Tabreed’s 9-month profit up 5% to Dh388 million

The group revenue increased by 16 per cent to Dh1.467 billion from Dh1.258 billion year-on-year



The company said the results demonstrate the effectiveness of its approach to sustainable growth as it divested its 44 per cent during the third quarter. — File photo
The company said the results demonstrate the effectiveness of its approach to sustainable growth as it divested its 44 per cent during the third quarter. — File photo
by

Issac John

Published: Sun 14 Nov 2021, 6:46 PM

The National Central Cooling Company, or Tabreed, reported on Sunday a five per cent year-on-year surge in net profit to Dh388 million in the first nine months of 2021.

In a statement, Tabreed said while the group revenue increased by 16 per cent to Dh1.467 billion from Dh1.258 billion year-on-year, core chilled water revenue increased by 16 per cent to Dh1.413

The company said the results demonstrate the effectiveness of its approach to sustainable growth as it divested its 44 per cent during the third quarter. Tabreed increased ownership of the 80,000 Refrigeration Ton (RT) Al Maryah Island district cooling scheme in Abu Dhabi to 100 per cent.

Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, said the company continues to shine, posting more record results that demonstrate the effectiveness of its long-term strategy. “Shrewd investments make for steady and manageable growth and this company’s rock-steady resilience is something everyone involved in can be proud of,” he said in the statement.

Al Qubaisi noted that customer service, operational reliability, and an unwavering pursuit of efficiency are what Tabreed’s reputation is built upon. “I look forward to seeing the company’s future plans come to fruition, particularly as district cooling will play an essential role in the UAE’s drive toward carbon neutrality. We are a force for good — for the environment, our customers, our people, our stakeholders and the communities in which we operate.”

Khalid Abdullah Al Marzooqi, Tabreed’s chief executive officer, said t company experienced “rapid and exceptional growth of its portfolio during 2020 and we are now seeing a real return on investment with steady, reliable and efficient performance across our networks.”

Al Marzooqi said Tabreed’s shareholders appreciate this considered approach to growth and the company has exciting plans for the near future, with an even more diverse array of services that will help to bolster its leading market position while adding to its environmental credentials.

“We keep mentioning the word ‘resilient’ when referring to Tabreed and for good reason: it perfectly sums up our approach to business – we were the first district cooling company to be established in the UAE and after nearly a quarter of a century are stronger and more agile than ever. Tabreed’s medium- and long-term plans are sound and attainable, and all of us in this remarkable company have a genuine reason for optimism when we look to the future,” said Al Marzooqi.

During the nine-month period, Ebitda increased by 15 per cent to Dh775.7 million while profit from operation increased by 19 per cent to Dh483.5 million. Share of results of associates and joint ventures dropped by nine per cent to Dh33.7 million while net profit attributable to the parent increased by 5.0 per cent to Dh388 million. (

Total connected capacity reduced to 1,202,760 RT, following divestment of Qatar District Cooling Company shareholding. The company achieved a record 14,307,638 hours worked without a single lost-time incident (LTI), the most recent occurring in July 2015, said the statement.

— issacjohn@khaleejtimes.com


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