National Central Cooling Company PJSC (Tabreed) has reported a 3.1% spike in net profit for the first nine months of 2019.
A growing demand for district cooling solutions has seen the company post $89.5million profit for the year to date.
Khaled Abdulla Al Qubaisi, Tabreed’s chairman, said: “Tabreed’s continued growth demonstrates its ability to consistently deliver stable results, drive shareholder value further and reinforce our standing as the leading international district cooling developer.
“We are committed to providing energy-efficient, cost-effective and environmentally friendly cooling solutions and contribute to the initiatives aimed at reducing carbon footprint in the region and preserving the environment and natural resources for present and future generations.”
The firm recently commenced with the supply of 12,000RT of cooling services to the expansion of the Galleria Mall Al Maryah Island, covering an area of 1.4 million square feet.
The connection comes as part of Tabreed’s long-term concession as the exclusive provider of district cooling services for landmark developments on Al Maryah Island through a partnership with Mubadala Infrastructure Partners.
Bader Al Lamki, Tabreed’s CEO, said: “Tabreed has delivered another strong set of financial and operational results, with net income increasing by 3.1%, reflecting our solid group performance.
“The stable growth in our connected capacity enabled us to deliver consistent results and tangible returns.
“Additionally, Tabreed’s strong financial position qualifies it to capitalize on growth opportunities, as reaffirmed by Moody’s, who had recently published its credit opinion that is a strong endorsement of Tabreed’s robust business model.
“Tabreed investment grade rating (Baa3) by Moody’s was supported by resilient cash flows from long-term fixed charge contracts, low operating risk levels, strong market position in the Middle East and complementary shareholders.”
“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.
“On this front, we are proud to deliver our services to Al Maryah Island and the expansion of the Galleria Mall.
“This new connection confirms our customers’ trust and confidence in our innovative, efficient and reliable cooling solutions.”