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UAE’s district cooling company Tabreed is looking to further strengthen its finances this year as it confirms its intention to refinance its debt.
The Dubai-listed firm said on Tuesday that it is currently in the process of evaluating various debt refinancing options, but no final decision has been reached yet.
Tabreed did not specify what specific options it is looking at. “Any and all material developments will be disclosed to the market as and when they are finalised,” the company said.
Tabreed posted a full-year net profit of AED 570 million ($155.2 million) for 2024, up by 32% from the previous year.
During the year, the company generated substantial cash flows, with AED 1.2 billion from operations after making capital changes and AED 970 million in free cash flows.
The company has so far repurchased $240 million in outstanding sukuk, including the $33 million repurchased in 2023 and $207 million due this year.
Last year, Fitch Ratings affirmed Tabreed’s long-term issuer default rating at “BBB” with a stable outlook, citing the company’s strong position in key markets and healthy profitability, among other factors.
(Writing by Cleofe Maceda; editing by Seban Scaria)
