The National Central Cooling Company, Tabreed, released its 2017 first quarter financial results that showed a net profit increase of 19%.
According to Emirates News Agency WAM, Tabreed's performance benefited from the new connections made last year, in addition to over 20,000 refrigerated tonnes, RT, added during Q1 2017.
These new connections, combined with Tabreed’s existing presence in the GCC, resulted in net profit increasing by 19% to $20.5m (AED75.4m).
Tabreed’s Board of Directors also appointed Khaled Abdulla Al Qubaisi as Tabreed’s chairman, succeeding Waleed Al Mokarrab Al Muhairi, who was instrumental in guiding the company through its recapitalisation and return to profitability.
Al Qubaisi, said: "The 19% increase in our net profit for Q1 2017 highlights the strengths of our core chilled water business, which continues to grow as a result of new projects to supplement our strong existing operations across the GCC. Tabreed’s priority going forward continues to be delivering stable returns to shareholders while expanding our operations throughout the GCC to boost the company’s long-term growth and success."
Jasim Husain Thabet, Tabreed’s chief executive officer, added: "As the leading district cooling company in the GCC, Tabreed is the partner of choice for providing energy-efficient, cost-effective and environmentally-friendly cooling solutions to organisations across the region. We strive to strengthen our presence in the region by building strategic partnerships with leading private and government entities, and delivering innovative district cooling solutions to our customers."
The new board now consists of Ahmed Saeed Al Calily as vice-chairman, Dr. Ahmad bin Abdulla Humaid Belhoul AlFalasi, Minister of State for Higher Education, as well as, Mohamed Jameel Al Ramahi and Saeed Ali Al Dhaheri.