Tabreed’s first half net profit increases 20% to $52m
The National Central Cooling Company (Tabreed) announced a 20% increase in net profit to $52m for the first half of 2017 after releasing its 2017 first half consolidated financial results
The National Central Cooling Company (Tabreed) announced a 20% increase in net profit to $52m for the first half of 2017 after releasing its 2017 first half consolidated financial results.
Earnings per share increased by 20% to 7.1 fils compared to H1 2016 of 5.9 fils while group revenue increased by 10% to $174m (AED639.2m). Core chilled water revenue increased by 17% to $164m (AED602.3m).
The company recently announced that global energy leader ENGIE will purchase 40% of Tabreed from Mubadala through the conversion of Mubadala’s Mandatory Convertible Bonds, MCBs, and transfer 1.086 billion shares to ENGIE.
The company’s board of directors also recently approved an increase in Tabreed’s share capital and conversion of the MCBs to shares.
The transaction is expected to be completed in the third quarter of 2017, once the required regulatory approvals are obtained.
Khaled Abdulla Al Qubaisi, chairman, said, "Tabreed has earned a leading position in district cooling with a clear vision to deliver consistent and sustainable results to investors and shareholders.
“This is reflected in Tabreed’s robust performance in the first half of 2017 with a net profit increase of 20% to AED192.7m.”
With 72 district cooling plants located throughout the region, Tabreed currently delivers over 1 million refrigeration tons to key developments in the region, including infrastructure projects such as Abu Dhabi’s Al Maryah Island, Yas Island, Sheikh Zayed Grand Mosque, Dubai Metro, Dubai Parks and Resorts, and the Jabal Omar Development in the Holy City of Mecca.