National Central Cooling Company (Tabreed) Utilities

BUY
AED 2.84
AED 3.95
39.08%
  • 8,080.57
  • 2,845.27
  • 2.49 L H 3.29
  • 1,556,725

Financial

FY2021A FY2022A FY2023A FY2024A FY2025E
PE (x) 16.17 13.52 18.72 14.15 10.77
PB (x) 1.41 1.25 1.28 1.27 1.18
Dividend Yield (%) 2.06 4.75 5.46 5.63 5.46

Recent Research

  • UAE Flag
    FIRST LOOK NOTES
    16 May 2025
    National Central Cooling Compa...
    BUY
    AED 2.66
    AED 3.95
    +48.50%

    UAE Equity Research - National Central Cooling Company (Tabreed) 1Q25 - First Look Note

    Tabreed signed a concession agreement in partnership with Dubai Holding Investments to establish a concession capacity of 250,000 RT in Palm Jebel Ali, with a total project capex of AED 1.5 Bn funded through internal cash accruals.
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  • UAE Flag
    EARNINGS CALL INSIGHT
    15 May 2025
    National Central Cooling Compa...
    BUY
    AED 2.65
    AED 3.95
    +49.06%

    UAE Equity Research - National Central Cooling Company (Tabreed) 1Q25 - Earnings Call Insight

    Total connected capacity reached 1.33 Mn Refrigeration Tons (RT) in 1Q25. Added new customers of 4,599 RT in UAE in 1Q25. Consumption volume fell 7% YOY due to cold weather experienced in 1Q25 compared to 1Q24.
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  • UAE Flag
    FIRST LOOK NOTES
    25 Feb 2025
    National Central Cooling Compa...
    BUY
    AED 2.82
    AED 3.95
    +40.07%

    UAE Equity Research - National Central Cooling Company (Tabreed) 4Q24 - First Look Note

    The Company’s total connected capacity reached 1,325 Mn RT in 2024. Tabreed’s EBITDA grew 4.5% YOY to AED 1.25 Bn in 2024 with improved margin of 51.4%. Net debt to LTM EBITDA declined from 4.11x in 4Q23 to 3.70x in 4Q24 showcasing proactive debt management.
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  • UAE Flag
    EARNINGS CALL INSIGHT
    17 Feb 2025
    National Central Cooling Compa...
    BUY
    AED 2.93
    AED 3.95
    +34.81%

    UAE Equity Research - National Central Cooling Company (Tabreed) 4Q24 - Earnings Call Insight

    Tabreed’s revenue declined 1.6% YOY to AED 583 Mn in 4Q24 owing to a decline in revenue of Value Chain Business and Supply of Chilled Water. The gross profit declined 4.3% YOY to AED 266 Mn in 4Q24. Gross profit margin declined from 46.9% in 4Q23 to 45.6% in 4Q24.
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  • UAE Flag
    FIRST LOOK NOTES
    28 Nov 2024
    National Central Cooling Compa...
    BUY
    AED 2.88
    AED 3.95
    +37.15%

    UAE Equity Research - National Central Cooling Company (Tabreed) 3Q24 - First Look Note

    The Company's capacity reached 1,318K RT in 3Q24, primarily driven by an increase in capacity in the UAE. Tabreed's consumption volume grew by 6.0% YOY, reaching 2.0 Bn RT hours in 9M24, reflecting strong cooling demand and higher volumes. EBITDA grew 1.4% YOY to AED 330 Mn in 3Q24, while EBITDA margin declined 8 bps YOY to 42.8% in 3Q24.
    Download
  • UAE Flag
    EARNINGS CALL INSIGHT
    18 Nov 2024
    National Central Cooling Compa...
    BUY
    AED 3.04
    AED 3.95
    +29.93%

    UAE Equity Research - National Central Cooling Co (Tabreed) 3Q24 - Earnings Call Insight

    Tabreed revenue grew 2.1% YOY to AED 771 Mn in 3Q24, mainly attributable to the growth in the supply of chilled water and value chain business. The Company’s consumption revenue grew 6.0% YOY in 9M24 owing to the strong demand. Direct cost rose 1.0% YOY to AED 483 Mn in 3Q24.
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