UAE's Tabreed Q1 profit rises to $21m

UAE's Tabreed Q1 profit rises to $21m
Tabreed operates 72 Gulf-based district cooling plants.
Published: 26 April 2018 - 5:56 a.m.
By: Oscar Rousseau

UAE-based district cooling firm the National Central Cooling Company (Tabreed) has posted a 3% rise in Q1 2018 profit.

Tabreed's year-on-year net profit increased modestly from $20.5m (AED75.4) to $21.1m (AED77.7m).

The company manages 72 district cooling plants across the GCC, and Tabreed chairman, Khaled Abdulla Al Qubaisi, said consistent performance across these facilities supported the rise in profit growth.

“Our core chilled water business is the fulcrum of this model and continues to support the delivery of stable shareholder returns, which remains our top priority,” Qubaisi said.

“We are confident of continuing to deliver growth, as we further expand our operations, and look forward to reporting progress through the current financial year."

Earlier this year, in February, Tabreed acquired Aldar’s 50% stake in cooling business S&T, securing Tabreed's full control of the company. This takeover was “an important step” in its strategic growth plan, said Tabreed chief executive officer, Jasim Husain Thabe, who added that the firm was on open to new opportunities.

“We continue to explore ways of achieving greater efficiencies and developing innovative ways of reducing energy consumption and our pilot project with Masdar Institute of Science and Technology has proved valuable in this regard,” he said.

“We remain alert to all opportunities that can add value to our own business and also enhance our customers’ ability to reduce their energy consumption.”

For more stories on district cooling please visit Construction Week’s sister title, MEP Middle East.

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