For the year ended 31 December 2025
| Note |
2025 X |
2024 X |
|
| Operating activities | |||
| Profit before tax | 60,700,347 | 56,576,684 | |
| Adjustments for: | |||
| Depreciation of right of use of assets | 14 | 785,128 | 813,326 |
| Depreciation of investment property | 15 | 144,943 | 172,145 |
| Reversal of provision for obsolete inventories | 16 | (799) | (2,941) |
| Provision for employees’ end of service benefits | 22 | 84,322 | 99,471 |
| Income on concession assets – net billed during the year | 6 | 32,925,918 | 25,093,030 |
| Deferred income | 24 | (141,118) | (279,022) |
| Interest income on call accounts and short-term deposits | 6 | (938,180) | (961,402) |
| Exchange gain | – | (324,562) | |
| Finance cost | 10 | 21,715,822 | 25,230,003 |
| Operating cash flows before working capital changes | 115,276,383 | 106,416,732 | |
| Working capital changes: | |||
| Inventories | 16 | (209,350) | (224,540) |
| Trade and other receivables | 17 | (502,656) | 1,100,732 |
| Trade and other payables | 25 | 35,365,428 | (13,961,888) |
| Cash generated from operations | 149,929,804 | 93,331,036 | |
| Employees’ end of service benefits paid | 22 | (382,175) | (78,593) |
| Interest paid | (20,205,320) | (24,212,674) | |
| Interest income received on fixed deposits | 6 | 938,180 | 961,402 |
| Receipt of connection fee | 24 | 7,635,125 | 1,028,875 |
| Net cash generated from operating activities | 137,915,614 | 71,030,046 | |
| Investing activities | |||
| Addition in contract asset | 5.1 | (67,952,125) | (33,634,716) |
| Additions in concession receivable | (41,253,786) | – | |
| Disposal of capital work in progress | 150,246 | – | |
| Disposal of concession asset | 55,450 | – | |
| Additions in capital work in progress | 12 | (215,321) | (940,337) |
| Investment in short term deposits | (1,700,000) | – | |
| Net cash used in investing activities | (110,915,536) | (34,575,053) | |
| Financing activities | |||
| Repayment of term loan | 21 | (9,267,800) | (9,267,800) |
| Proceeds from term loan | 21 | 35,000,000 | 35,000,000 |
| Payment of loan issuance cost | 21 | – | (373,445) |
| Net movement in treasury shares | 21 | (278,909) | – |
| Dividends paid | (45,558,164) | (68,900,872) | |
| Payment of lease liabilities | 23 | (930,705) | (867,528) |
| Net cash used in financing activities | (21,035,578) | (44,409,645) | |
| Net increase/(decrease) in cash and cash equivalents | 5,964,500 | (7,954,652) | |
| Cash and cash equivalents at 1 January | 19 | 15,816,311 | 23,770,963 |
| Cash and cash equivalents at December 31 | 19 | 21,780,811 | 15,816,311 |
The attached notes 1 to 37 form part of these financial statements.
