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Tabreed's net profit up 13pc in H1

DUBAI, July 30, 2020

National Central Cooling Company (Tabreed) has reported a net profit of Dh224.3 million ($61  million), up 13 per cent over last year's figures of over AED199.36 million.
 
This was mainly driven by the acquisition of its Downtown Dubai district cooling business in a long-term partnership with leading global property developer Emaar, to provide up to 235,000 RT of cooling from the giant integrated district cooling scheme to some of its most prestigious developments.
 
In the midst of the global Covid-19 pandemic, the company has maintained continuous uninterrupted
service to all of its customers while also adopting industry-leading health and safety practices and sanitization programmes to ensure the safety of its staff and stakeholders during these challenging times.
 
Announcing the financial results for the six months ended June 30, 2020, Tabreed said the group revenue increased by 6% to AED710.02 million over last year's figures of AED 671.94 million.
 
Core chilled water revenue increased by 7% to AED 681.17 million (H1 2019: AED 634.43 million), it stated.
 
 said its Ebitda increased by 14% to AED415.4 million (H1 2019: AED 366 million).
 
Share of results of associates and joint ventures decreased by 42% to AED 23.37 million (H1 2019:
AED40.22 million)
 
A leading international district cooling developer based in UAE, Tabreed said the total group connected capacity across the GCC increased to 1.342 million refrigeration tons (RT),
with 160,000 RT of new customer connections added in the first half of the year including 150,000 RT in the UAE; 10,000 RT outside the UAE.
 
Tabreed’s energy efficient services prevented the release of 500,669 metric tonnes of carbon dioxide
into the atmosphere over the course of the last 6 months – equivalent to eliminating carbon
emissions from 108,841 vehicles.
 
Contributed to saving 838 million kilowatt hours of power across the GCC – enough energy to power
47,692 homes in the UAE every year.
 
Chairman Khaled Abdulla Al Qubaisi said: "Tabreed’s ongoing growth reflects our commitment to meet the region’s growing demand for energyefficient and environmentally-friendly cooling solutions."
 
"We have achieved consistent progress on our sustainability targets this year and, as we look ahead, we will continue to harness our operational knowledge and capabilities towards continued growth with an ongoing contribution to the region’s sustainable development," stated Al Qubaisi. 
 
Most notably, Tabreed continued to add to its portfolio of landmark projects with the acquisition of our Downtown Dubai district cooling business during the second quarter of 2020 in a historic
partnership with Emaar,” he added.
 
CEO Bader Al Lamki said: "Tabreed has established a leading position in the district cooling industry, with a clear vision to deliver consistent and sustainable results to investors and shareholders. Tabreed’s key strengths, including our highly efficient district cooling technology and market leadership, enabled us to achieve competitive net profit figures and Ebitda margins during the first half of 2019."
 
Moving forward, we remain well-positioned to continue to capture growth opportunities despite the unprecedented global pandemic, in large part thanks to the efforts of the leadership of the emirates of both Abu Dhabi and Dubai, who ensured that vital operations like Tabreed’s were supported, whilst also prioritising the health and safety of residents and citizens.”
 
For over 22 years, Tabreed has been the partner of choice for organizations seeking environmentally friendly cooling solutions to support their sustainability goals and to reduce their overall energy consumption and carbon footprint. 
 
With 83 district cooling plants, Tabreed currently delivers over 1.342 million refrigeration tonnes (RT) to key developments, including iconic landmarks such as Burj Khalifa, Dubai Opera, The Dubai Mall, Sheikh Zayed Grand Mosque, Al Maryah Island, Yas Island and Ferrari World Abu Dhabi, Dubai Metro, the Bahrain Financial Harbour and the Jabal Omar Development in Makkah in Saudi Arabia.-TradeArabia News Service



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