Tabreed, the UAE’s leading international district cooling company, has announced its consolidated financial results for the first half of 2024, alongside key changes to its Board of Directors.
The results reflect the company's strong financial health, driven by increased cooling demand and strategic business expansion.
Tabreed reported a 4% year-on-year increase in net profit before tax, reaching AED 291 million for the first half of 2024. The company also saw a rise in earnings before interest, taxes, depreciation, and amortisation (EBITDA), which grew to AED 603 million, up from AED 590 million in H1 2023.
Group revenue for the period increased slightly to AED 1.08 billion, compared to AED 1.067 billion in the first half of the previous year. The company's EBITDA margin improved to 56%, showcasing its ability to generate robust financial results while expanding its operations.
Over the past 12 months, Tabreed generated free cash flows of AED 978 million, reflecting a healthy yield of over 10%. The company also demonstrated prudent financial management by reducing its debt by 12% in the first half of the year, repurchasing an additional USD 207 million (AED 759 million) of its outstanding sukuk due in 2025.
In a significant leadership change, Tabreed announced the appointment of Dr. Bakheet Al Katheeri as the new Chairman of its Board of Directors, succeeding Khaled Al Qubaisi, who had served as Chairman since 2017. Dr Al Katheeri praised the company’s financial performance and expressed his commitment to continuing the company's growth and expansion, particularly in infrastructure projects and decarbonisation efforts across the UAE and the region.
Dr. Al Katheeri acknowledged the leadership of his predecessor, Khaled Al Qubaisi, under whom Tabreed solidified its reputation as a resilient and efficient company. He looks forward to collaborating with the executive leadership team to further drive the company’s success and sustainable value creation for all stakeholders.
News Source: Emirates News Agency
