Consolidated Statement of Financial Position as at 31 December 2024

AED’000 Notes 2024 2023
ASSETS
Noncurrent assets
Property, plant and equipment 5 6,415,683 6,563,831
Right‑of‑use assets 14 214,278 228,557
Investment in associates 7 94,018
Investment property 8 11,846 12,555
Intangible assets 9 44,799 10,345
Total noncurrent assets 6,686,606 6,909,306
Current assets
Inventories 10 1,543,426 1,935,147
Trade and other receivables 11 2,068,554 1,758,551
Cash and bank balances 12 796,660 425,808
4,408,640 4,119,506
Assets held for sale 18 163,278
Total current assets 4,571,918 4,119,506
TOTAL ASSETS 11,258,524 11,028,812
AED’000 Notes 2024 2023
EQUITY AND LIABILITIES
Capital and reserves
Share capital 15 6,850,000 6,850,000
Statutory reserve 16 235,900 196,661
Merger reserve 17 1,092,817 1,092,817
Capital reserve 17 3,783 3,783
Other reserves 17 43,566 47,907
Retained earnings 494,421 141,268
Net equity 8,720,487 8,332,436
Non‑current liabilities
Lease liabilities 22 321,113 333,017
Provision for employees’ end of service benefits 19 154,946 200,772
Deferred tax provision 32 18,659
Total noncurrent liabilities 494,718 533,789
Current liabilities
Bank borrowings 20 485,789 489,307
Trade and other payables 21 1,483,431 1,662,084
Corporate tax payable 32 20,600
Lease liabilities 22 12,196 11,196
2,002,016 2,162,587
Liabilities directly associated with assets held for sale 18 41,303
Total current liabilities 2,043,319 2,162,587
Total liabilities 2,538,037 2,696,376
TOTAL EQUITY AND LIABILITIES 11,258,524 11,028,812

To the best of our knowledge, the financial information included in these consolidated financial statements fairly presents in all material respects the financial condition, results of operation and cash flows of the Group as of 31 December 2024, and for the periods presented in the report. These consolidated financial statements were approved by the Board of Directors on 11 March 2025 and are signed on its behalf by:

Hamad A. Al Hammadi

Chairman

Saeed G. Al Remeithi

Director and Group Chief Executive Officer

Mark J.S. Tonkens

Group Chief Financial Officer

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