Tabreed’s Net Profit up by 8 Percent in Third Quarter 2017

Press release
Published November 9th, 2017 - 06:04 GMT
Jasim Husain Thabet, Tabreed’s Chief Executive Officer
Jasim Husain Thabet, Tabreed’s Chief Executive Officer

National Central Cooling Company, Tabreed posted 8 per cent increase in net profit for the third quarter of this year due to increase in the number of new connections across the region.

The Abu Dhabi based company posted a net profit of Dh290.4 million for the third quarter of 2017 compared to Dh269.3 million during the same period last year.

Group revenue increased by 9 per cent to Dh1049.1 million compared to Dh960.3 million reported in the third quarter of 2016.

Total group connected capacity across the GCC reached 1,086,610 refrigerated tonnes (RT) with 38,199 RT of new customer connections added in the first nine months

“Our ongoing growth reflects our commitment to meet the region’s growing demand for energy-efficient and environmentally-friendly cooling solutions. At the same time, we remain focused on shareholder value and are proud of the recent certification of Tabreed’s stock as Shari’a compliant, which should contribute to an expanded shareholder base,” Jasim Husain Thabet, Tabreed’s Chief Executive Officer said in a statement.

With 72 district cooling plants located throughout the region, Tabreed currently delivers over 1 million refrigeration tonnes to key developments in the region including Abu Dhabi’s Al Maryah Island, Yas Island, Sheikh Zayed Grand Mosque, Dubai Metro, among others.

Source: Trade Arabia

Background Information

National Central Cooling Company (Tabreed)

From commissioning its first district cooling plant in Sweihan, Abu Dhabi in 1999 to 73 plants today across the GCC, Tabreed has defined the region’s cooling excellence standards with an unwavering commitment to quality, safety, and efficiency.

Built on a successful track record acquired over the last 20 years, our partners trust us to deliver innovative and reliable solutions that meet their cost and operational efficiency goals as well as drive energy efficiency and sustainability.

As a UAE-based regional utility leader, Tabreed offers stable financials returns and shareholder value as a publicly listed company on the Dubai Financial Market.

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