Tabreed profit jumps 17% in the first half
District cooling firm sees capacity rise by a tenth during the period.
National Central Cooling Company (Tabreed) reported a jump in first half profit as it increased its customer base.
The Abu Dhabi-based company expanded connected capacity throughout the GCC by 10% to 926,100 refrigeration tonnes (RT) during the period.
Net profit attributable to the parent increased by 17% to AED 148.6 mn from AED 127.2 mn in the first half of 2013.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 5% to AED 259.9 mn from AED 246.5 mn.
Revenue increased by 6% to AED 526.3 mn for the six months to 30 June from AED 497.2 mn during the corresponding period a year earlier.
Jasim Husain Thabet, Tabreed’s chief executive officer, added: “During the first half of 2014, we successfully leveraged our economies of scale to connect new customers to our plants, with just over 87,000 RT connected during this period.
“This increasing demand for district cooling is driven by a robust economy and a maturing market, as companies today are actively seeking to reduce their organizations’ carbon footprint.
“With a long track record of successful partnerships across the region, Tabreed continues to work with property developers and equity investors in the GCC to find flexible and innovative investment opportunities that enable them to benefit from the rising demand for district cooling.”
Tabreed currently has 67 district cooling plants across the GCC and provides its cooling services to many of the region’s landmark projects including the Sheikh Zayed Grand Mosque.