All amounts in X unless otherwise statedAs at 31 March 2026
| Notes | 31 March 2026 | 31 March 2025 | |
| OPERATING ACTIVITIES | |||
| Profit before zakat and income tax | 55,920,314 | 75,161,726 | |
|
Adjustments to reconcile profit before zakat and income tax to net cash flows: |
|||
| Depreciation of property, plant and equipment | 5 | 5,116,539 | 4,199,257 |
| Provision for employees’ defined benefit liabilities | 12 | 3,402,765 | 3,215,351 |
| Charge of expected credit losses of trade receivables and contract assets | 8,9 | 2,773,941 | 253,666 |
| Depreciation of right-of-use assets | 17 | 1,832,773 | 1,144,007 |
| Amortization of intangible assets | 6 | 398,579 | 305,812 |
| Interest on lease liabilities | 17 | 604,877 | 423,435 |
|
(Reversal)/Provision for slow moving inventories |
7 | (6,897,686) | 1,295,582 |
| 63,152,102 | 85,998,836 | ||
| Working capital adjustments: | |||
| Inventories | 10,206,491 | 4,297,985 | |
| Trade receivables | (13,145,684) | 42,258,071 | |
| Contract assets | (18,539,230) | – | |
| Amounts due from related parties | 5,342,016 | (4,382,905) | |
| Prepayments and other current assets | (540,380) | 6,066,999 | |
| Trade payable | 10,868,917 | (26,703,423) | |
| Amounts due to related parties | – | (1,404,934) | |
| Accrued expenses and other current liabilities | 905,113 | 3,628,837 | |
| Contract liabilities | (10,315,453) | (10,038,888) | |
| Cash generated from operations | 47,933,892 | 99,720,578 | |
| Zakat and income tax paid, net | 16 | (9,911,946) | (8,745,706) |
| Employees’ defined benefit liabilities paid | 12 | (1,311,355) | (2,012,900) |
| Net cash generated from operating activities | 36,710,591 | 88,961,972 | |
| INVESTING ACTIVITIES | |||
| Purchase of property, plant and equipment | 5 | (4,645,706) | (11,088,482) |
| Purchase of intangible assets | 6 | (513,827) | (126,554) |
| Net cash used in investing activities | (5,159,533) | (11,215,036) | |
| FINANCING ACTIVITIES | |||
| Payment of lease liabilities | 17 | (2,400,316) | (1,844,405) |
| Dividends paid | 29 | (10,000,000) | (28,161,220) |
| Net cash used in financing activities | (12,400,316) | (30,005,625) | |
| NET INCREASE IN CASH AND CASH EQUIVALENTS | 19,150,742 | 47,741,311 | |
| Cash and cash equivalents at the beginning of the year | 68,585,359 | 18,752,638 | |
| Cash and cash equivalent of an entity acquired | – | 2,091,410 | |
| CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR | 87,736,101 | 68,585,359 | |
| Non-cash transactions: | |||
| Plot of land contributed by shareholders recognised under equity | 5 & 25 | – | 4,288,000 |
|
Additions to the right-of-use assets and lease liabilities |
17 | 1,980,663 | 8,585,385 |
Amit Lahoti
Group CFO
Ruban Bilen
Group CEO
Sinan Esmat Abdulsamad Al Saady
Chairman of the Board of Directors
The accompanying notes 1 to 37 form an integral part of these consolidated financial statements.