Tabreed announces AED224.30 million net profit in H1 2020

ABU DHABI, Tabreed, the National Central Cooling Company, released today its consolidated financial results for the first six months of 2020.

The company reported in a statement on Sunday a net profit of AED 224.30 million, 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 of cooling from the largest integrated district cooling scheme in the world to some of Emaar’s most prestigious developments.

Tabreed said that some of its operational highlights for the period ended 30 June 2020, is group revenue increased by 6 percent to AED 710.02 million (H1 2019: AED 671.94 million) and that core chilled water revenue increased by 7 percent to AED 681.17 million (H1 2019: AED 634.43 million). EBITDA, the company said, increased by 14 percent to AED 415.4 million (H1 2019: AED 366 million) and that share of results of associates and joint ventures decreased by 42 percent to AED 23.37 million (H1 2019: AED 40.22 million).

Meanwhile, some of the operational highlights of the same period was that 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, as follows:150,000 RT in the UAE and 10,000 RT outside the UAE.

Tabreed’s energy efficient services prevented the release of 500,669 metric tons of carbon dioxide into the atmosphere over the course of the last 6 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.

Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, said, “Tabreed’s ongoing growth reflects our 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 added.

 

Source: Emirates News Agency

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