National Central Cooling Co. (p.s.c.) (tabreed) · DFM:TABREED
National Central Cooling Co. (p.s.c.) (tabreed) — National Central Cooling Company (Tabreed) — FY2024 Earnings Presentation
28 slides from National Central Cooling Co. (p.s.c.) (tabreed)'s earnings presentation, Feb 14, 2025
Slide 1: FY 2024 Earnings Presentation
National Central Cooling Company FY 2024 Earnings Presentation 14 February 2025
Slide 2: Disclaimer
Disclaimer • These materials have been prepared by and are the sole responsibility of the National Central Cooling Company Securities Act) and may not be offered or sold except under an exemption from, or transaction not subject to, the PJSC, ‘Tabreed’ (the “Company”). These materials have been prep
Slide 3: Agenda
Agenda 1 Key Highlights 4 2 Strategy and Sustainability Update 7 3 FY 2024 Financial Results 16 4 Guidance and Concluding Remarks 21 5 Appendix 24 3|
Slide 4: Key Highlights
01 Key Highlights Adel Al Wahedi, Chief Financial Officer
Slide 5: FY 2024 Key Highlights
Key Highlights FY 2024 Key Highlights Stable revenue, solid Robust operational volumes Leading the way in margins & cash flows with with healthy pipeline of sustainable cooling with a resilient balance sheet organic & M&A opportunities environmental stewardship Revenue at AED 2.43 bn (+1% YoY), Cons
Slide 6: FY 2024 Operational Performance - consumption volumes and capacity
Key Highlights FY 2024 Operational Performance - consumption volumes and capacity FY 2024 Chilled Water Revenue FY 2024 Consolidated Consumption Volumes Capacity by Country as of FY 2024 Fixed 2.66 billion RTh UAE, 83% KSA, 10% 55% +5% YoY 1,325 k RT Oman, 4% Variable Bahrain, 3% 45% Egypt, 0.3% Ind
Slide 7: Strategy & Sustainability Update
02 Strategy & Sustainability Update Adel Al Wahedi, Chief Financial Officer
Slide 8: Strategy Update
Strategy & Sustainability Update Strategy Update Tabreed aims to be the leader in sustainable cooling and associated services in the MENA region and beyond STRATEGIC PILLARS GROWTH EXCELLENCE GOVERNANCE PEOPLE INNOVATION Local & International Business Excellence Governance & Control People Focus R&D
Slide 9: Strategic Progress – KPIs and Achievements
Strategy & Sustainability Update Strategic Progress – KPIs and Achievements Strategic Pillar How progress is measured (KPIs) Achievements ▪ Capacity Addition in existing and new markets ▪ 7% Capacity CAGR and ~ 80k RT added per year in the last 5 (k RT) years Local and International growth ▪ Market
Slide 10: Key market trends underpin positive district cooling outlook
Strategy & Sustainability Update Key market trends underpin positive district cooling outlook Urbanization and Mega Projects: Increasing demand driven by large-scale urban developments (e.g. smart cities, mega-events like Expo). Rise in Space GCC Government Regulations: Well-developed in the UAE, wi
Slide 11: Capitalizing on expansion opportunities to sustain long-term growth
Strategy & Sustainability Update Capitalizing on expansion opportunities to sustain long-term growth Core market provides high revenue New markets offer visibility and stable growth strong growth upside UAE International +7% CAGR 0.3m RT 0.36m RT 1.325m RT 0.97m RT 2019 Capacity 2024 New Greenfield
Slide 12: Sustainability Update
Strategy & Sustainability Update Sustainability Update Tabreed’s ESG framework is built on three core pillars ESG PILLARS ENVIRONMENT STEWARDSHIP SOCIAL RESPONSIBILITY GOVERNANCE EXCELLENCE Decarbonisation Health & Safety Transparency Pursuing a roadmap to achieve net zero Protect people, contractor
Slide 13: Net Zero commitment and decarbonization principles
Strategy & Sustainability Update Net Zero commitment and decarbonization principles Tabreed is actively pursuing a roadmap to achieve net zero emissions by 2050. The decarbonisation philosophy integrates pioneering technology and effective energy strategies and is guided by six core principles Some
Slide 14: Responsible business practices for a positive environmental impact
Strategy & Sustainability Update Responsible business practices for a positive environmental impact Our sustainability efforts reflects the company’s commitment to water and waste management to reduce consumption of potable water and other natural resources whilst simultaneously ensuring no harm to
