Tabreed shares yearly financial statement

Tabreed has announced its consolidated financial results for the first half of 2024, alongside changes to its board of directors.

The financial results highlight the company's robust performance, driven by business growth, stable profit margins, and disciplined financial management. Tabreed experienced an 8% year-on-year increase in customer volumes, reflecting higher demand for cooling during the summer and ongoing strategic development over the past year.

The group's revenue for the first half of 2024 increased slightly to US$293.76mn, compared to US$290mn in the same period last year. Tabreed’s EBITDA margin for the first half of 2024 grew to 56% year-on-year, reflecting the company’s ability to achieve strong financial results while expanding its operations. Over the past 12 months, Tabreed has made significant investments totaling US$266mn, yielding a return of 10%.

Sale of bonds

In a demonstration of responsible financial management, Tabreed reduced its debt by 12% in the first half of the year through the repurchase of US$207mn in sukuk due to mature in 2025. This follows the sale of US$33mn of bonds in 2023, bringing the total sukuk repurchased to US$240mn. These efforts are part of Tabreed’s strategy to optimise financing costs and strengthen its balance sheet.

Simultaneously, the company increased its returns to shareholders, with a 15% rise in cash dividends for 2023 compared to the previous year, which were approved by shareholders and paid out in April 2024.

Additionally, in the first half of 2024, Tabreed completed its new district cooling plant on Saadiyat Island, Abu Dhabi. With a final capacity of 21,000 RT (refrigeration tons), the facility provides sustainable cooling to residential and commercial communities, currently operating at 9,000 RT, with plans to add another 6,000 RT over the next two years.

Tabreed also took steps to expand its global presence by supporting the Big 5 Construct event in Cairo, Egypt. Company executives delivered keynote speeches and participated in high-level discussions with planners, developers, and government officials, emphasizing district cooling as a key solution for sustainable urban development.

Tabreed has announced the appointment of Dr. Bakheet Al Katheeri as the new chairman of its Board of Directors, succeeding Khaled Al Qubaisi, who has served as Tabreed’s chairman since 2017.