Tabreed’s 10% profit increase indicates growing demand for district cooling
Firm’s profits of AED211.9mn indicates growing appetite for district cooling
National Central Cooling Company released its consolidated financial results for the first half of 2018.
The district cooling company’s net profit has increased by 10% to AED211.9mn (H1 2017: AED192.7mn).
Group revenue increased by 2% to AED650.7mn (H1 2017: AED639.2mn).
Core chilled water revenue increased by 2% to AED 617.3 million (H1 2017: AED 602.3mn)
Share of results of associates and joint ventures decreased by 26% to AED46mn (H1 2017: AED62.4mn)
For the first six months of the year the group’s connected capacity across the GCC increased to 1,113,906 Refrigeration Tons (RT), with 21,588 RT of new customer connections added in the first half of the year across the GCC
Khaled Abdulla Al Qubaisi, chairman, Tabreed said: “We remain committed to returning consistent and positive financial results, which is exemplified in our first half earnings, with net profits increasing by 10% over the same period last year.
“Tabreed remains the partner of choice across the GCC for providing energy-efficient, cost effective, and environmentally friendly cooling solutions. We are confident that we will further expand our operations whilst continuing to deliver stable returns to our shareholders.”
Jasim Husain Thabet, chief executive officer of Tabreed added: “We are now in our 20th year of operation and, year after year, we have demonstrated consistent robust results underpinned by Tabreed’s unwavering focus on growing our core chilled water business which provides sustainable, reliable and cost-effective energy solutions. We continue to strengthen our regional presence and deliver operational excellence by building strategic partnerships with leading government and private entities, resulting in the addition of more landmark projects to our portfolio.”
Tabreed has 72 district cooling plants located across the region and currently delivers in excess of 1 million refrigeration tons to key developments in the region, including Abu Dhabi’s Al Maryah Island, Yas Island, Sheikh Zayed Grand Mosque, Dubai Metro, Dubai Parks and Resorts and the Jabal Omar Development in the Holy City of Mecca, Kingdom of Saudi Arabia.