Abu Dhabi, UAE — UAE’s district cooling company Tabreed posted a revenue of AED 2.4 billion ($653 million), a 9 percent increase over 2022, and a net profit attributable to parent, before deferred tax, of AED751 million ($204 million).
Tabreed’s said its net debt decreased in 2023 thanks to strong cash generation and a decline in gross debt due to a proactive debt management exercise carried out during the year.
As a result of prudent financial management, the company achieved reductions in its net finance costs by 24 percent, despite a high interest rate environment, it added.
Net cash from operating activities totaled AED 1.31 billion in 2023 (AED 1.35 billion in 2022), while free cash flows increased by 8 percent to AED 1.21 billion, driven by strong operating income, continued investment in growth and streamlining of existing asset portfolio.
Tabreed’s Board of Directors has recommended a record high dividend payment of 15.5 fils per share in cash. This represents an increase of 15 percent over 2022.
During 2023, with the enactment of UAE corporate tax law, there was a one-off, non-cash accounting impact due to recognizing a deferred tax liability amounting to AED 359 million, resulting in a reported net profit of AED431 million for the year.
