Q2 2024 National Central Cooling Co PJSC Earnings Call Transcript
Key Points
- Revenue increased by 6% on a like-for-like basis, indicating strong operating performance driven by rising consumption volumes and new load connections.
- EBITDA margin remained healthy at 56%, showcasing efficient financial management.
- Tabreed reduced its debt by buying back Sukuk worth USD207 million, improving gearing and optimizing the balance sheet.
- The company achieved a 10% reduction in energy intensity and a 35% reduction in carbon emission intensity, highlighting significant progress in sustainability initiatives.
- Tabreed generated nearly AED1 billion in cash flow over the last 12 months, supporting ongoing investments and increased dividend payouts.
- The deconsolidation of Tabreed Park investments and higher one-off CPI gains in 2023 masked underlying growth in key financial metrics.
- There were delays in some projects due to obtaining NOCs from authorities and completion delays at customer ends.
- The introduction of corporate taxes in 2024 impacted the reported net profit for the first half.
- Tabreed's leverage ratio, net debt to EBITDA, remains at 4.2 times, which may be considered high by some investors.
- The updated capacity guidance was reduced to 100,000 RT from the previous 120,000 RT, with delays in Saudi Arabia affecting growth expectations.
Good afternoon, everyone, and welcome to Tabreed's first half 2024 earnings presentation call on the August 9. Please note that this call today is being recorded (Operator Instructions)
So without further ado, I would now like to pass the line to Mr. Yugesh Suneja, the Head of Investor Relations at Tabreed. Please go ahead, sir.
All right. Thank you, everyone, for joining Tabreed's earnings call for first half of 2024. I am Yugesh, Head of Investor Relations at Tabreed. Joining me today are Adel Al Wahedi, our CFO; and Salik Malik, Vice President of Finance.
Before we dive into the details, I would like to remind everyone that some of the information we will be discussing today is about future performance. These statements are based on current expectations and are subject to risks and uncertainties. Please refer to this slide for interpretation and limitation on these forward-looking statements.
Today's call is being recorded. The written copy of this call,
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