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Lease liabilities and right-of-use assets

12 Months Ended

Dec. 31, 2025

Lease liabilities and right-of-use assets

Lease liabilities and right-of-use assets

16 Lease liabilities and right-of-use assets

The Group’s lease environment includes rental of office space across different locations of operation.

Office leases

The Group has leased office space across different locations of operations with lease terms ranging from 1 to 7 years. The Group has determined the non-cancellable lease term for individual leases based on the requirements under IFRS 16 and considering the options available to extend the lease agreement or not to terminate the lease agreements.

Lease term

The Group’s contractual arrangements with the lessors generally contain lease term extension and early termination options that are to be mutually agreed upon between the lessor and the Group. Certain other leased office spaces contractually allow the lease agreement to be extended or terminated beyond the non-cancellable period solely upon the Group’s discretion.

Low value leases

The Group has not identified any low value leases for the years ended 31 December 2025 and 31 December 2024.

16.1 Right-of-use assets

​

​	​	​	​	​
​	​	As of 31 December
​	​	2025	​	2024
​	​ ​ ​	USD	​ ​ ​	USD
Balance as of 1 January	​ ​ ​	232,612	​ ​ ​	484,362
Additions during the year		1,102,480		—
Depreciation charge for the year		(225,085)		(177,107)
Foreign currency adjustment	​	710	​	(74,643)
Balance as of 31 December		1,110,717		232,612

​

Depreciation is allocated as detailed below:

​

​	​	​	​	​	​	​
​	​ ​ ​	2025	​ ​ ​	2024	​ ​ ​	2023
​		USD		USD	​	USD
General and administrative expenses (Note 19)		225,085		97,200		127,979
Discontinued operations		—		79,907		236,137
​		225,085		177,107	​	364,116

​

16.2 Lease liabilities

​

​	​	​	​	​
​	​	As of 31 December
​	​	2025	​	2024
​	​ ​ ​	USD	​ ​ ​	USD
Balance as of 1 January	​ ​ ​	1,047,064	​ ​ ​	1,662,411
Additions during the year		1,030,675		—
Accretion of interest		94,186		73,528
Repayments		(697,115)		(484,690)
Foreign currency adjustment	​	7,163	​	(204,185)
Balance as of 31 December		1,481,973		1,047,064

​

​

16 Lease liabilities and right-of-use assets (continued)

16.2 Lease liabilities (continued)

Maturity analysis

​

​	​	​	​	​
​	​ ​ ​	As of 31 December
​	​	2025	​	2024
​	​ ​ ​	USD	​ ​ ​	USD
Current portion		479,240		606,881
Non-current portion		1,002,733		440,183
Lease liabilities as of 31 December		1,481,973		1,047,064

​

Accretion of interest is allocated as detailed below:

​

​	​	​	​	​	​	​
​	​ ​ ​	2025	​ ​ ​	2024	​ ​ ​	2023
​		USD		USD	​	USD
Finance cost (Note 24)		94,186		25,121		49,248
Discontinued operations		—		48,407		78,178
​		94,186		73,528	​	127,426

​

Amounts recognised in the consolidated statement of comprehensive income:

​

​	​	​	​	​	​	​
​	​	As of 31 December
​	​	2025	​	2024	​	2023
​	​ ​ ​	USD	​ ​ ​	USD	​ ​ ​	USD
Interest expense on lease liabilities	​ ​ ​	(94,186)	​ ​ ​	(73,528)	​ ​ ​	(127,426)
Interest income on sublease receivables	​	—	​	12,349	​	37,706
Depreciation for right-of-use assets		(225,085)		(177,107)		(364,116)
​		(319,271)		(238,286)	​	(453,836)

​

​

16.3 Sublease receivables

​

​	​	​	​	​
​	​ ​ ​	As of 31 December
​		2025	​ ​ ​	2024
​		USD		USD
Balance as of 1 January		—		571,022
Interest income		—		12,349
Lease rentals received		—		(583,371)
Balance as of 31 December		—		—

​

On 1 November 2022, the Group entered into a sub-lease agreement for a space of 10,417 square feet, part of the head office in Dubai. The agreement commenced on same date of the agreement and expired 1 November 2024.

Interest income is allocated as detailed below:

​

​	​	​	​	​	​	​
​	​ ​ ​	2025	​ ​ ​	2024	​ ​ ​	2023
​	​	USD	​	USD	​	USD
Discontinued operations		—		12,349		37,706
​		—		12,349		37,706

​

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