CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2022
| Notes | 2022 AED’000 | 2021 AED’000 (RestatedRefer Note 34 for details regarding prior year adjustments) | |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Vessels, property and equipment | 5 | 587,121 | 626,884 |
| Rights-of-use assets | 6 | - | 192 |
| Goodwill | 7 | 143,463 | 143,463 |
| Total non-current assets | 730,584 | 770,539 | |
| Current assets | |||
| Inventories | 8 | 7,966 | 8,258 |
| Trade and other receivables | 9 | 25,528 | 30,965 |
| Cash and bank balances | 10 | 28,271 | 24,675 |
| Total current assets | 61,765 | 63,898 | |
| Total assets | 792,349 | 834,437 | |
| EQUITY AND LIABILITIES | |||
| Equity | |||
| Share capital | 11 | 1,275,391 | 1,019,209 |
| Treasury shares | 31 | (24,045) | - |
| Statutory reserve | 12 | 19,747 | 19,747 |
| Accumulated losses | (666,878) | (671,543) | |
| Other reserves | 32 | (181,071) | (2,724) |
| Equity attributable to owners of the Company | 423,144 | 364,689 | |
| Non-controlling interests | 32 | - | 10,148 |
| Total equity | 423,144 | 374,837 | |
| LIABILITIES | |||
| Non-current liabilities | |||
| Interest payable on borrowings | 16 | - | 10,946 |
| Borrowings | 13 | 157,889 | 171,686 |
| Islamic non-convertible sukuk | 14 | - | 81,385 |
| Provision for employees’ end of service benefits | 15 | 1,211 | 1,177 |
| Total non-current liabilities | 159,100 | 265,194 | |
| Current liabilities | |||
| Lease liabilities | 6 | - | 192 |
| Borrowings | 13 | 75,434 | 57,546 |
| Islamic non-convertible sukuk | 14 | 34,983 | - |
| Trade and other payables | 16 | 99,688 | 125,830 |
| Loan from related parties | 17 | - | 10,838 |
| Total current liabilities | 210,105 | 194,406 | |
| Total liabilities | 369,205 | 459,600 | |
| Total equity and liabilities | 792,349 | 834,437 |
The attached notes 1 to 36 form part of these consolidated financial statements.
The consolidated financial statements were approved by the Board of Directors on 2 April 2023 and signed on its behalf by:
Dr. Abdul Rahman Al Afifi
Board Member
Ahmad “M.F.” A. Al Kilani
Board Member
Ali Abouda
Chief Financial Officer