Third-quar­ter profit for Tabreed rises 20.8 per cent

The National - News - - BUSINESS - FA­REED RAH­MAN

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.”

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