UAE's Tabreed posts $100m as net profit for 2016
The cooling profit from core chilled water operations increased by 5% to $105.4m, with Tabreed providing 1,048,411 RT to customers across the GCC in 2016
The UAE's National Central Cooling Company (Tabreed) revealed it added 74,034 refrigerated tonnes (RT) to its cooling capacity in 2016, increasing the firm's annual net profit by 6% to $100m (AED367.4m).
This increase was partly effected through the acquisition of a plant from Abu Dhabi's International Capital Trading (ICT), which added 11,538 RT to the company's capacity.
Resultantly, Tabreed’s board of directors will recommend increasing cash dividends for 2016 to 6.5 fils per share from 6 fils per share in 2015.
Group revenue increased by 6% to $348.46m (AED1.27bn) from $327.7m (AED1.20bn) in 2015, Tabreed said in a filing to the Dubai Financial Market.
Profit from core chilled water operations increased by 5% to $105.4m (AED387.3m), and the group's overall connected capacity crossed the one million RT milestone in 2016.
Tabreed now provides 1,048,411 RT to customers across the GCC.
Up to 62,496 RT of new customer connections were made during the year with major regional projects such as the Jabal Omar Development Project in the Holy City of Mecca.
The company also signed a new concession for the supply of 35,000 RT of cooling to the King Khalid International Airport in Riyadh, Saudi Arabia.
Remarking on these figures, Waleed Al Mokarrab Al Muhairi, Tabreed’s chairman, said: "Our operations throughout the GCC are the foundation of our business and play a key role in positioning the company for long-term growth and success."