash and cash equivalents at the end of the year 12 823,294 425,808

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