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Tabreed reports AED 211.9 million net profit in H1 2018

Figure reflects a 10% increase over 2017 performance, says District Cooling utility

| | Aug 5, 2018 | 2:44 pm
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Abu Dhabi, UAE, 5 August 2018: National Central Cooling Company, Tabreed, announced the release of its consolidated financial results for the first half of 2018, in a Press communiqué.

Al Bainouna plant

According to Tabreed, the financial highlights of the six months that ended on June 30, 2018, are:

  • Net profit attributable to the parent increased by 10% to AED 211.9 million (H1 2017: AED 192.7 million).
  • Group revenue increased by two per cent to AED 650.7 million (H1 2017: AED 639.2 million).
  • Core chilled water revenue increased by 2 per cent to AED 617.3 million (H1 2017: AED 602.3 million).
  • EBITDA increased by 6 per cent to AED 326.1 million (H1 2017: AED 308 million)
  • Share of results of associates and joint ventures decreased by 26% to AED 46 million (H1 2017: AED 62.4 million).

According to Tabreed, the operational highlight of the six months that ended on June 30, 2018, is:

  • Total Group connected capacity across the GCC increased to 1,113,906 tonnes of refrigeration (TR), with 21,588 RT of new customer connections added in the first half of the year across the GCC.

 According to Tabreed, the environmental highlights of the six months that ended on June 30, 2018, are:

  • Contributed to saving 600 million kilowatt/hour across the GCC – enough energy to power approximately 20,000 homes in the UAE every year.
  • These power savings prevented the release into the atmosphere of 300,000 tons of carbon dioxide – the equivalent of eliminating the emissions of 60,000 vehicles annually.

    Khaled Abdulla Al Qubaisi

Commenting on the results, Khaled Abdulla Al Qubaisi, Chairman, Tabreed, said: “We remain committed to returning consistent and positive financial results, which is exemplified in our first half earnings, with net profits increasing by 10% over the same period last year. Tabreed remains the partner of choice across the GCC for providing energy-efficient, cost-effective, and environmentally friendly cooling solutions. We are confident that we will further expand our operations whilst continuing to deliver stable returns to our shareholders.”

Jasim Husain Thabet

Jasim Husain Thabet, Chief Executive Officer, Tabreed, added, “We continue to strengthen our regional presence and deliver operational excellence by building strategic partnerships with leading government and private entities, resulting in the addition of more landmark projects to our portfolio.”

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