468 million dirhams in revenues "cooling" In the first quarter
Abu Dhabi, May 15 / WAM / The National Central Cooling Company “Tabreed” recorded during the first quarter of the year 2024 an increase in revenues that reached 468 million dirhams compared to revenues for the first quarter of the year 2023, which amounted to 464 million dirhams, according to the financial results issued today by the company. .
Earnings before deducting interest, taxes, depreciation and amortization increased to 272 million dirhams compared to the same period in 2023, where it reached 268 million dirhams, and net profits after adjusting non-recurring items increased by 4 percent to reach 122 million dirhams compared to 117 million dirhams for the first quarter. From the year 2023.
The net profits of the parent company after calculating tax amounted to 112 million dirhams, compared to 236 million dirhams, including non-recurring profits during the first quarter of the year 2023. While the company recorded a 9 percent increase on an annual basis in the volume of consumption, driven by new cooling connections as a result of the growth. The normal trend witnessed by the company over the past year.
Tabreed’s revenues and EBITDA continued to achieve a positive growth rate during the first quarter of 2024 compared to the first quarter of 2023. The EBITDA margin reached 58 percent compared to 57 percent in the quarter. 1st of 2023.
Tabreed’s proficient management of working capital contributed to achieving a cash conversion rate of 90 percent, confirming its high operational efficiency.
Khaled Abdullah Al Qubaisi, Chairman of Tabreed’s Board of Directors, said that with this continuous upward trajectory, Tabreed continues to launch strategic initiatives at the local and regional levels to maintain its positive momentum in the medium term.
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