Third-quarter profit for Tabreed rises 20.8 per cent

Tabreed, the district cooling company in which France’s Engie and Abu Dhabi’s Mubadala Investment Company hold stakes, reported a 20.8 per cent increase in its third-quarter net income as new customer connections rose.

Net profit attributable to shareholders for the three months to the end of September rose to Dh129.7 million, Tabreed said yesterday in a filing to the Dubai Financial Market. Revenues climbed 3.8 per cent year-onyear to Dh456m.

“Tabreed is committed to providing energy-efficient and sustainable cooling solutions that have become an integral part of the infrastructure for major developments across the region,” said Bader Al Lamki, Tabreed’s chief executive.

The company has commenced supplying 12,000 refrigeration tonnes (RT) of cooling services to the expansion of the Galleria Mall on Abu Dhabi’s Al Maryah Island, covering 130,064 square metres. The connection comes as part of Tabreed’s long-term concession, as the exclusive provider of district cooling services for developments on Al Maryah Island.

During the first nine months of 2019, the company’s net profit increased 3.1 per cent to Dh329.1m and revenue rose 3.5 per cent to Dh1.12 billion, it said.

Total group connected capacity across the GCC increased to 1.16 million RT, with 29,848 RT of new customer connections. One new district cooling plant in Oman has also become fully operational, according to the company.

“The stable growth in our connected capacity enabled us to deliver consistent results and tangible returns,” Mr Al Lamki said.

“Additionally, Tabreed’s strong financial position qualifies it to capitalise on growth opportunities, as reaffirmed by Moody’s, which had recently published its credit opinion that is a strong endorsement of Tabreed’s robust business model.”