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Tabreed reports 9% increase in net profit for 2017

Utility announces reaching AED 400.1 million in profit; Board of Directors recommends increasing dividend by 23% to eight fils per share

| | Jan 31, 2018 | 3:12 pm
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Abu Dhabi, UAE, 31 January 2018: National Central Cooling Company (Tabreed) has released its audited 2017 financial results. The Company said through a Press communiqué that it added 43,900 tonnes of refrigeration (TR) to its cooling capacity across the GCC region in 2017. According to the communiqué, Tabreed posted nine per cent higher net profit, reaching AED 400.1 million. Based on the results, Tabreed’s Board of Directors recommended increasing cash dividends for 2017 to eight  fils per share (up from 6.5 fils per share for 2016), the company said through the communiqué.

According to the communiqué, other developments in 2017 included the successful completion of the investment by ENGIE, the global energy company, which acquired 40% of the shares in Tabreed for approximately AED 2.8 billion. Tabreed also obtained the certification of Tabreed’s stock as Shari’a compliant, which is expected to contribute to an expanded shareholder base, the communiqué said.

Commenting on the results, Khaled Abdulla Al Qubaisi, Chairman, Tabreed, said: “The strength of Tabreed’s performance in FY 2017 reflects a clear strategic focus, which enabled the company to extend its footprint and regional market leadership.”

Jasim Husain Thabet, CEO, Tabreed added: “Tabreed continued on its solid growth path in 2017, with revenues of AED 1,399.4 million, driven by new capacity additions. As we look forward to 2018 and beyond, we pursue our commitment to support the region in meeting its growing cooling needs with Tabreed’s reliable and cost-efficient solutions. With two decades of leadership and experience, we are also well poised for continued growth and success in enabling our customers to adopt and optimise energy-efficient cooling systems, while remaining focused on achieving strong returns for our shareholders.”

The year in numbers

According to Tabreed… 

The financial highlights during the 12 months ended December 31, 2017 are: 

  • Net profit attributable to the parent increased by nine per cent to AED 400.1 million (2016: AED 367.4 million)
  • Group revenue increased by nine per cent to AED 1,399.4 million (2016: AED 1,279.9 million)
  • Core chilled water profit from operations increased by 10% to AED 427.2 million (2016: AED 387.3 million)
  • EBITDA increased by eight per cent to AED 628.4 million (2016: AED 583.2 million)
  • Share of results of associates and joint ventures increased by 10% to AED 128.8 million (2016: AED 117.0 million)

The operational highlights during the 12 months ended December 31, 2017 are:

Total Group connected capacity across the GCC region reached 1,092,300 TR, with 43,900 TR of new customer connections added in the last 12 months as follows:

    • 24,300 TR in the UAE
    • 3,000 TR in Bahrain
    • 16,600 TR in other GCC region countries
  • Over 1.53 billion kilowatt hours of electricity was saved across the GCC region – enough energy to power approximately 51,000 homes every year
  • This prevented the release of almost 768,000 tonnes of carbon dioxide – the equivalent of eliminating the emissions of 153,600 vehicles annually

 


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