Consolidated statement of cash flows for the year ended December 31, 2024
| Notes | 2024 | 2023 | |
|---|---|---|---|
| AED’000 | AED’000 | ||
| OPERATING ACTIVITIES | |||
| (Loss)/profit for the year before tax | (22,054) | 21,275 | |
| Adjustments for: | |||
| Depreciation of vessels, property and equipment | 6 | 45,124 | 36,725 |
| Allowance for expected credit losses | 24 | ‑ | 1,000 |
| Provision for employees’ end of service benefits | 19 | 46 | 276 |
| Finance costs | 26 | 20,257 | 22,534 |
| Finance income | (7,472) | (2,667) | |
| Reversal of liabilities no more required | 25 | (1,271) | (19,466) |
| Gain of settlement of Sukuk | 25 | ‑ | (14,549) |
| Gain on sale of a vessel | 6.4 | ‑ | (24,834) |
| Write‑off of vessels, property and equipment | 1,830 | ‑ | |
| Other non‑operating income | 25 | (37,771) | ‑ |
| Other non‑operating expense | 25 | 6,968 | ‑ |
| Change in fair value of financial assets at FVTPL | 12 | 7,662 | 2,009 |
| Operating cash flows before changes in working capital | 13,319 | 22,303 | |
| Working capital changes: | |||
| Inventories | (1,349) | (1,118) | |
| Trade receivables | 1,448 | (6,777) | |
| Advances and other assets | 153 | 3,09 | |
| Trade and other payables | (16,354) | (23,595) | |
| Cash used in operations | (2,783) | (6,091) | |
| Employees’ end of service benefits paid | 19 | (290) | (232) |
| Insurance claim received, net | 30,803 | ‑ | |
| Net cash flows from/(used in) operating activities | 27,730 | (6,323) | |
| INVESTING ACTIVITIES | |||
| Investments in financial assets at FVTPL | 12 | (9,462) | (178,423) |
| Proceeds from disposal of financial assets at FVTPL | 12 | 101,478 | 76,035 |
| Proceeds from sale of a vessel | 6.4 | ‑ | 99,471 |
| Withdrawal/(placement) of a fixed deposit | 13 | 200,000 | (200,000) |
| Additions to vessels, property and equipment | 6 | (62,616) | (40,452) |
| Advances to supplier for capital expenditure | (24,430) | ‑ | |
| Net cash flows from/(used in) investing activities | 204,970 | (243,369) | |
| FINANCING ACTIVITIES | |||
| Proceeds from interest‑bearing borrowings | 18 | ‑ | 180,187 |
| Repayment of interest‑bearing borrowings | 18 | (207,094) | (106,375) |
| Interest paid | (19,592) | (15,255) | |
| Finance income | 7,472 | ‑ | |
| Settlement of Islamic non‑convertible Sukuk | ‑ | (34,983) | |
| Proceeds from issuance of mandatory convertible Sukuk, net of transactions costs | ‑ | 202,400 | |
| Financing from liquidity provider | 176,890 | 63,330 | |
| Movement in treasury shares, net | (195,240) | (47,354) | |
| Net cash flows (used in)/from financing activities | (237,564) | 241,950 | |
| Net change in cash and cash equivalents | (4,864) | (7,742) | |
| Cash and cash equivalents at the beginning of the year | 10,059 | 17,801 | |
| Cash and cash equivalents at the end of the year | 13 | 5,195 | 10,059 |
The accompanying notes 1 to 32 form an integral part of these consolidated financial statements.