Tabreed profit up 6% to Dh163.8m

Abu Dhabi-based district cooling firm posts Dh578.6m revenue in first half

National Central Cooling Company (Tabreed) yesterday reported Dh163.8 million in net profit for the first six months of 2016, an almost 6 per cent increase from the Dh154.7 million earned in the same period in 2015.

The figures bring the net profit for the second quarter of this year to Dh97.7 million — up 5.5 per cent from the Dh92.6 million in the second quarter of 2015.

Meanwhile, revenues of the Abu Dhabi-based district cooling firm reached Dh578.6 million in the first half of this year, representing a 4 per cent increase on the same half in 2015. Revenues for second quarter 2016 stood at Dh323 million — up 2.3 per cent compared to the second quarter of 2015.

“As a utility company, Tabreed benefits from having long-term contracts with blue-chip entities across the GCC, enabling us to consistently deliver strong results, even in today’s current economic environment.

Shareholder value

Tabreed continues to focus on enhancing shareholder value, with earnings per share increasing by 34 per cent compared to the same period last year,” said Waleed Al Mokarrab Al Muhairi, Tabreed’s chairman.

In terms of operational performance, the company’s total connected capacity across the GCC increased to 980,200 refrigerated tonnes (RT), with 5,800 RT of new customer connections added in the first half of 2016. Of the new customers, 4,200 RT were in the UAE, and 1,600 RT were in Qatar.

Tabreed also helped save 523 million kilowatt of electricity across the GCC, preventing the release of around 261,600 tonnes of carbon dioxide.

Tabreed provides its district cooling services to various projects in Abu Dhabi that include Cleveland Clinic on Al Maryah Island, Abu Dhabi Global Market, Ferrari World, Yas Marina Circuit, Yas Mall, and Shaikh Zayed Grand Mosque. The company also provides services to the Dubai Metro, and the Pearl Island in Qatar, among other projects.