National Central Cooling Company (Tabreed), a leading district cooling utility company, has posted a net profit of Dh211.9 million ($57.6 million) for the first half (H1) of the year as against Dh192.7 million in H1 2017, marking a 10 per cent rise.

Group revenue increased by two per cent to Dh650.7 million (H1 2017: Dh639.2 million) while core chilled water revenue increased by two per cent to Dh617.3million (H1 2017: Dh602.3 million)

Khaled Abdulla Al Qubaisi, Tabreed’s chairman, said: “We remain committed to returning consistent and positive financial results, which is exemplified in our first half earnings, with net profits increasing by 10 percent 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.”

Jasim Husain Thabet, Tabreed’s chief executive officer, said: “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.”

With 72 district cooling plants located throughout the region, Tabreed currently delivers over one million refrigeration tons to key developments in the region. – TradeArabia News Service