Financial Statements
Consolidated Statement of Cash Flows
for the year ended 31 December 2025
| 2025 | 2024 (Restated) | ||
|---|---|---|---|
| Note(s) | KD ’000 | KD ’000 | |
Cash flows from operating activities |
|||
| Profit before taxation and Board of Directors’ remuneration from continuing operations | 326,717 | 180,827 | |
| Profit for the year from discontinued operations | 9.2 | – | 713 |
| 326,717 | 181,540 | ||
| Adjustments for: | |||
| Depreciation, amortization and impairment | 11,12,13, 2.1 | 353,880 | 403,972 |
| ECL on financial assets | 43,942 | 50,445 | |
| Interest income | (8,868) | (8,174) | |
| Investment income | 22 | (30,148) | (8,319) |
| Share of results of associates and joint venture | 10 | (30,349) | (2,740) |
| Gain on sale and lease back transaction | 9 | – | (1,727) |
| Finance costs | 23 | 125,957 | 126,037 |
| Foreign currency loss/ (gain) | 5,136 | (16,391) | |
| Gain on Business Combination | 9.2 | (4,978) | (23,457) |
| Gain on sale of property and equipment | (1,200) | (699) | |
| Net monetary (gain) / loss | 34 | (4,412) | 51,489 |
| Operating cash flows before working capital changes | 775,677 | 751,976 | |
| Decrease / (increase) in bank balances held in customers’ account | 5 | 6,381 | (2,909) |
| Increase in trade and other receivables and contract assets | (199,650) | (207,001) | |
| Decrease / (increase) in inventories | 20,033 | (22,749) | |
| Increase / (decrease) in trade and other payables | 42,818 | (33,844) | |
| Cash generated from operations | 645,259 | 485,473 | |
| Payments: | |||
| Income tax | (13,567) | (12,809) | |
| KFAS | (2,152) | (2,232) | |
| NLST and Zakat | (7,434) | (12,150) | |
| Net. Cash from operating activities | 622,106 | 458,282 | |
Cash flows from investing activities |
|||
| Deposits maturing after three months, cash at banks under lien and government certificates of deposits | 4 | (22,807) | (1,193) |
| Proceeds from sale of investment securities | 206 | 1,771 | |
| Investments in securities | (4,875) | (11,827) | |
| Acquisition of subsidiaries, net of cash acquired | 3 | (9,203) | (46,951) |
| Investment in associate and joint venture | (220) | – | |
| Acquisition of property and equipment (gross) | (222,892) | (175,765) | |
| Proceeds from disposal of property and equipment | 14,506 | 5,939 | |
| Acquisition of intangible assets (net) | (50,831) | (37,394) | |
| Proceeds from sale of telecom assets (sale and lease back) | 9 | – | 6,069 |
| Interest received | 4,625 | 3,424 | |
| Dividends received | 117 | 108 | |
| Net cash used in investing activities | (291,374) | (255,819) | |
Cash flows from financing activities |
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| Contribution from minority shareholders in the share capital of a subsidiary | 1,876 | – | |
| Proceeds from bank borrowings | 16 | 848,266 | 437,431 |
| Repayment of bank borrowings | 16 | (479,447) | (328,936) |
| Repayment of government payables | (163,643) | (45,119) | |
| Repayment of lease liabilities | (47,624) | (59,379) | |
| Dividends paid to Company’s shareholders | (258,888) | (160,587) | |
| Dividends paid to minority shareholders of subsidiaries | (44,914) | (24,303) | |
| Finance costs paid | (104,434) | (107,487) | |
| Net cash used in financing activities | (248,808) | (288,380) | |
Net increase / (decrease) in cash and cash equivalents |
81,924 | (85,917) | |
| Effects of foreign currency translation | (3,344) | (32,893) | |
| Cash and cash equivalents at beginning of year | 193,639 | 312,449 | |
Cash and cash equivalents at end of year |
4 | 272,219 | 193,639 |