10% H1 profit hike at UAE's Tabreed
Year-on-year revenues at the UAE-based district cooling firm also increased 2% in the first six months of 2018
UAE-based district cooling firm the National Central Cooling Company (Tabreed) has posted a double digit profit increase for the first six months of 2018.
According to its 2018 financials released on Thursday, year-on-year net profits at Tabreed for H1 2018 stood at $57.7m (AED211.9m), a solid 10% increase on 2017’s $52.5m (AED192.7m) figure.
Revenue for the first six months of the year hit $177.7m (AED650.7m), a modest 2% increase on H1 2017 when the group took in $174m (AED639.2m).
Core chilled water revenue also increased 2% to hit $168.06m (AED617.3m).
The Group's 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 Gulf.
Speaking on the mid-year financials, Tabreed chairman, Khaled Abdulla Al Qubaisi, said: “We remain committed to returning consistent and positive financial results, which is exemplified in our first half earnings, with net profits increasing by 10 per cent 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.”
Tabreed CEO, Jasim Husain Thabet, 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.”