Tabreed, the UAE’s leading international district cooling company, has released its consolidated financial results for the first six months of 2024 and announced changes to its Board of Directors.
The results demonstrate exceptional financial health driven by business growth, sustained profitability margins and a commitment to sound financial discipline. Tabreed experienced an 8% year-on-year surge in consumption volumes, reflecting rising cooling demand during the summer and continued strategic expansion over the past 12 months. As a result of strong operating performance, the company delivered a normalised net profit before tax of AED 291 million – an increase of 4% compared to the same period last year.
H1 2024 also saw Tabreed’s earnings before interest, taxes, depreciation and amortisation (EBITDA) increase to AED 603 million, which compares favourably to the AED 590 million reported for H1 2023. Topline group revenue increased to AED 1.08 billion for H1 2024, compared to AED 1.067 billion during the f
irst half of 2023. Tabreed’s H1 2024 EBITDA margin increased year-over-year to 56%, demonstrating the company’s ability to generate strong financial results while expanding its business.
The company generated impressive free cash flows of AED 978 million over the past 12 months, translating to a healthy yield of more than 10%. Demonstrating responsible management and prudent use of surplus cash, Tabreed further reduced its debt by 12% in the first half of the year by repurchasing an additional USD 207 million (AED 759 million) of its outstanding sukuk due in 2025.
Tabreed also announced the appointment of Dr. Bakheet Al Katheeri as the new Chairman of its Board of Directors, succeeding Khaled Al Qubaisi, who has served as Tabreed’s Chairman since 2017.
Commenting on the company’s H1 2024 results and his appointment, Dr. Bakheet Al Katheeri, Tabreed’s Chairman, said: ‘In the first half of 2024, Tabreed demonstrated a strong financial performance with increased consumption volumes driving higher profits and
improved EBITDA. Our focus on prudent capital allocation has strengthened our financial position, ensuring we are ideally positioned for growth and expansion of our vital role in key infrastructure projects and decarbonisation across the UAE and the broader region.
‘I am honoured to take over as Chairman from Khaled Al Qubaisi. Under his leadership, Tabreed has positioned itself as an agile and efficient company with a proven, resilient business model and commitment to partnerships and sustainable value creation for all its investors, partners and stakeholders. I look forward to working closely with the company’s executive leadership team to drive our company forward
Source : Emirates News Agency