The profits of a cooling company increased, before calculating interest, taxes, destruction and consumption, by 5% on an annual basis, to reach 1.252 billion dirhams, with the margin improvement to 51%, while the net profit after tax deduction reached 570 million dirhams, an increase of 32% compared to 431 One million dirhams in 2023.
Yesterday, the company “Reading” disclosed its results for the year 2024, noting that revenues have increased to 2.434 billion dirhams, and the rise in net profits after modifying the company’s unspecified items and before tax deduction by 4% compared to 2023 to reach 624 million dirhams.
The increase in revenues is due to the increase in consumption volumes by 5% to reach 2.66 billion tons of cooling per hour, as well as the increase in the volume of customer connections by 23.756 thousand tons of cooling, bringing the total connected capacity to 1.325 million tons of cooling.
According to the company, this growth is closely related to the expansion of existing projects, in addition to operating two new stations in the UAE and the Sultanate of Oman during the year 2024, with the increase in production capacity in its current stations, including international markets in India and Egypt, to meet the increasing demand of dealers.
The Board of Directors of “cooling” recommended distributing cash dividends of 15.5 fils per share, knowing that during the past five years, the annual profit distributions per share were recorded an annual growth rate of 8%.
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