United Arab Emirates · Delayed Price · Currency is AED National Central Cooling Company PJSC Earnings Call Transcripts
Fiscal Year 2026
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Revenue grew 2% year-over-year to AED 1.13 billion, with EBITDA at AED 615 million and a 55% margin. Net profit declined 30% due to higher finance costs and lower JV contributions, while cash flow and balance sheet remain strong. Capacity growth guidance for 2026 was revised down, but medium-term outlook is positive.
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Revenue rose 4% year-over-year to AED 486 million, with EBITDA up 1% and a margin of 59%. Net profit declined 32% due to higher finance costs and JV impacts, but cash flow and liquidity remained strong. Capacity growth is expected at the lower end of guidance for 2026.
Fiscal Year 2025
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Connected capacity grew 19% year-over-year, with revenue and EBITDA both up 1% despite milder weather. Strategic acquisitions and disciplined capital management supported a robust balance sheet, while a strong dividend payout and clear growth pipeline reinforce confidence in long-term value creation.
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Record organic capacity additions and two major transactions drove revenue and EBITDA growth, despite a slight net profit decline due to higher finance costs and one-off losses. Strong cash flow supported the first interim dividend, with guidance reaffirmed for 3%-5% annual capacity growth.
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Record organic capacity additions and two major transactions drove 3% revenue and 5% EBITDA growth in H1 2025. Free cash flow yield reached 11.5%, and the proposed first interim dividend reflects confidence in sustained growth.
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Q1 2025 saw stable revenue and margin expansion, with EBITDA up 4% and net profit up 3% year-over-year. Major developments include a 30-year exclusive JV for Palm Jebel Ali, a $700M green sukuk issuance, and strong liquidity with net debt at a five-year low.
Fiscal Year 2024
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Revenue grew 1% to AED 2.43 billion (like-for-like 4.5%), with EBITDA margin rising to 51% and net profit before tax up 4%. Capacity expanded by 24,000 RT, with strong growth in both UAE and international markets. Debt was reduced, and stable dividends proposed despite new corporate tax.
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Revenue grew 6% like-for-like in H1 2024, with EBITDA margin at 56% and net profit before tax up 4%. Sustainability initiatives led to a 10% reduction in energy intensity and 35% lower carbon emission intensity. Updated capacity guidance and strong project pipeline support continued growth.