Tabreed’s Q1 2019 net profit increases 3 percent to AED80 mn

ABU DHABI, National Central Cooling Company PJSC, Tabreed, today released its 2019 first quarter consolidated financial results.

The company continues to deliver strong and consistent performance from its 74 district cooling plants across the GCC, which provide over 1.1 million refrigeration tons, RT, of cooling capacity for customers in five countries.

In its financial highlights for three months ended 31st March 2019,the district cooling utility company said that its net profit attributable to the parent increased by 3 percent to AED80.0 million (Q1 2018: AED 77.7 million) while revenue increased by 8 percent to AED 296.8 million (Q1 2018: AED 274.4 million).

The figures showed that core chilled water revenue increased by 7 percent to AED 276.1 million (Q1 2018: AED 258.7 million) and EBITDA increased by 15 percent to AED 170.2 million (Q1 2018: AED 148.6 million). Share of results of associates and joint ventures decreased by 29 percent to AED 15.5 million (Q1 2018: AED 21.8 million) 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.

Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, commented: “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. Looking to the future, continued economic diversification in the GCC, its expanding population, and increasing urbanisation will drive further investment in high-density developments, and district cooling is a core component of such investment.”

Source: Emirates News Agency