Tabreed, a leading district cooling provider, has announced its financial results for the year 2024, revealing a net profit of 570 million dirhams, marking a 32% increase from 431 million dirhams reported in 2023. The company attributed this growth to a 5% year-on-year rise in earnings before interest, taxes, depreciation, and amortization (EBITDA), which reached 1.252 billion dirhams, with an improved EBITDA margin of 51%.

The total revenue for Tabreed surged to 2.434 billion dirhams, indicating a 4% increase in net profit after adjusting for non-recurring items and before deducting taxes, which came to 624 million dirhams.

This revenue growth was largely driven by an increase in consumption volumes, which rose by 5% to reach 2.66 billion refrigeration tons per hour.

Additionally, customer connections witnessed an increase of 23,756 refrigeration tons, bringing the total connected capacity to 1.325 million refrigeration tons.

The company noted that this growth is closely linked to the expansion of existing projects and the operation of two new plants in the UAE and Oman during 2024. Furthermore, Tabreed has enhanced the production capacity at its current plants, including those located in international markets such as India and Egypt, to meet the rising demand from clients.

In its report, the Board of Directors of Tabreed recommended a cash dividend of 15.5 fils per share.

Over the past five years, the company has recorded a compound annual growth rate (CAGR) of 8% in its annual dividend distributions.