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NATIONAL CENTRAL COOLING COMPANY PJSC

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National Central Cooling : Dubai district cooling firm Tabreed divests stake in Qatari joint venture

08/17/2021 | 02:48am EDT

DUBAI, Aug 17 (Reuters) - Dubai district cooling firm Tabreed has divested its stake in joint venture firm Qatar Cool via a sale to United Development Company , the company said in a statement on Tuesday.

District cooling firms deliver chilled water via insulated pipes to offices, as well as industrial and residential buildings.

Tabreed sold its 44% stake 417 million dirhams ($113.54 million), it said in a regulatory filing published on the Dubai bourse.

Tabreed said the assets are in a non-core market for the company and that "the proceeds will be used to further finance growth of Tabreed's portfolio in key markets".

They consist of cooling plants and the associated network in Qatar, which provide chilled water services to residential, commercial, retail and other real estate assets.

($1 = 3.6728 UAE dirham) (Reporting by Hadeel Al Sayegh; editing by Jason Neely)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
NATIONAL CENTRAL COOLING COMPANY PJSC 0.00% 2.59 End-of-day quote.-0.09%
UNITED DEVELOPMENT COMPANY Q.P.S.C. 0.70% 1.581 End-of-day quote.-4.47%
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Financials
Sales 2021 1 959 M 533 M 533 M
Net income 2021 605 M 165 M 165 M
Net Debt 2021 5 094 M 1 387 M 1 387 M
P/E ratio 2021 11,8x
Yield 2021 3,38%
Capitalization 7 184 M 1 956 M 1 956 M
EV / Sales 2021 6,27x
EV / Sales 2022 5,67x
Nbr of Employees -
Free-Float 21,8%
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National Central Cooling Company PJSC Technical Analysis Chart | TABREED | AEN000501017 | MarketScreener
Technical analysis trends NATIONAL CENTRAL COOLING COMPANY PJSC
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 4
Last Close Price 2,59 AED
Average target price 3,44 AED
Spread / Average Target 32,9%
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Managers and Directors
Khalid Al-Marzooqi Chief Executive Officer
Adel Salem Al-Wahedi Chief Financial Officer
Khaled Abdulla Juma Al-Qubaisi Chairman
Saeed Al Maeeni Vice President-Information Technology
Jean-Francois Chartrain Chief Operating Officer