Tabreed net profit climbs 20% in record year
Abu Dhabi district cooling company books net earnings of close to $90mn.
Abu Dhabi's National Central Cooling Company, Tabreed, has announced a 20% increase in full year net profit to a record $88.7mn.
The company also saw its group revenues climb by 3% to $307.8mn.
It pointed to a number of highlights during the period, including a recent debt refinancing of over $707mn, as well as adding over 118,000 refrigeration tonnes (RT) of cooling to its network through new plants in the UAE, Saudi Arabia, Qatar and Bahrain.
It also renewed a $1.6bn supply agreement with the UAE's armed forces and entered into a joint venture with Mubadala that paid over $285mn for a district cooling plant at Al Maryah Island in Abu Dhabi.
Waleed Al Mokarrab Al Muhairi, Tabreed’s chairman, hailed the profit increase, which he said was a record for the firm.
He added: “We continue to see a rise in demand for district cooling across the GCC, especially in Saudi Arabia and Qatar, where we connected over 31,000 RT and 16,000 RT, respectively, and solidified our position as the only district cooling company that operates across the whole region.”
Jasim Husain Thabet, Tabreed's CEO, said: “In the year ahead, we will continue to focus on enhancing operational efficiencies and maximizing the yield on our existing assets by connecting additional customers to our networks across the region.”