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Tabreed reports Dh468 million revenues in Q1 2024

Tabreed reports Dh468 million revenues in Q1 2024
15 May 2024 11:03

ABU DHABI (WAM)

Tabreed, the UAE's international district cooling company, on Wednesday released its consolidated financial results for the first three months of 2024.

It announced that it recorded a revenue increase to Dh468 million compared to Dh464 million in Q1 2023.

The company released a statement showing that Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) rose to Dh272 million, up from Dh268 million during the same period in 2023.

Furthermore, Tabreed reported a net profit before tax of Dh122 million, representing an increase of 4 percent compared to AED117 million (adjusted for one-off gains and losses) reported during the same period last year.

Additionally, the net profit after tax stands at Dh112 million, contrasting with Dh236 million in Q1 2023, which included one-off gains.

Tabreed's consumption volumes increased by nine percent year-on-year, driven by new cooling connections as a result of the company's growth witnessed over the past year.

During Q1 2024, Tabreed's topline and EBITDA continued to climb, with a healthy rate compared to Q1 2023.

Reaffirming the company's solid financial management and profit generation capability, Tabreed's EBITDA margin was 58 percent , compared to 57 percent in the first quarter of 2023.

The company's management of working capital has enabled it to achieve a cash conversion rate of 90 percent, demonstrating efficiency in the running of its operations.

Tabreed's Chairman, Khaled Abdulla Al Qubaisi, said, "This upward trajectory is a testament to our strategic initiatives and highlights the company's resilient performance. Our strategic initiatives, both locally and internationally, are geared towards ensuring we maintain our positive momentum in the medium term."

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