National Central Cooling Company (Tabreed) released its consolidated financial results for the first half of 2018, with a net profit increase of 10% to $57m AED211.9m.
The Group's revenue increased by 2% to $177m (AED650.7m), with the core chilled water revenue increasing to 2% to AED617.3m.
Khaled Abdulla Al Qubaisi, Tabreed’s chairman, commented: “We remain committed to returning consistent and positive financial results, which is exemplified in our first half earnings, with net profits increasing by 10% over the same period last year. Tabreed remains the partner of choice across the GCC for providing energy-efficient, cost effective, and environmentally friendly cooling solutions. We are confident that we will further expand our operations whilst continuing to deliver stable returns to our shareholders.”
Jasim Husain Thabet, Tabreed’s chief executive officer, added: “We are now in our 20th year of operation and, year after year, we have demonstrated consistent robust results underpinned by Tabreed’s unwavering focus on growing our core chilled water business which provides sustainable, reliable and cost-effective energy solutions. We continue to strengthen our regional presence and deliver operational excellence by building strategic partnerships with leading government and private entities, resulting in the addition of more landmark projects to our portfolio.”
The total Group connected capacity across the GCC increased to 1,113,906 Refrigeration Tons (RT), with 21,588 RT of new customer connections added in the first half of the year across the GCC.
In addition, the company contributed to saving 600 million kilowatt/hour across the GCC – enough energy to power approximately 20,000 homes in the UAE every year.