Tabreed's 9M 2024 Financial Results: Revenue Growth and Strategic Expansion
National Central Cooling Company (Tabreed) has released its financial results for the first nine months of 2024, showcasing significant growth and strategic advancements.
Summary
Tabreed reports a 6% increase in consumption volumes and a 4% rise in net profit before tax for the first nine months of 2024, with revenue reaching AED 1.85 billion. The company has expanded its international presence and maintained its investment-grade credit rating.
National Central Cooling Company PJSC (Tabreed) has announced its financial results for the nine-month period ending 30 September 2024. The company reported a 6% year-on-year increase in consumption volumes, which contributed to a 4% rise in net profit before tax, reaching AED 462 million. Group revenue increased to AED 1.85 billion, driven by new customer connections and expanded operations in UAE, India, Egypt, and Oman. Tabreed's EBITDA rose to AED 933 million, with a stable EBITDA margin of 50%.
| KPI | 9M 2024 | 9M 2023 | Change |
|---|---|---|---|
| Revenue | AED 1.85 billion | AED 1.7 billion | +8.8% |
| Operating Income | AED 462 million | AED 445 million | +3.8% |
| Net Income | AED 462 million | AED 445 million | +3.8% |
| Earnings per Share | Not disclosed | Not disclosed | - |
| Debt Ratio | 4.0x | 4.18x | -4.3% |
| Interest Coverage Ratio | Not disclosed | Not disclosed | - |
Tabreed's strategic expansion continued with the addition of 29,000 Refrigeration Tons (RT) of new connections over the past 12 months. The company also focused on international growth, connecting new loads in India and Egypt. Tabreed's balance sheet was further strengthened by a 12% reduction in debt, resulting in a net debt to EBITDA ratio of 4.0x, reflecting the company's commitment to maintaining its investment-grade credit rating.
Conclusion: Tabreed's financial performance for 9M 2024 highlights its robust operational capabilities and strategic growth initiatives. The increase in consumption volumes and revenue, along with a stable EBITDA margin, indicates a strong financial position. For investors, Tabreed's consistent cash flow generation and debt reduction efforts underscore its financial stability and growth potential.
Source
Summary
The document is a review report and interim condensed consolidated financial statements for the National Central Cooling Company PJSC, covering the nine-month period ending on September 30, 2024.
