EM CEEMEA CREDIT: TABRED: FY24 results supportive for spreads
Feb-14 07:53
Tabreed (Tabred: Baa3/-/BBB)
FY24 results supportive for spreads
- FY24 results, no surprises and buying back debt and reducing leverage, should be supportive for spreads.
- FY24 revenues of AED2.43bn vs AED2.48bn (bbg est).
- EBITDA +4.5% yoy at AED1.25bn.
- Net profit of AED570mn vs AED590mn (bb gest)
- FCF of AED970mn, reducing debt and repurchasing a further USD207mn of the 5.5% Oct25 sukuks (USD33mn repurchased in 23).
- Non-adjusted leverage, net debt to EBITDA from 3.7x at end of 24 from 4.1x at end of 23.
- Call 3 p.m. Dubai time, +44 203 984 9844 password: 698482.
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