Tabreed’s net profit up 3% in Q1

dubai — Leading regional district cooling utility company Tabreed said on Thursday that its first-quarter net profit attributable to the parent increased by 3.1 per cent to Dh77.7 million.

In a statement, the company said it continues to deliver strong and consistent performance from its 72 district cooling plants across the GCC, which deliver almost 1.1 million refrigeration tons (RT) of cooling capacity to customers.

While group revenue increased by two per cent to Dh274.4 million earnings before interest, taxes, depreciation, and amortisation increased by six per cent to Dh148.6 million in the quarter.

During the quarter, Tabreed acquired 50 per cent of S&T Cool District Cooling Company on Reem Island in Abu Dhabi to become its sole owner. The plant has connected capacity of over 32,000 RT and is the sixth plant in Tabreed’s portfolio providing district cooling to Aldar developments.

Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, said the strong set of results further reinforce the company’s market leading position and the strength of its business model.

“Our core chilled water business is the fulcrum of this model and continues to support the delivery of stable shareholder returns, which remains our top priority. We are confident of continuing to deliver growth as we further expand our operations and look forward to reporting progress through the current financial year,” said Al Qubaisi.