Slide 15: Sustainable, efficient and cost-effective cooling services
Strategy & Sustainability Update Sustainable, efficient and cost-effective cooling services Exclusive provider of District Cooling services to several Sustainable district cooling solutions enabling significant iconic projects energy savings and prevention of green house gas emissions 2.6 billion kW
Slide 16: FY 2024 Financial Results
03 FY 2024 Financial Results Salik Malik, Vice President - Finance
Slide 17: Financial Summary
FY 2024 Financial Results Financial Summary Income Statement Balance Sheet Cash Flows FY FY FY FY FY FY YoY (%) YTD (%) YoY (%) 2024 2023 2024 2023 2024 2023 Revenue 2,434 2,415 1% Non-current Cash flows 12,067 12,210 (1)% 1,258 1,204 4% Assets from Oper. Gross Profit 1,081 1,082 0% Current Changes
Slide 18: Income Statement Highlights
FY 2024 Financial Results Income Statement Highlights FY 2024 Revenue Movement (YoY) FY 2024 Gross Profit Movement (YoY) Chg. YoY +3% +6% -14% +1% Chg. YoY +1% +1% 0% 64 5 2,434 1,082 18 1,081 2,415 (19) (51) FY 2023 Chilled Water Value Chain Lease Income FY 2024 FY 2023 Revenue Operating Cost FY 20
Slide 19: Balance Sheet Highlights
FY 2024 Financial Results Balance Sheet Highlights Balance Sheet Breakdown Debt Profile and Leverage Ratios 14,840 14,118 5,378 6,165 5,536 4,929 4,625 Net Debt 1,510 Profile Cash & ST Deposits 801 1,023 2,740 2,914 622 699 622 Receivables & Others 4,049 3,981 2018 2019 2020 2021 2022 2023 2024 Asso
Slide 20: Optimum utilisation of cash to reduce leverage and increase dividends
FY 2024 Financial Results Optimum utilisation of cash to reduce leverage and increase dividends Cash Movement Free Cash Flows AED 971 m 1,258 (69) 21 5 36 17 (257) (187) 1,510 (831) 1,023 (441) (40) Cash Flows Capex - net Dividends Interest Debt Repaid Dividend to from Operations JVs/Associates Rece
Slide 21: Guidance & Concluding Remarks
04 Guidance & Concluding Remarks Adel Al Wahedi, Chief Financial Officer
Slide 22: Guidance Update
Guidance Guidance Update 2023-2024 Two years Capacity Guidance Update k RT Medium-term Guidance (2025 – 2027) 2023 - 2024 Capacity Guidance 100 Capacity Growth Organic Capex 2023 – 2024 Actual Capacity Delivered 77 • After 53k RT k RT was added in 2023, additional 24k RT was delivered in 2024 taking
Slide 23: Tabreed's Investment Proposition
Guidance Tabreed’s Investment Proposition • Resilient utility-like infrastructure model with robust tariff structure Sustainability Resilient implemented across countries Enabler Business • Long-term contracts with creditworthy customers underpin Model stability and high visibility of cashflows Stro
Slide 24: Appendix
Appendix
Slide 25: Connected Capacity and Volumes
Overview Connected Capacity and Volumes Consolidated 2019 2020 2021 2022 2023 2024 UAE 724 928 1,025 1,060 1,053 1,066 Bahrain 28 32 33 34 37 37 Oman 32 32 33 52 53 54 India - - - - 1 4 Egypt - - - - 3 4.5 Total Consolidated 1,123 992 1,091 1,146 1,146 1,166 Equity Accounted UAE 71 71 9 9 33 33 KSA
Slide 26: Proven track record of sustainable growth and resilient margins
Financial Overview Proven track record of sustainable growth and resilient margins Group Connected Capacity (k RT) Group Revenue (AED million) 2,415 2,434 2,216 1,174 1,210 1,264 1,303 1,325 1,955 82 88 965 1,741 75 176 196 218 226 1,520 73 175 54 170 64 2,141 2,333 2,346 999 1,034 1,069 1,086 1,099
Slide 27: Robust cash flows underpin ability to deliver attractive shareholder returns
Financial Overview Robust cash flows underpin ability to deliver attractive shareholder returns • Consistently growing cash flows and robust balance sheet • Return on Equity and Return on Capital Employed showing provide a strong foundation to deliver attractive long-term improving trends, reflectin
Slide 28: Contact Us
Contact Us Tabreed Investor Relations Salik Malik Yugesh Suneja Email: ir@tabreed.ae Vice President, Finance Head of Investor Relations For more information, please visit Tel: +971 2 202 0397 Tel: +971 2 202 0479 www.tabreed.ae/investor-relations Email: smalik@tabreed.ae Email: ysuneja@tabreed.ae
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