ABU DHABI, UAE, 14 November 2021: The National Central Cooling Company (Tabreed) released its consolidated financial results for the first nine months of 2021, reporting a net profit of AED 388 million – an increase of five per cent compared to its 2020 performance for the same period.
Making the announcement through a Press release, the district cooling utility said the results ably demonstrate the effectiveness of its approach to sustainable growth, including divesting its 44% stake in Qatar District Cooling Company (Qatar Cool) while increasing ownership of the 80,000 Refrigeration Ton (RT) Al Maryah Island district cooling scheme in Abu Dhabi to 100% during the quarter.
According to Tabreed, the financial highlights in the nine months ended September 30, 2021 include:
- An increase in Group revenue by 16% to AED 1,464.7 million (Q3 2020: AED 1,257.9 million)
- An increase in core chilled water revenue by 16% to AED 1,412.9 million (Q3 2020: AED 1,219.1 million)
- An increase in EBITDA by 15% to AED 775.7 million (Q3 2020: AED 676.6 million)
- An increase in profit from operation by 19% to AED 483.5 million (Q3 2020: AED 406.4 million)
- A reduction in share of results of associates and joint ventures by nine per cent to AED 33.7 million (Q3 2020: AED 37.1 million)
- An increase in net profit attributable to the parent by five per cent to AED 388.0 million (Q3 2020: AED 370.4 million)
According to Tabreed, the operational highlights in the nine months ended September 30, 2021 include:
- A reduction in total connected capacity to 1,202,760 RT, following divestment of Qatar Cool shareholding
- A record 14,307,638 hours worked without a single lost time incident (LTI), the most recent occurring in July 2015
Speaking on the occasion, Khaled Abdulla Al Qubaisi, Chairman, Tabreed, said: “Tabreed continues to shine, posting more record results that demonstrate the effectiveness of its long-term strategy. Shrewd investments make for steady and manageable growth, and this company’s rock-steady resilience is something everyone involved in can be proud of.
Customer service, operational reliability and an unwavering pursuit of efficiency are what Tabreed’s unrivalled reputation is built upon, and I look forward to seeing the company’s future plans come to fruition, particularly as district cooling will play an essential role in the UAE’s drive toward carbon neutrality. We are a force for good – for the environment, our customers, our people, our stakeholders and the communities in which we operate.”
Khalid Abdullah Al Marzooqi, CEO, Tabreed, added: “The company experienced rapid and exceptional growth of its portfolio during 2020, and we are now seeing real return on investment with steady, reliable and efficient performance across our networks.
Our shareholders appreciate this considered approach to growth, and we have exciting plans for the near future, with an even more diverse array of services that will help to bolster our leading market position while adding to our environmental credentials.
“We keep mentioning the word, ‘resilient’, when referring to Tabreed, and for good reason – it perfectly sums up our approach to business. We were the first district cooling company to be established in the UAE and, after nearly a quarter of a century, are stronger and more agile than ever. Tabreed’s medium- and long-term plans are sound and attainable, and all of us in this remarkable company have genuine reason for optimism when we look to the future.”