Full Year 2024 National Central Cooling Co PJSC Earnings Call Transcript
Key Points
- Tabreed PJSC (DFM:TABREED) reported a steady growth in revenue with a 4.5% like-for-like increase, driven by higher consumption volumes and new capacity.
- The company improved its EBITDA margin to 51%, with a 5% growth in EBITDA compared to 2023.
- Tabreed PJSC (DFM:TABREED) achieved verified carbon standard certification for one of its plants, allowing it to generate and trade carbon credits.
- The company added approximately 24,000 RTs of new capacity in 2024, expanding its international presence in markets like Saudi Arabia, Oman, India, and Egypt.
- Tabreed PJSC (DFM:TABREED) maintained a strong balance sheet with a net debt-to-EBITDA ratio of 3.7 times, indicating a sound financial position for future growth.
- The deconsolidation of Tabreed Parks Investments and lower one-off CPI gains resulted in a lower reported revenue growth of 1% for 2024.
- There was a shortfall in delivered capacity against guidance due to delays in real estate project completions and pending small-scale inorganic transactions.
- The company faces upcoming debt maturities totaling approximately USD 900 million to USD 1 billion in 2025, requiring refinancing.
- Tabreed PJSC (DFM:TABREED) reported a stable dividend year-on-year, which may not meet shareholder expectations for increased returns.
- The company is exploring refinancing options but has not yet finalized plans, creating uncertainty around future financing costs.
Good afternoon, everyone, and welcome to Tabreed's full-year 2024 earnings conference call on February 14, 2024. Please note that this call is being recorded. (Operator Instructions)
So without further ado, I would like to pass the line over to Mr. Yugesh Suneja, the Head of Investor Relations at Tabreed. Please go ahead, sir.
Thank you, Michael. Good afternoon, everyone. I am pleased to welcome you all to Tabreed's earnings conference call for the financial year 2024. As Michael introduced, I am Yugesh, Head of IR at Tabreed. Today, I am joined by Adel Al Wahedi, our CFO; and Salik Malik, Vice President, Finance.
Before we proceed further, I would like to remind everyone that some of the information that we will be presenting today is about future performance and forward-looking in nature. These statements are based on our current expectations and are subject to risks and uncertainties.
Please refer to this disclaimer slide for more details. Our financial
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