Tabreed nine month net profit rises 8 per cent on new capacity and connections
The company said its growth reflects 'its commitment to meet the region's growing demand for energy efficient" cooling solutions
The National Central Cooling Company, also known as Tabreed, said its nine month net profit increased 8 per cent on the back of new capacity and connections to meet the growing demand for district cooling across the region.
Net profit rose to Dh290.4 million from Dh269.3m in the same period last year, Tabreed said in an e-mailed statement. Group revenue increased by 9 per cent to Dh1.049 billion from Dh960.3m while core chilled water revenue gained 14 per cent to Dh993.5m from Dh870.6m in the same period last year.
“Our ongoing growth reflects our commitment to meet the region’s growing demand for energy-efficient and environmentally-friendly cooling solutions," said chief executive Jasim Husain Thabet. "At the same time, we remain focused on shareholder value and are proud of the recent certification of Tabreed’s stock as Shari’a compliant, which should contribute to an expanded shareholder base. As we look ahead, we will harness our operational knowledge and capabilities towards continued growth with ongoing contribution to the region’s sustainable development.”
Total Group connected capacity across the GCC increased to 1,086,610 refrigerated tonnes, with 38,199 refrigerated tonnes of new customer connections added in the first nine months of the year. Of that 23,825 refrigerated tonnes were added in the UAE, 3,000 in Bahrain and 11,374 in other GCC countries.
Among its operational highlights, the company noted that 1.2 billion kilowatt hours of electricity was saved across the GCC - enough energy to power approximately 39,000 homes a year. Tabreed said this prevented the release of almost 590,000 tonnes of carbon dioxide - the equivalent of eliminating the emissions of 118,000 vehicles annually.
“Tabreed’s continuing growth for the third quarter of 2017 reinforces our position as a leading and best in-class district cooling company," said Khaled Abdulla Al Qubaisi, Tabreed’s chairman.
In June, the French global energy leader Engie agreed to purchase 40 per cent of Tabreed from the Abu Dhabi strategic investment firm Mubadala Investment Company, through the conversion of Mubadala's Mandatory Convertible Bonds and transfer of 1.086 billion shares to Engie.
Updated: November 8, 2017 05:55 PM