Q1 2026 National Central Cooling Co PJSC Earnings Call Transcript
Key Points
- Tabreed PJSC (DFM:TABREED) reported stable operations with no disruptions to plants or services, ensuring high availability across its network.
- The company expanded its district cooling capacity by 245,000 RTs over the last 12 months, marking an 18% year-over-year increase.
- Group revenue increased by 4% year-over-year to $486 million, driven by fixed capacity charges and consumption revenue.
- EBITDA increased by 1% to $285 million, maintaining a strong margin of 59%, reflecting the strength of its contracted revenue base.
- The company's net debt to EBITDA improved to 4.5 times, supported by strong cash flows and a 15% increase in cash balance year-to-date.
- Reported net profit decreased by 32% to AED78 million, impacted by increased net finance costs and temporary reduction in associate contributions.
- Operating costs increased in line with volume growth and maintenance activities, affecting overall profitability.
- The company faces potential delays in customer construction schedules due to geopolitical situations, which could impact new connections.
- Exposure to rising energy costs is a concern, although mitigated through pass-through mechanisms in contracts.
- The company anticipates capacity growth trending towards the lower end of its guidance for 2026 due to timing shifts in project connections.
Good afternoon, everyone and welcome to Tabreed's Q1 2026 earnings conference call on the May 15, 2026. Please note that this call today 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. Good afternoon, everyone, and welcome to Tabreed's first quarter results call. I am Yugesh, Head of Investor relations at Tabreed. Today's call is intended to provide clarity and context around our performance. We will focus on what drove results this quarter and how conditions have evolved since last quarter end and how management is thinking about the outlook. Our agenda for today is outlined on the next slide.
We have with us today Adel Al Wahedi, our Chief Financial Officer; and Salik Malik, VP, Finance. We will begin with key business and financial highlights followed by a more detailed review of the financial results. At last, we will
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