National Central Cooling Company (Tabreed), a leading UAE-based regional district cooling developer, today (August 1) reported a group revenue of Dh671.9 million for the first half of this year, a 3 per cent growth compared to Dh650.7 million in H1 of 2018.
Net profit attributable to the parent was Dh199.4 million, an increase of 11 per cent on H1 2018, when the latter is adjusted for the profit from partial sale of Saudi Tabreed that occurred in the first half of last year, the company said.
The company continues to meet the region’s growing demand for district cooling and delivers solid performance and growth, it said.
Other financial highlights for the six months ended 30 June 2019 include:
• Core chilled water revenue increased by 3 per cent to Dh634.4 million (H1 2018: Dh617.3 million);
• EBITDA increased by 12 per cent to Dh366.0 million (H1 2018: Dh326.1 million);
• Share of results of associates and joint ventures decreased by 13 pe cent to Dh40.2 million (H1 2018: Dh46.0 million).
The group's total connected capacity across the GCC increased to 1,145,847 Refrigeration Tons (RT), with 14,468 RT of new customer connections added in the first half of the year.
Khaled Abdulla Al Qubaisi, Tabreed’s chairman, said: “Tabreed delivered another quarter of stable results and reported a net profit of Dh199.4 Million driven by its core chilled water business. Tabreed continuous growth reinforces our position as a leading district cooling company and retains the confidence of our shareholders in delivering consistent results and tangible returns.
“We are determined to expand the company’s footprint and unlock new opportunities to grow our business and contribute the world sustainable development goals.”
Bader Saeed Al Lamki, Tabreed’s chief executive officer, said: “Tabreed recorded a solid performance in the first half of 2019 fostered by vigorous efforts to grow the business and expand our operations across the region. This performance underscores the efficient strategy the company has adopted and its resiliency.”
“On the operational side, we commissioned a new district cooling plant in Oman to serve the Mall of Muscat with a contracted capacity of 8,400 RT. This takes our total number of operational plants to 75. We will strengthen our operations by investing in our expertise and continue leading the district cooling industry,” he added. - TradeArabia News Service
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