UAE’s Tabreed posts 3% profit increase in Q1 2018
The company’s group revenue went up by 2% to Dh274.4 million in the first quarter of this year compared to Dh270.2 million during the same period last year
National Central Cooling Company (Tabreed) has reported a 3.1 percent increase in net profit in the first quarter of 2018 as the company delivers strong performance from its 72 district cooling plants across the Gulf region.
In the first quarter of 2018, the net profit of the firm listed on Dubai bourse reached Dh77.7 million compared to Dh75.4 million in the first quarter of 2017.
The company’s group revenue went up by 2 per cent to Dh274.4 million in the first quarter of this year compared to Dh270.2 million during the same period last year.
“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’s Chairman in a statement.
“We are confident of continuing to deliver growth as we further expand our operations and look forward to reporting progress through the current financial year.”
In the first quarter of this year, the company acquired 50 per cent of S&T Cool District Cooling Company on Reem Island in Abu Dhabi to become its sole owner. The plant has connected capacity of over 32,000 RT and is the sixth plant in Tabreed’s portfolio providing district cooling to Aldar developments.
It also completed three-year pilot project to develop digital smart controller technology to intelligently manage district cooling plants to improve operational performance by decreasing energy consumption.
Tabreed currently delivers over 1 million refrigeration tons to many 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 the Holy City of Mecca in Saudi Arabia.
“We remain alert to all opportunities that can add value to our own business and also enhance our customers’ ability to reduce their energy consumption,” Jasim Husain Thabet, Tabreed’s Chief Executive Officer added.