Statement of Financial Position
| 2024 | 2023 | ||
|---|---|---|---|
| Notes | AED ‘000 | AED ‘000 | |
| ASSETS | |||
| Non‑current assets | |||
| Property and equipment | 18 | 5,947 | 4,289 |
| Intangibles | 15 | 6,526,870 | 3,877,551 |
| Right‑of‑use assets | 17 | 7,454 | 7,078 |
| Other asset | 400 | 560 | |
| 6,540,671 | 3,889,478 | ||
| Current assets | |||
| Inventories | 20 | 16,904 | 5,566 |
| Trade and other receivables | 21 | 209,139 | 173,483 |
| Contract asset | 23 | 24,437 | ‑ |
| Short‑term deposit with bank | 22 | ‑ | 750,000 |
| Due from related parties | 23 | 231,058 | 139,078 |
| Cash and cash equivalents | 22 | 963,692 | 266,180 |
| 1,445,230 | 1,334,307 | ||
| Total assets | 7,985,901 | 5,223,785 | |
| LIABILITIES | |||
| Non‑current liabilities | |||
| Long‑term borrowings | 24 | 3,991,985 | 3,988,779 |
| Due to a related party | 23 | 1,813,538 | ‑ |
| Lease liabilities | 17 | 5,697 | 6,047 |
| Provision for employees’ end‑of‑service benefits | 25 | 3,339 | 2,519 |
| Contract liabilities | 27 | 65,037 | 53,350 |
| 5,879,596 | 4,050,695 | ||
| Current liabilities | |||
| Due to a related party | 23 | 483,623 | 138,693 |
| Lease liabilities | 17 | 2,290 | 1,889 |
| Trade and other payables | 26 | 100,020 | 70,252 |
| Provision for taxation | 28 | 115,138 | ‑ |
| Contract liabilities | 27 | 317,225 | 299,709 |
| 1,018,296 | 510,543 | ||
| Total liabilities | 6,897,892 | 4,561,238 | |
| EQUITY | |||
| Share capital | 29 | 75,000 | 75,000 |
| Statutory reserve | 30 | 37,500 | 37,500 |
| Retained earnings | 975,509 | 550,047 | |
| Total equity | 1,088,009 | 662,547 | |
| Total equity and liabilities | 7,985,901 | 5,223,785 |
To the best of our knowledge, the financial statements fairly present, in all material respects, the financial position, results of operations and cash flows of the Company. These financial statements were approved by the Board of Directors on 4th March 2025 and signed on their behalf by:
| Chief Executive Officer | Chairman of the Board of Directors |
The accompanying notes 1 to 37 form an integral part of these financial statements.