Consolidated statement of cash flows for the year ended December 31, 2023
| Notes | 2023 AED’000 | 2022 AED’000 | |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Profit / (loss) for the year | 21,275 | (7,616) | |
| Adjustments for: | |||
| Depreciation of vessels, property and equipment | 6 | 36,725 | 41,275 |
| Depreciation of right‑of‑use assets | ‑ | 192 | |
| Allowance for expected credit losses | 10 | 1,000 | 395 |
| Income on discounting of a financial liability to present value | ‑ | (191) | |
| Provision for employees’ end of service benefits | 19 | 276 | 180 |
| Finance costs | 26 | 22,534 | 33,245 |
| Finance income | (2,667) | ‑ | |
| Reversal of liabilities no more required | 25 | (19,466) | (19,707) |
| Gain of settlement of Sukuk | 25 | (14,549) | ‑ |
| Gain on sale of a vessel | 6 | (24,834) | ‑ |
| Change in fair value of financial assets at FVTPL | 11 | 2,009 | ‑ |
| Operating cash flows before changes in working capital | 22,303 | 47,773 | |
| Working capital changes: | |||
| Inventories | (1,118) | 292 | |
| Trade and other receivables | (3,681) | (3,830) | |
| Trade and other payables | (23,595) | (31,649) | |
| Cash from operations | (6,091) | 12,586 | |
| Employees’ end of service benefits paid | (232) | (146) | |
| Net cash flows (used in) / from operating activities | (6,323) | 12,440 | |
| INVESTING ACTIVITIES | |||
| Investments in financial assets at FVTPL | 11 | (178,423) | ‑ |
| Proceeds from disposal of financial assets at FVTPL | 11 | 76,035 | ‑ |
| Proceeds from sale of a vessel | 6 | 99,471 | ‑ |
| Placement of a fixed deposit | 12 | (200,000) | ‑ |
| Additions to vessels, property and equipment | 6 | (40,452) | (1,512) |
| Acquisition of non‑controlling interests | ‑ | (915) | |
| Net cash flows used in investing activities | (243,369) | (2,427) | |
| FINANCING ACTIVITIES | |||
| Payment of lease liabilities | ‑ | (192) | |
| Movement in restricted cash | ‑ | 4,466 | |
| Arrangement fee paid | ‑ | (4,172) | |
| Proceeds from interest‑bearing borrowings | 180,187 | 226,920 | |
| Repayment of interest‑bearing borrowings | (106,375) | (222,992) | |
| Interest paid | (15,255) | (18,693) | |
| Settlement of Islamic non‑convertible Sukuk | 18 | (34,983) | ‑ |
| Proceeds from issuance of mandatory convertible Sukuk, net of transactions costs | 13 | 202,400 | ‑ |
| Financing from liquidity provider | 63,330 | 7,594 | |
| Movement in treasury shares, net | (47,354) | 5,117 | |
| Net cash flows from / (used in) financing activities | 241,950 | (1,952) | |
| Net change in cash and cash equivalents | (7,742) | 8,061 | |
| Cash and cash equivalents at the beginning of the year | 17,801 | 9,740 | |
| Cash and cash equivalents at the end of the year | 12 | 10,059 | 17,801 |
The accompanying notes 1 to 34 form an integral part of these consolidated financial statements.