Tabreed net profit jumps 3pc in Q1
UAE-based National Central Cooling Company (Tabreed) has registered a 3 per cent jump in its net profit for Q1 which rose to Dh80 million ($22 million) from Dh77.7 million last year, while the group revenue surged by 8 per cent to Dh297 million.
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UAE-based National Central Cooling Company (Tabreed) said it continues to deliver strong and consistent performance from its 74 district cooling plants across the GCC with a net profit of Dh80 million for the first quarter, up three per cent over Dh77.7 million last year.
A leading UAE-based regional district cooling utility company, Tabreed said it provided over 1.1 million refrigeration tons (RT) of cooling capacity for customers in five countries during the first three months.
Announcing its 2019 first quarter consolidated financial results, Tabreed said its group revenue increased by eight per cent to Dh296.8 million compared to Dh274.4 million last year.
Core chilled water revenue increased by seven per cent to Dh276.1 million from Dh258.7 million last year, it stated.
Ebitda increased by 15 percent to Dh170.2 million (Q1 2018: Dh148.6 million), it added.
Share of results of associates and joint ventures decreased by 29 per cent to Dh15.5 million (Q1 2018: Dh21.8 million), said the statement from the Emirati company.
According to Tabreed, the total group connected capacity across the GCC increased to 1,134,329 RT.
The group signed a 30-year concession for the new Andhra Pradesh Capital City in India, which was a significant step for Tabreed to penetrate one of the world’s biggest and fastest growing markets
On the solid performance, chairman Khaled Abdulla Al Qubaisi said: "Our strong first quarter builds on a solid 2018, during which we continued to build on our reputation as one of the UAE’s strongest and most successful businesses. We are proud to now be pioneering district cooling in India alongside our established presence in the UAE and the GCC."
"Looking to the future, continued economic diversification in the GCC, its expanding population, and increasing urbanization will drive further investment in high-density developments, and district cooling is a core component of such investment," he stated.
Tabreed’s new CEO, Bader Al Lamki, brings a track record of success and is well-placed to guide Tabreed’s next stage of growth and further drive our operational and financial performance.
"This quarter’s results underline customer confidence in Tabreed’s operational strength and two decades of leadership and experience," stated Al Lamki.
"We are pleased to report a three per cent increase in net profit, and an eight per cent increase in revenue, as a result of new customer connections. Tabreed’s high-performing team has once again delivered over the first three months of the year and this strong platform puts us in a good position for the remainder of 2019 and beyond," he added.-TradeArabia News Service
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