Qatar National Cement Company (Q.P.S.C.) (QSE:QNCD)

QSE:QNCD Cash Flow Statement

Financials in millions QAR. Fiscal year is January - December.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	100.28	159.83	205.1	227.1	224.53
Depreciation & Amortization	34.17	48.93	112.53	113.2	114.97
Loss (Gain) From Sale of Assets	-1.89	-5.33	-	-	-0
Asset Writedown & Restructuring Costs	-	-	-	-	13.88
Loss (Gain) on Equity Investments	-1.6	-1.09	-3.6	-3.38	-1.83
Provision & Write-off of Bad Debts	11.26	0.47	0.41	0.67	0.08
Other Operating Activities	-47.16	-51.55	-73.04	-44.27	-21.57
Change in Accounts Receivable	2.3	63.73	91.65	-38.39	-24.95
Change in Inventory	144.19	-14.99	-246.9	12.8	160.67
Change in Accounts Payable	-37.12	-62.97	-48.76	-9.79	52.68
Operating Cash Flow	204.24	136.31	37.39	257.95	518.47
Operating Cash Flow Growth	49.84%	264.59%	-85.51%	-50.25%	53.50%
Capital Expenditures	-56.81	-11.8	-15.6	-6.72	-3.85
Sale of Property, Plant & Equipment	0.15	7.53	-	-	0.04
Sale (Purchase) of Intangibles	-0.73	-1.1	-0.27	-	-
Investment in Securities	42.46	-227.51	27.08	-296.5	-3.25
Other Investing Activities	36.91	49.84	57.42	35.36	22.92
Investing Cash Flow	21.98	-183.04	68.64	-267.86	15.86
Long-Term Debt Repaid	-0.54	-	-	-	-
Net Debt Issued (Repaid)	-0.54	-	-	-	-
Common Dividends Paid	-179.29	-196.79	-196.06	-196.06	-130.71
Financing Cash Flow	-179.83	-196.79	-196.06	-196.06	-130.71
Net Cash Flow	46.39	-243.51	-90.03	-205.96	403.63
Free Cash Flow	147.43	124.51	21.79	251.23	514.62
Free Cash Flow Growth	18.40%	471.42%	-91.33%	-51.18%	58.61%
Free Cash Flow Margin	36.94%	31.36%	4.73%	35.45%	62.42%
Free Cash Flow Per Share	0.23	0.19	0.03	0.38	0.79
Levered Free Cash Flow	153.25	118.47	9.16	225.73	451.09
Unlevered Free Cash Flow	153.58	118.64	9.16	225.73	451.09
Change in Working Capital	109.37	-14.23	-204.01	-35.37	188.4

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.