FY 2024 - Investor Presentation

AED million

FY 2024

FY 2023

Change

Revenue

1,336.2

1,093.6

242.6

Expenses

(1,274.2)

(1,080.7)

(193.5)

(Reversal) / provision for impairment on financial and contract assets, net

39.8

(51.3)

91.1

Share of profit from associates

0.8

2.0

(1.2)

Gain on liquidation of a subsidiary

-

8.0

8.0

Profit / (loss) before interest and tax

102.6

(28.4)

131.0

Net - finance cost

(1.3)

(4.1)

2.8

Profit / (loss) before tax

101.3

(32.5)

133.8

Income tax expense

(13.5)

(11.9)

(1.6)

Profit / (loss) for the year

87.8

(44.4)

132.2

AED million

31-Dec-24

31-Dec-23

Change

Cash and cash equivalents 1

305.6

244.8

60.8

Restricted cash 1

80.4

29.5

50.9

Fixed deposits 1

0.0

0.7

(0.7)

Trade and other receivables

432.1

286.4

127.7

Due from construction contract customers

132.7

150.7

(18.0)

Inventories

28.2

37.1

(8.9)

Total current assets

979.0

749.2

211.8

Contract retentions

82.9

105.1

(4.2)

Property, plant and equipment including ROU

127.9

123.8

4.1

Goodwill

32.3

32.3

0.0

Other non-current assets

28.7

32.6

(3.9)

Total non current assets

271.8

293.8

4.0

Total assets

1,250.8

1,043.0

207.8

Trade and other payables

682.2

552.2

130.0

Borrowings 2

0.0

2.2

(2.2)

Current liabilities

682.2

554.4

127.8

Employees' end of service benefits

55.4

50.3

5.1

Borrowings 2

0.0

0.2

(0.2)

Other non-current liabilities

49.8

44.6

5.2

Non current liabilities

105.2

95.1

10.1

Total liabilities

787.5

649.5

138.0

Total equity including minorities

463.4

393.5

69.6

AED mn

FY 2024

FY 2023

Change

Operating activities

96.5

41.4

55.1

Working capital changes

16.8

17.4

(0.6)

Other movements

(16.1)

(18.6)

2.5

Net cash flows from/(used in) operating activities

97.2

40.2

57.0

Investing activities

Net capex

(25.0)

(24.4)

(0.6)

Dividends received from associates

1.3

0.9

0.4

Other movements

6.3

1.6

4.7

Net cash flows from/(used in) investing activities

(17.4)

(21.9)

4.5

Financing activities

Movement in borrowings

(2.4)

(16.4)

14.0

Interest paid

(6.9)

(5.7)

(1.2)

Finance lease payments

(5.2)

(5.2)

0.0

Net cash flows from/(used in) financing activities

(14.5)

(27.3)

12.8

Net movement in cash and cash equivalents

65.3

(9.0)

74.3

Exchange differences arising on translation of foreign operations

(4.5)

15.5

Cash and cash equivalents at the beginning of the year

244.8

238.3

Cash and cash equivalents at the beginning of the year

305.6

244.8

60.8

Financial Highlights

• Revenue: AED 394.5 million, down AED 2.8 million or 0.7% year-on-year

• EBIT: AED 28.7 million, up AED 0.8 million or 2.9% year-on-year

Operational Highlights:

• Revenue has decreased due to delay in two projects from the customer's end.

• Increase in EBIT mainly due to overall margin improvement.

Financial Highlights

• Revenue: AED 268.3 million, up AED 37.9 million or 16.4% year-on-year

• EBIT: AED 26.5 million, up AED 3.1 million or 23.1% year-on-year

Operational Highlights:

• Continued strong relationships with long-term clients securing projects for Louis Vuitton, Versace, Dior,

Chanel and Dolce & Gabbana during the year

• Increase in revenue and EBIT mainly from new projects wins in 2024 with sustained profitability and

reversal of provision for impairment for receivables.

Financial Highlights

• Revenue: AED 718.8 million, up AED 234.8 million or 48.5% year-on-year

• EBIT: AED 69.1 million, up AED 117.0 million or 244% year-on-year

Operational Highlights:

• Increase in revenue with a strong backlog in the UAE and KSA.

• Handover and delivery of three major projects with the Red Sea Global.