Statement of Cash Flows

2024 2023
Notes AED’000 AED’000
Cash flows from operating activities
Profit for the year before tax 1,279,686 1,097,967
Adjustments for:
  • Depreciation of property and equipment
11 1,237 323
  • Depreciation of right‑of‑use assets
11 1,903 1,018
  • Adjustment for property and equipment
‑ 80
  • Amortisation of intangibles
11 87,960 81,632
  • Provision for employees’ end‑of‑service benefits
25 922 699
  • Adjustment for employees’ end‑of‑service benefits
25 ‑ (804)
  • Finance charge on lease liabilities
12 447 293
  • Other finance costs
256,377 238,898
  • Finance income
22 (48,515) (30,047)
  • Impairment loss on trade receivables
21 13,990 34,412
Operating cash flows before changes in working capital and payment of employees’ end of service benefits 1,594,007 1,424,471
Changes in working capital:
  • Trade and other receivables excluding impact of impairment loss and accrued interest
(58,338) 167,219
  • Due from related parties
(91,980) 5,230
  • Inventories
(11,338) 5,970
  • Trade and other payables
29,768 10,437
  • Due to a related party excluding impact of transfer of property and equipment
(3,811) (174,799)
  • Other assets
160 160
  • Contract asset
(24,437) ‑
  • Contract liabilities
29,203 15,526
Cash generated from operations 1,463,234 1,454,214
Payment of employees’ end of service benefits (102) ‑
Net cash flows generated from operating activities 1,463,132 1,454,214
Cash flows from investing activities
Encashment / (placement) of fixed deposits with original maturity of more than 3 months 22 750,000 (750,000)
Payment for purchase of property and equipment 18 (2,895) (4,602)
Payment for purchase of intangibles 15 (2,999) ‑
Interest income on deposits and call account 57,207 19,340
Net cash generated from / (used in) investing activities 801,313 (735,262)
Cash flows from financing activities
Dividend paid 31 (1,094,759) (1,039,334)
Repayment of long‑term related party debt 23 (227,858) ‑
Finance charge on lease liability paid (447) (293)
Other finance costs paid (241,641) (235,692)
Principal element of lease payment (2,228) (160)
Net cash used in financing activities (1,566,933) (1,275,479)
Increase / (decrease) in cash and cash equivalents 697,512 (556,527)
Cash and cash equivalents at the beginning of the year 266,180 822,707
Cash and cash equivalents at the end of the year 22 963,692 266,180
Supplemental non‑cash information
Additions to intangibles 15 2,734,280 ‑

The accompanying notes 1 to 37 form an integral part of these financial statements.