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UAE’s Tabreed H1 2018 net profit increases 10%

National Central Cooling Company (Tabreed) reported a net profit of AED211.9mn in the first half of 2018, an increase by 10%, from AED192.7mn in the same period last year.

Group revenue for the regional district cooling utility company increased by 2% to AED650.7mn from AED639.2mn in H1 2017.

Khaled Abdulla Al Qubaisi, Tabreed’s chairman, commented: “We remain committed to returning consistent and positive financial results, which is exemplified in our first-half earnings, with net profits increasing by 10% over the same period last year. Tabreed remains the partner of choice across the GCC for providing energy-efficient, cost-effective, and environmentally friendly cooling solutions. We are confident that we will further expand our operations whilst continuing to deliver stable returns to our shareholders.”

Total group connected capacity across the GCC increased to 1,113,906 Refrigeration Tons (RT), with 21,588 RT of new customer connections added in the first half of the year across the GCC.

Jasim Husain Thabet, Tabreed’s CEO, added: “We are now in our 20th year of operation and, year after year, we have demonstrated consistent robust results underpinned by Tabreed’s unwavering focus on growing our core chilled water business which provides sustainable, reliable and cost-effective energy solutions. We continue to strengthen our regional presence and deliver operational excellence by building strategic partnerships with leading government and private entities, resulting in the addition of more landmark projects to our portfolio.”

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