PE (annualised) 40.7 21.7 5.8 -86% -73% 52.7 7.7 -85%
Price to Book Value (PBV) 3 0.5 0.2 -93% -58% 3 0.2 -93%
Profit Margin (ROS) 16% 8.4% 9.5% -42% 14% 13% 9.9% -24%
Return on Assets (ROA) 2.1% 0.91% 1.3% -36% 45% 1.6% 1% -37%
Return on Equity (ROE) 7.5% 2.4% 3.8% -49% 57% 5.8% 2.9% -50%
PE, ROA, and ROE are annualised figures
TABREED 4th quarter data not supplied so Q4 figures calculated from FY and M9 data but are not confirmed
There is a slight difference from my first calculation for Q4 2008 profit of AED 23m, +5% from 2007 Q4. Might just be a rounding effect.
DFM 12 February 2009 (pm):
(TABREED) National Central Cooling Company: Announces its preliminary financial results for 2008
(TABREED) National Central Cooling Company: Press release regarding its financial results for 2008
No AGM date or dividend information but previous dividends were ...
[edit] Tabreed AGM date 25 March 2009, BOD recommends no dividends for 2008 FY [/edit]
Tabreed press release doesn't actually appear to give Net Profit figures ? For either the full year or the fourth quarter. They do say there was an extraordinary finance cost of AED 12.2 million, without which, Net Profit would have risen by 19% for 2008 FY. So using that information, I'll try and calculate Net Profit.
Tabreed 2007 FY Net Profit was AED 71.9 million, +19% is AED 85.6m, deduct AED 12.2m and we get AED 73.4m, an increase of 2% on 2007FY.
Tabreed 2008 9M profit was AED 49.0m so that implies 2008Q4 profit was AED 24.4m
Tabreed 2007Q4 profit was AED 23.2m so 08Q4 profit was up 5.2%
That's not so bad, especially considering the number of companies with big falls in profit for Q4 compared to last year, or outright losses. I wonder why Tabreed didn't want to draw attention to it in their press release? It just makes things difficult for Tabreed shareholders and potential investors to figure out a few ratios, but they're not stupid. Tabreed seem to think they are by headlining other numbers that sound better . And of course there is the potential for me to look stupid if I've done some calculations wrong ...
Press Release 12 February 2009:
Tabreed announces record results
National Central Cooling Company's 2008 Un-audited Preliminary Financial Results are its Strongest to Date
National Central Cooling Company PJSC (TABREED), 'Tabreed' the Abu-Dhabi based utility company released its un-audited preliminary financial results for 2008 today. The results revealed the district cooling company's strongest revenues and gross profit since the company was started in 1998.
Financial Highlights:
Results were driven by strong performance across all four core businesses of Services, Chilled Water, Contracting and Manufacturing
2008 Revenues: AED 734 million, an increase of 30% over 2007
2008 Gross Profit: AED 319 million, an increase of 26% over 2007
Operational Highlights:
16 new cooling plants came online in 2008, adding 348,000 tonnes of cooling capacity, bringing the total district cooling plants in operation to 31
21 cooling plants were under construction in 2008, with 19 expected to come online in 2009 adding a further 161,300 tonnes of cooling capacity
Since releasing its first financial results in 1999, Tabreed has consistently increased revenues and gross profit every year. For 2008, annual revenues were AED 734 million, an increase of 30% over 2007. Gross profit for 2008 was AED 319 million, an increase of 26% over 2007. The company's net profit was unfavourably affected by a non-cash finance cost of AED 12.2 million attributed to a derivative liability arising from a convertible bond. Without this non-cash finance cost, net profit for 2008 would have increased by 19% over the previous year.
Commenting on the results, Khadem Al Qubaisi, Tabreed Chairman said, "In our ten years of operation, we have built our district cooling business on delivering a stable and consistent return to our shareholders within an environmentally-sustainable approach. In the current financial environment, we are pleased with today's results and the long-term stability of our utility company business model. "
Khaled Al Qubaisi, Tabreed Managing Director added, "With the increasing demand for cooling in the Middle East, Tabreed is committed to the growth of Abu Dhabi and the region. Our strong performance in 2008 combined with the operational milestones expected for 2009 mean that Tabreed will continue to be a key player in the region's long-term sustainable infrastructure growth."
The above results are the un-audited preliminary results, thus are subject to changes that may be caused from the final determination of certain accounting estimates.
to know that tabreed is growing its profit seems a surprsie to me . we know that district cooling are mainly used within housing communities , and with the steep drop of sales of those housing communities and their revenue , and the casncellation of many huge projects , it seemed to me that tabreed will be facing hard time too .
any way lets have a good look on the financial statement to be able to understand how things are going .
to know that tabreed is growing its profit seems a surprsie to me . we know that district cooling are ...
They are certain to be contracted in all the big Abu Dhabi projects given that it is a pet company of the Abu Dhabi executive council.
So money will never be an issue, slow steady growth almost guaranteed which makes it a typical utility stock..Tabreed shares is something you buy and simply let dividends accumulate. _________________ Nakheel bonds SOLD at a lovely lovely profit...My current holdings right now FGB, Deutsche Bank, Credit Suisse, Barclays and Aldar.
1. Mohammed Bin Zayed City - 349 towers project with recently approved master plans
2. Abu Dhabi Municipality's new micro city in Egypt - land deal finalized
3. Masdar City's 20 b project; one of the first contracts already awarded to Al Jaber last week for 1.6 b.
4. Aldar launching new phases of Al Raha: Al Dana +++
5. Sheikh Zayed Housing Foundation's annual budget for 2009 is 1.2 b
6. Yas Island to be ready for Ferrari this year
7. AD Motor City
This are just quick points to mark some of the largest Gov projects with secured funding. Surely some one could add other developments on truck across the Emirates.
Last edited by Fran on Sun 15 Feb 2009 16:42; edited 2 times in total
All the Al-Reem and Bani Yas projects as well... _________________ Nakheel bonds SOLD at a lovely lovely profit...My current holdings right now FGB, Deutsche Bank, Credit Suisse, Barclays and Aldar.
Yup, but not exiting enough for short term speculators... _________________ Nakheel bonds SOLD at a lovely lovely profit...My current holdings right now FGB, Deutsche Bank, Credit Suisse, Barclays and Aldar.
Tabreed (TABREED) Board of Director's meeting on 22 February 2009 recommended no dividend distribution and set Annual General Meeting (AGM) date as 24 March 2009. Time and location information not supplied or decided.
DFM 22 February 2009 (pm):
(TABREED) Tabreed: Announces the results of its BOD meeting held on 22/02/2009 including the date of its AGM to be held on 24/03/2009
Tabreed 22 February 2009:
...
3. Recommend the non payment of any dividends to the shareholders and present this recommendation to the annula general assembly for ratification.
...
5. Call the annual general assembly of the company to convene on 24 March 2009 to consider the meeting agenda after coordination with the Emirates Securities and Commodities Authority (ESCA).
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? For either the full year or the fourth quarter. They do say there was an extraordinary finance cost of AED 12.2 million, without which, Net Profit would have risen by 19% for 2008 FY. So using that information, I'll try and calculate Net Profit.
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