Dubai - Mubasher: National Central Cooling Company (Tabreed) achieved AED 269.02 million worth of net profits attributable to the shareholders during the first half (H1) of 2024 compared with AED 386.39 million in H1-23.
The basic and diluted earnings per share (EPS) declined to AED 0.09 as of 30 June 2024 from AED 0.13 in the year-ago period, according to the income statements.
Tabreed recorded an annual growth in revenue to AED 1.07 billion during the January-June 2024 period from AED 1.06 billion in the same six months (6M) in 2023.
The company’s earnings before interest, taxes, depreciation and amortisation (EBITDA) soared to AED 603 million in H1-24 from the AED 590 million reported for H1-23.
Furthermore, with the addition of the $33 million (AED 121 million) Sukuk repurchased in 2023, Tabreed has by far repurchased a total of $240 million (AED 880 million) of the outstanding Sukuk.
It is worth mentioning that the buyback is part of Tabreed's active management of its debt portfolio to optimise its funding cost and strengthen its balance sheet.
Financial Results for Q2-24
During the second quarter (Q2) of 2024, Tabreed posted net profits to the owners worth AED 156.89 million which came higher than AED 150.03 million in Q2-23.
The basic and diluted EPS went up to AED 0.055 in Q2-24 compared with AED 0.053 in Q2-23.
The revenues also increased to AED 611.44 million during the April-June 2024 period from AED 603.77 million in the year-ago quarter.
It is worth highlighting that Tabreed’s Q2-24 net profits to the shareholders and its revenues were higher than AED 112.13 million and AED 468.10 million, respectively, in Q1-24.
New Board of Directors
According to a press release, Tabreed appointed Bakheet Al Katheeri as the new Chairman of its board.
Al Katheeri, who has been a member of Tabreed’s board since 2022, succeeded Khaled Al Qubaisi who has served as the Chairman since 2017.
The new Tabreed Chairman currently serves as the CEO of Mubadala’s UAE Investments platform. In addition, he has a previous experience with ADNOC.
Tabreed also announced Mansoor Mohamed Al Hamed as a new board member.
Commenting on the H1-24 financial results of Tabreed and his appointment as the Chairman, Bakheet Al Katheeri said: “In H1-24, Tabreed demonstrated a strong financial performance with increased consumption volumes driving higher profits and improved EBITDA.”
Al Katheeri added: “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.”
In 2023, the company succeeded in reducing its energy use by 2.52 billion kilowatt-hours (kWh) in addition to slashing CO2 emissions by 1.50 million metric tonnes.
