National Central Cooling Co. (p.s.c.) (tabreed) · DFM:TABREED
National Central Cooling Co. (p.s.c.) (tabreed) — National Central Cooling Company (Tabreed) — 9M 2024 Earnings Presentation
25 slides from National Central Cooling Co. (p.s.c.) (tabreed)'s earnings presentation, Nov 15, 2024
Slide 1: 9M 2024 Earnings Presentation
National Central Cooling Company 9M 2024 Earnings Presentation 15 November 2024
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 9M 2024 Key Highlights 4 2 Sustainability Overview 8 3 9M 2024 Financial Results 12 4 Outlook and Concluding Remarks 17 Appendix 23 3|
Slide 4: Key Highlights
01 Key Highlights Adel Al Wahedi, Chief Financial Officer
Slide 5: 9M 2024 Key Highlights
Key Highlights 9M 2024 Key Highlights Delivering consistent Accelerating new Advancing sustainable growth, resilient margins connections, solidifying cooling solutions and and financial strength international presence decarbonization roadmap Revenue (AED 1.85 bn) and EBITDA Consumption volumes grew
Slide 6: 9M 2024 consumption volumes and capacity update
Key Highlights 9M 2024 consumption volumes and capacity update 9M 2024 Chilled Water Revenue 9M 2024 Consumption Volumes Capacity by Country as of 9M 2024 2.0 billion RTh UAE, 83% Fixed KSA, 10% 55% +6% YoY 1,318 k RT Oman, 4% Variable Bahrain, 3% 45% Egypt, 0.3% India, 0.3% Historical Capacity Addi
Slide 7: Sustainability Overview
02 Sustainability Overview Adel Al Wahedi, Chief Financial Officer
Slide 8: Sustainable, efficient and cost-effective cooling services
Sustainability Overview 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 kWh Enough
Slide 9: Decarbonizing our operations for a sustainable future
Sustainability Overview Decarbonizing our operations for a sustainable future Our sustainability efforts reflects the company’s commitment to energy efficiency, protecting the environment, and to the sustainable socio-economic development of the region Some of the initiatives to enable sustainable u
Slide 10: Responsible business practices for a positive environmental impact
Sustainability Overview 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 marine li
Slide 11: 9M 2024 Financial Results
03 9M 2024 Financial Results Salik Malik, Vice President - Finance
Slide 12: Financial Summary
9M 2024 Financial Results Financial Summary Income Statement Balance Sheet Cash Flows 9M 9M 9M FY 9M 9M YoY (%) YTD (%) YoY (%) 2024 2023 2024 2023 2024 2023 Revenue 1,850 1,823 2% Non-current Cash flows 12,104 12,210 (1)% 940 917 3% Assets from Oper. Gross Profit 815 804 1% Current Changes in 1,930
Slide 13: Income Statement Highlights
9M 2024 Financial Results Income Statement Highlights 9M 2024 Revenue Movement (YoY) 9M 2024 Gross Profit Movement (YoY) Chg. YoY +4% +19% -13% +2% Chg. YoY +2% +2% 1% 12 1 0 2 1 1 2 04 ( ) (1 ) 9M 2024 EBITDA Movement (YoY) 9M 2024 Net Profit Movement (YoY) Chg. YoY +2% +4% +14% +125% +2% Chg. YoY
Slide 14: Balance Sheet Highlights
9M 2024 Financial Results Balance Sheet Highlights Balance Sheet Breakdown Capital Structure Total Assets 5,378 6,165 5,536 Net Debt 4,929 5,155 4,912 Profile 14,814 14,034 2,914 Cash & ST Deposits 1,510 748 775 854 622 613 Receivables & Others 2019 2020 2021 2022 2023 9M 2023 9M 2024 4,049 3,996 As
Slide 15: Prudent use of surplus cash to reduce leverage and increase dividends
9M 2024 Financial Results Prudent use of surplus cash to reduce leverage and increase dividends Cash Movement Free Cash Flows AED 595 m 40 (1 0) 1 1 2 (210) (10 ) 1 10 ( 02) 4 (441) ( ) All figures in AED millions (unless stated explicitly) rounded to nearest whole number 15 |
Slide 16: Outlook & Concluding Remarks
04 Outlook & Concluding Remarks Adel Al Wahedi, Chief Financial Officer
Slide 17: Capacity Growth Guidance
Outlook Capacity Growth Guidance 2022-2023 Two years guidance update k RT • 55k RT and 53k RT was added in 2022 and 2023 resp. - 67k RT in UAE, 20k RT in Oman, 14k RT in Saudi, 3.5kRT in Bahrain, 3k RT in Egypt and 1k RT in India. 2022 - 2023 Capacity Guidance 120 • 87% of the capacity added in 2022
Slide 18: Rising demand for space cooling reinforces strong growth outlook
Outlook Rising demand for space cooling reinforces strong growth outlook 1 2 3 4 Space Cooling District Cooling Energy Resilience, Rising District Cooling Demand Efficiency Decarbonisation Adoption Space Cooling accounts for District cooling offers Government policies to Tabreed’s key markets ~50% o
Slide 19: Leveraging on expansion opportunities to sustain long-term growth
Outlook Leveraging 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 0.39m RT 1.30m RT 0.91m RT Largely driven by expansion in existing concessions areas New
Slide 20: Tabreed's Investment Proposition
Outlook 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 Stron
Slide 21: Appendix
Appendix
Slide 22: Connected Capacity and Volumes
Overview Connected Capacity and Volumes Consolidated 2019 2020 2021 2022 2023 9M 2024 UAE 724 928 1,025 1,060 1,053 1,062 Bahrain 28 32 33 34 37 37 Oman 32 32 33 52 53 53 India - - - - 1 4 Egypt - - - - 3 4.5 Total Consolidated 1,123 992 1,091 1,146 1,146 1,161 Equity Accounted UAE 71 71 9 9 33 33 K
Slide 23: 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 2,443 2,216 1,174 1,210 1,264 1,303 1,318 1,955 82 94 1,741 75 965 196 218 223 1,520 73 175 176 54 170 64 2,141 2,333 2,349 999 1,034 1,069 1,086 1,095
Slide 24: 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 sufficient balance sheet • Return on Equity and Return on Capital Employed showing capacity provide a strong foundation to deliver attractive long- improving trends,
Slide 25: 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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