v3.26.1
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Profit for the financial year $ 339,682 $ 774,035 $ 793,275
Adjustments for:      
income tax expense 2,495 4,418 6,251
depreciation and amortisation charges 202,129 215,111 211,027
gain on disposal of assets (12,236) (28,520) (56,087)
interest income (13,496) (16,317) (17,629)
finance expense 58,095 64,106 95,124
share of profit of equity-accounted investees, net of tax (17,190) (20,515) (19,073)
equity-settled share-based payment transactions 3,205 2,960 2,822
Operating cash flows before working capital changes 562,684 995,278 1,015,710
Changes in working capital:      
intangible assets (10,746) (5,919) 0
inventories 25,128 13,549 (17,773)
trade and other receivables, and prepayments (15,347) 86,140 (139,166)
trade and other payables, and provisions 41,329 (49,170) 205,663
Cash generated from operations 603,048 1,039,878 1,064,434
Income tax paid (159) (9,514) (3,628)
Net cash provided by operating activities 602,889 1,030,364 1,060,806
Cash flows from investing activities      
Interest income received 12,006 12,459 13,583
Loan to joint ventures (10,918) (13,207) (15,488)
Acquisition of other investments (311,433) (861) (10,408)
Equity investment in joint ventures (25) (2,217) (2,240)
Return of investment in joint venture 1,000 1,360 0
Purchase of intangible assets 0 (23) 0
Proceeds from disposal of property, plant and equipment 75,536 57,098 142,793
Proceeds from disposal of other investments 0 2,343 0
Repayment of loans by joint ventures 16,316 22,540 23,975
Dividend received from joint venture 0 0 500
Purchase of property, plant and equipment (146,199) (49,600) (184,392)
Net cash (used in)/provided by investing activities (363,717) 29,892 (31,677)
Cash flows from financing activities      
Proceeds from borrowings from external financial institutions 900,000 110,000 247,030
Repayment of borrowings to external financial institutions (422,774) (109,136) (309,064)
Repayment of borrowings to non-related parties 0 0 (5,429)
Repayment of lease liabilities (524,267) (201,191) (390,153)
Payment of financing fees (7,284) (1,085) (3,997)
Interest paid to external financial institutions [1] (57,496) (71,727) (109,006)
Interest paid to a third party 0 0 (5,707)
Proceeds from exercise of employee share options 0 935 9,286
Proceeds from settlement of derivative financial instruments [1] 12,105 30,044 35,372
Dividends paid (198,639) (699,883) (544,136)
Repurchase of treasury shares (27,656) (49,161) 0
Other finance expense paid (4,154) (8,005) (11,129)
Net cash used in financing activities (330,165) (999,209) (1,086,933)
Net (decrease)/increase in cash and cash equivalents (90,993) 61,047 (57,804)
Cash and cash equivalents at beginning of the financial year 283,568 222,521 280,325
Cash and cash equivalents at end of the financial year 192,575 283,568 222,521
Cash and cash equivalents at end of the financial year comprises of:      
Cash at bank and on hand 103,609 195,271 141,621
Cash retained in the commercial pools 88,966 88,297 80,900
Cash and cash equivalents $ 192,575 $ 283,568 $ 222,521
[1] Revisions were made to the prior years comparatives as the Group had previously presented proceeds from settlement of derivative financial instruments of US$30,044,000 (2023: US$35,372,000) for the financial year ended 31 December 2024 and 31 December 2023 within interest paid to external financial institutions on  a net basis. The Group has revised the prior years comparatives of proceeds from settlement of derivative financial instruments to be presented on a gross basis in accordance with IAS 7. The revision in comparatives had been assessed by the Group to be immaterial.