Tabreed H1 net profit surges to Dh224.3m

The National Central Cooling Company (Tabreed) reported on Sunday a big surge in net profit to Dh224.3 million in the first half of 2020 compared to Dh199.4 million in the same 2019 period.
The profit growth was driven by the acquisition of its Downtown Dubai district cooling business in a long-term partnership with Emaar, one of the world's largest real estate companies and a global property developer, to provide up to 235,000 RT (refrigeration tonnes) of cooling from the largest integrated district cooling scheme in the world to some of Emaar's most prestigious developments, the leading regional district cooling developer said.
In April, the Dubai-listed Tabreed bought an 80 per cent stake in Emaar Properties' Downtown Dubai district cooling business for Dh2.48 billion. The deal involves four plants near the Burj Khalifa, the world's tallest skyscraper.
For 2019, the company reported an 11 per cent increase in net profit to Dh 472.5 million.
In a statement, Tabreed said in the first half, its group revenue increased by six per cent to Dh710.02 million compared to Dh671.94 million in the same 2019 period. Core chilled water revenue increased by seven per cent to Dh681.17 million while Ebitda increased by 14 per cent to Dh415.4 million from Dh366 million.
In the first half, total group connected capacity across the GCC increased to 1.342 million RT, with 160,000 RT of new customer connections added in the first half of the year, as follows:150,000 RT in the UAE and 10,000 RT outside the UAE.
Khaled Abdulla Al Qubaisi, Tabreed's chairman, said, the company's ongoing growth reflects its commitment to meet the region's growing demand for energy-efficient and environmentally-friendly cooling solutions.
"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 said.
The company said its energy efficient services prevented the release of 500,669 metric tonnes of carbon dioxide into the atmosphere over the course of the last six months, the company included as its environmental highlights. It claimed it also contributed to saving 838 million kilowatt hours of power across the GCC - enough energy to power 47,692 homes in the UAE every year.
issacjohn@khaleejtimes.com