Logo - CCME
Banner Main – Digital Issue

Tabreed reports 11% increase in 2019 net profit to AED 472.5 Million

District Cooling utility says its connected capacity has increased to 1,182,715 refrigerated tonnes, with six new plants added

| | Jan 28, 2020 | 1:24 pm
Share this story

ABU DHABI, UAE, 28 January 2020: The National Central Cooling Company (Tabreed) has achieved an 11% increase in net profit to AED 472.5 million for the full year, adding 51,336 refrigeratied tonnes (RT) of new customer connections, resulting in the delivery of 1,182,715 RT of cooling capacity, the District Cooling utility said through a Press release. Tabreed’s Board of Directors recommended a cash dividend for 2019 of 10.5 fils per share, up 11% on prior year, aligning with the company’s policy of growing dividends in line with the growth in the business, the utility added through the release.

Tabreed announced a number of significant achievements during 2019, including the signing of its first cooling concession agreement in India, increasing its stake in Saudi Arabia-based district cooling firm, Saudi Tabreed to 28%, acquiring a 69,000 RT concession in Masdar City and commissioning its DC plants at King Khaled International Airport in Riyadh and the Mall of Muscat in Oman.

Operationally, Tabreed celebrated a series of accomplishments in 2019 including the achievement of 10 million safe work hours without Lost Time Injury (LTI), the integration of data-based operational intelligence software across its network of district cooling plants, and becoming the first district cooling company in the region to receive the ISO 50001:2018 certification under the revised version (2018) of the ISO 50001 standard, the release said.

According to the release, the financial highlights in the 12 months ended December 31, 2019 are…

  • Net profit attributable to the shareholders increased by 11% to AED 472.5 million (2018: AED 427.6 million)
  • Group revenue increased by five per cent to AED 1,520.1 million (2018: AED 1,446.9 million)
  • Core chilled water revenue increased by seven per cent to AED 1,456.4 million (2018 AED 1,361.3 million)
  • EBITDA increased by 10% to AED 763.2 million (2018: AED 694.2 million)
  • Share of results of associates and joint ventures increased by 10% to AED 99.1 million (2018: AED 90.3 million)

 

According to the release, operational highlights in the 12 months ended December 31, 2019 are…

  • Total Group connected capacity across the GCC region increased to 1,182,715 Refrigeration Tons (RT)
  • 51,336 Refrigeration Tons (RT) of new customer connections added
  • Six new plants became fully operational

According to the release, environmental highlights in the 12 months ended December 31, 2019 are…

  • Contributed to saving 2.06 billion kilowatt/hours across the GCC region – enough energy to power 117,500 homes in the UAE every year
  • These power savings prevented the release into the atmosphere of 1.23 million metric tonnes of carbon dioxide – the equivalent of eliminating the emissions from 268,000 vehicles annually

Khaled Abdulla Al Qubaisi, Chairman, Tabreed, said: “Tabreed has become an international powerhouse in district cooling, with 80 plants and investments in six countries. Our financial and operational achievements this past year allowed us to achieve a staggering AED 472.5 million, 11% increase in our net profit, which demonstrates our exceptional strength within the market and continued growth and innovation. For 2020 and beyond, I am confident about our ability to further contribute to the region’s sustainable development as urbanization continues to drive investment into high-density developments.”

Bader Al Lamki, Chief Executive Officer, Tabreed, added: “Tabreed’s strategy and continued financial and operational excellence is reflected in our results, represented in a net profit increase, a 10% increase in our EBITDA, 51,336 RT of new customer connections, and a number of accomplishments in digitalization, safety, and innovation. We are uniquely positioned to provide cost-effective and environmentally friendly cooling solutions to customers throughout the GCC and beyond. Tabreed will continue to play an instrumental role in supporting sustainable development as we enter 2020 and the company’s 22nd year of operations.”


Share this story

Feedback for this story

Your email address will not be published. Required fields are marked *

FaceArmor Masks
Honeywell
Banner – Bitzer (17jan19)
Banner – Midea (12-17)
Banner - CCGD
Banner - AHRI
Banner – Matrix AVE
Banner – CareersBay