Tabreed net profit rises 4% for Dh122 million in first quarter

Tabreed, the UAE’s leading international district cooling company, on Wednesday reported a net profit before tax of Dh122 million for the first three months of 2024. This was an increase of four per cent compared to Dh117 million (adjusted for one-off gains and losses) reported during the same period last year.

Consumption volume increased nine per cent year-on-year, driven by new connections attributing to organic growth recorded during the past year.

During Q1 2024, Tabreed’s topline and earnings before interest, taxes, depreciation and amortisation (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 per cent, compared to 57 per cent in the first quarter of 2023, with topline group revenue of Dh468m for the first quarter of 2024.

Tabreed’s achieved a cash conversion rate of 90 per cent.

Khaled Abdulla Al Qubaisi, Tabreed’s chairman, said: “Our strategic initiatives, both locally and internationally, are geared towards ensuring we maintain our positive momentum in the medium term. We are confident in our ability to continue leading the way in sustainable cooling, creating value for our shareholders and positively contributing to the communities, businesses and industries we serve.”