Cash Flow from Operating Activities SIIS delivered QAR 188.1 million in net cash from operating activities in FY2024 — a sharp decline compared to the QAR 404.1 million generated in FY2023. This drop is not a signal of operating collapse, but a recalibration following last year's exceptional, non-recurring working capital inflows. 1. Non-Cash Adjustments Despite stable earnings, the Group posted significant non-cash expenses that supported the cash flow: * Depreciation and Amortisation amounted to QAR 69.3M, covering property and equipment (QAR 44.5M), right-of-use assets (QAR 12.5M), and intangible assets (QAR 3.4M). * Finance Costs were QAR 135.3M, reflecting continued high debt servicing, and reversed from profit as they relate to financing cash flows. * Impairment Charges reached QAR 25.5M, mostly from trade receivables and contract assets, a 30% increase versus 2023 — this highlights rising credit risk. * Other adjustments include QAR 3.6M in slow-moving inventory provisions, and QAR 2.5M loss reversal on investment property disposal, among other net changes. 2. Working Capital Movements The biggest shift in FY2024 came from working capital, where last year's QAR 90M inflow reversed into a drag on liquidity: * Trade Receivables increased by QAR 39.1M, reversing last year's massive improvement. The deterioration indicates slower collections, perhaps due to softer credit control or project delays. * Due from Related Parties rose by QAR 8.3M, continuing to pull liquidity away from core operations with limited return. This internal exposure remains a material working capital risk. * Inventory rose slightly by QAR 1.4M — a stable position, likely maintained to support upcoming project execution. * Contract assets and retention receivables decreased by QAR 9.6M, modestly easing pressure. * Payables and Accruals were relatively neutral (QAR +2.5M), while advances from customers declined by QAR 27.7M, reducing upfront funding. SIIS posted QAR 188.1 million in opera... <truncated>

Cash Flow from Investing Activities In FY2024, SIIS reported a net outflow of QAR 106.7 million from investing activities, a sharp reversal from the net inflow of QAR 140.1 million in FY2023. The swing was driven by the absence of exceptional asset disposals in 2024 and a substantial increase in capital expenditures. * Capital Expenditure Intensified: SIIS invested QAR 129.5 million in property and equipment during 2024 — over three times the QAR 38.1 million spent in 2023. This reflects a major reinvestment into operational assets, notably in capital work-in-progress and asset upgrades. * Proceeds from investment property disposals fell to QAR 6.3M (vs. QAR 148.5M in 2023), a key reason for the comparative drop in cash inflow. * Gains from property and equipment disposals also declined to QAR 2.7M (vs. QAR 9.7M in 2023), signaling fewer monetizations of fixed assets. * Dividend income from equity-accounted investees stood at QAR 5.5M (down from QAR 12.4M). * Dividend income from investment securities was QAR 0.6M, broadly stable. * Interest received increased to QAR 6.2M (vs. QAR 2.0M in 2023), helped by higher deposit balances and interest rates. Other Movements * The Group infused QAR 0.8M into associate capital. * It acquired an additional QAR 0.5M stake in equity-accounted investees. * Intangible asset acquisitions were limited to QAR 0.13M.

Cash Flow from Financing Activities In FY2024, SIIS significantly reduced its financing cash outflows to QAR 73.4 million compared to QAR 437.1 million in 2023 — a notable 83% improvement. This reflects a more balanced management of debt, internal capital allocations, and financing obligations. While the Group remained highly leveraged, the structure of financing activities evolved in a way that temporarily improved liquidity. * Proceeds from new borrowings reached QAR 607.0M, up from QAR 475.8M in 2023, driven by new term loan facilities. * Repayment of borrowings was QAR (484.3M), materially lower than the QAR (686.8M) repaid in 2023. * Net impact: a QAR 122.7M inflow from new borrowings vs. a net outflow in the prior year — this reflects a pivot to new funding to refinance or support operational needs. * Finance costs paid rose to QAR (136.5M) from QAR (127.5M), consistent with the Group's high leverage and rising interest rates. * Dividend payout of QAR (34.3M) was made based on prior-year profits — absent in 2023. * Payment of lease liabilities stood at QAR (10.9M), slightly higher than 2023, in line with the increase in right-of-use assets. * Acquisition of non-controlling interests absorbed QAR (48.9M), reflecting the Group's internal consolidation strategy (notably in Salam Bounian and others). 3. Non-Core Financing Movements * Term deposit reversal added QAR 30.6M in 2024 vs. QAR (84.8M) placed in 2023 — a clear liquidity optimization. * Net movement in margin deposits brought QAR 3.9M of inflow. * Net change in non-controlling interests added QAR 87K (vs. an outflow of QAR 1.1M in 2023). The QAR 73.4M net outflow from financing activities in 2024 — a dramatic reduction from the prior year — reflects a more moderated financial strategy. While debt remains elevated, the Group managed to generate liquidity through refinancing, lower repayments, and controlled outflows.