Tabreed’s profit up a cool 20%
abu dhabi — National Central Cooling Company, known as Tabreed, on Thursday released its 2017 first half consolidated financial results, showing that it has continued to deliver solid performance and growth driven by its core chilled water business with new capacity and connections added across the GCC.
The company also announced good progress towards completing the transaction to introduce Engie as a new major shareholder of Tabreed. The report says that for the six months ended June 30, 2017, net profit attributable to the parent increased by 20 per cent to Dh192.7 million compared to the first half of 2016’s Dh160.5 million. Earnings per share increased by 20 per cent to 7.1 fils compared to 2016’s of 5.9 fils.
Group revenue increased by 10 per cent to Dh639.2 million while core chilled water revenue increased by 17 per cent to Dh602.3 million. Earnings before interest, taxes, depreciation and amortisation increased by 12 per cent to Dh308 million and share of results of associates and joint ventures increased by 29 per cent to Dh62.4 million.
The report went on to detail the operational highlights for the sixmonth period, stating that total group connected capacity across the GCC increased to 1,084,451 refrigeration tonnes (RT) with 36,040 RT of new customer connections added in the first half of the year, broken down as 22,863 RT in the UAE, 3,000 RT in Bahrain and 10,177 RT in other regions. About 595 million kilowatt hours of electricity was saved across the GCC, enough energy to power approximately 20,000 homes every year, which in turn led to the prevention of the release of almost 297,500 tonnes of carbon dioxide, the equivalent of eliminating the emissions of 59,500 vehicles annually
In other developments, the company recently announced that Engie will purchase 40 per cent of Tabreed from Mubadala through the conversion of Mubadala’s mandatory convertible bonds and transfer of 1.086 billion shares to Engie. — Wam