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Tabreed reports net profit increase by 8%

Company also reports increase in chilled water revenue by 14%

| | Nov 8, 2017 | 4:32 pm
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Abu Dhabi, UAE, November 8: The National Central Cooling Company (Tabreed) announced an increase in net profit by eight per cent (AED 290.4 million) for the third quarter of 2017, the company said through a Press communiqué.

According to the communiqué, the group revenue increased by nine per cent and the core chilled water revenue increased by 14%.

On the highlights of Tabreed’s operations until September 30, 2017, the communiqué stated that 1.2 billion kWh of electricity were saved across the GCC region, which prevented a release of almost 590,000 tonnes of CO2 emissions.

The communique further stated that the total group connected capacity across the GCC reached 1,086,610 refrigerated tonnes (RT) with 38,199 RT of new customer connections added in the first nine months, out of which, 23,825 RT was from UAE, 3,000 RT from Bahrain and 11,374 RT from other GCC countries.

Speaking on the occasion, Khaled Abdulla Al Qubaisi, Chairman of Tabreed, said: “Tabreed’s continuing growth for the third quarter of 2017 reinforces our position as a leading and best-in-class district cooling company. It reiterates the confidence of our shareholders in our ability to execute on our strategy and deliver consistent results.”

Jasim Husain Thabet, CEO at Tabreed, added: “Our ongoing growth reflects our commitment to meet the region’s growing demand for energy-efficient and environmentally-friendly cooling solutions. At the same time, we remain focused on shareholder value and are proud of the recent certification of Tabreed’s stock as Shari’a-compliant, which should contribute to an expanded shareholder base. As we look ahead, we will harness our operational knowledge and capabilities towards continued growth with an on-going contribution to the region’s sustainable development.”

 


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