Net profit increases 3% over the corresponding 2017 period
In recently revealed performance figures for Q1-2018, the National Central Cooling Company (Tabreed), has indicated that the net profit during the period increased by 3.1% to AED 77.7m over the corresponding Q1-2017 figure of AED 75.4m.
Meanwhile group revenues increased by 2% to AED 274.4 million (Q1-2017, AED 270.2m) and EBITDA increased by 6% to AED 148.6 million (Q1-2017, AED 140.8m)
The company also announced the acquisition of a 50% stake of S&T Cool District Cooling Company on Abu Dhabi’s Reem Island to become its sole owner. The plant has connected capacity of over 32,000 RT (Refrigeration Ton).
“This is another strong set of results, further reinforcing the company’s market leading position and the strength of its business model. Our core chilled water business is the fulcrum of this model and continues to support the delivery of stable shareholder returns, which remains our top priority,” said Khaled Abdulla Al Qubaisi, Tabreed Chairman.
“We continue to explore ways of achieving greater efficiencies and developing innovative ways of reducing energy consumption and our pilot project with Masdar Institute of Science and Technology has proved valuable in this regard,” added Jasim Husain Thabet, CEO.
With 72 district cooling plants located throughout the region, Tabreed currently delivers over one million RT 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 Makkah, Saudi Arabia.
