Tabreed has been rated investment grade by two credit rating agencies
National Central Cooling Company PJSC (Tabreed), the UAE-based regional district cooling utility company, recently released its consolidated financial results for the first nine months of 2018.
Tabreed reported a 10% increase in net profit to AED 319.3 million for the year up to 30 September, compared with the same period in 2017, mainly driven by the acquisition in March of S&T Cool, a district cooling provider on Reem Island in Abu Dhabi, as well as income in May from a partial sale of Saudi Tabreed following the investment by the IDB Infrastructure Fund II, reducing Tabreed’s total shareholding in Saudi Tabreed from 25% to 20%.
Tabreed’s latest financial results follow its announcement last month that it successfully issued a US$500 million (AED 1.8 billion) fixed rate senior unsecured US dollar denominated sukuk with a seven year tenure.
During the Q1-Q3 2018 period net profit attributable to the parent increased by 10% to AED 319.3 million (Q3-2017: AED 290.4 million) while EBITDA increased by 9% per cent to AED 505.9 million (Q3-2017: AED 464.6 million)
“We saw stable growth in our connected capacity, adding over 29,000 of new customer connections in the first nine months of this year,” affirmed Khaled Abdulla Al Qubaisi, Chairman, Tabreed.
“These solid results follow our successful raising of a 500 million dollar sukuk, which was 50% oversubscribed. This, coupled with another quarter of consistently strong results, confirms Tabreed’s position as a leader in district cooling in the region,” asserted Jasim Husain Thabet, Chief Executive Officer, Tabreed.
With 73 district cooling plants located throughout the region, Tabreed currently delivers over 1 million refrigeration tons to key developments in the region including projects such as 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, Kingdom of Saudi Arabia.
