425 million dirhams, Tabreed’s net profits in 9 months

Yesterday, Tabreed announced its financial results for the first nine months of 2024, as it achieved a significant growth in the volume of consumption on an annual basis by 6%, which contributed to an increase in net profits after adjusting the company’s non-recurring items, and before deducting taxes by 4%. To reach 462 million dirhams, while net profits after tax amounted to 425 million dirhams, compared to 285 million dirhams recorded by the company in the same period of the year. 2023.

Revenues rose to 1.85 billion dirhams, driven by increased consumption through the addition of 29,000 refrigeration tons of new connections during the past 12 months.

The company reported in a statement that this positive growth was reflected in profits during the first nine months of this year before interest, taxes, depreciation and amortization, which rose to 933 million dirhams, compared to 914 million dirhams for the same period last year, and profits before interest, taxes, depreciation and amortization also stabilized. Consumption is at a margin of 50%.

The company indicated that the third quarter of 2024 witnessed a noticeable expansion in its operations by adding 12,444 refrigeration tons of connections to new customers, compared to 4,646 refrigeration tons in the first half of the year, explaining that in addition to the growth of business at the local level, “Tabreed” continued Implementing its international expansion strategy as well, as it added operational loads through connections to new customers, including 3,000 tons of refrigeration in India, and 1,500 tons. Cooling in Egypt.

The company recorded free cash flows of AED 912 million over the past 12 months, representing a return of more than 10%. Tabreed’s CEO, Khaled Al Marzouqi, said: “The company is once again proving the high value it provides to investors and partners, through the growth of its business at the local and international levels, especially in light of the increasing demand for sustainable cooling solutions.”

He added: “We are committed to achieving carbon neutrality in all our operations, while we continue to explore opportunities in the UAE and the Gulf Cooperation Council countries.”