Dubai - Mubasher: National Central Cooling Company (Tabreed) registered net profits attributable to the owners valued at AED 570.21 million in 2024, compared with AED 431.14 million in 2023.
Total basic and diluted earnings per share (EPS) attributable to ordinary equity holders of the parent climbed to AED 0.20 last year from AED 0.15 in 2023, according to the annual financial results.
Revenues soared to AED 2.43 billion at the end of December 2024 from AED 2.41 billion a year earlier.
Increased revenue was mainly driven by growth in consumption volumes, which rose by 5% to 2.66 billion refrigeration ton hours (RTH).
Connected capacity expanded by 23,756 Refrigeration Tons (RT), bringing Tabreed’s total connected capacity to 1.32 million RT.
The growth was attributed to the company’s commissioning of two new greenfield plants in the UAE and Oman, while expanding capacity at its existing plants, including in India and Egypt, to meet the growing demand from customers.
Bakheet Al Katheeri, Chairman of Tabreed, said: “Demand for cooling is rapidly growing and Tabreed’s unrivalled expertise means it is well placed to meet market requirements with speed, agility and sustainability, perfectly aligned with the UAE’s ‘Net Zero by 2050’ initiative.”
“The company continues to deliver strong financial performance evidenced by a 15.5 fils per share dividend that matches the record set in 2024,” Al Katheeri highlighted.
Tabreed’s CEO, Khalid Al Marzooqi, commented: “The company’s financial position has significantly improved over the past few years, laying strong foundations for the future expansion in both UAE and international markets, and I look forward to further achievements throughout 2025.”
As of 30 June 2024, the UAE-based group’s net profits attributable to the owners plummeted to AED 269.02 million from AED 386.39 million in the year-ago period.
