H1'19 net profit up 11% at Dubai's Tabreed amid UAE, Oman growth
Dubai district cooling company added new connections with a capacity of 13,125 RT during H1 2019, when revenues grew 3%
Dubai's National Central Cooling Company (Tabreed) recorded a 3% growth in its H1 2019 revenues, which reached $182.9m (AED671.9m) from $177.2m (AED650.7m) in H1 2018 as demand for district cooling continues to grow in the region.
Revenues from Tabreed's core chilled water business in H1 2019 stood at $172.7m (AED634.4m), a 3% growth over H1 2018's corresponding figure of $168.1m (AED617.3m).
Net profits for H1 2019 jumped 11% from H1 2018 figures to reach $54.3m (AED199.4m).
The group’s connected capacity across the GCC increased to 1,039,495 refrigeration tonnes (RT), with 13,125 RT of new customer connections added in H1 2019.
Tabreed's new connections included 5,505 RT in the UAE and 7,620 RT in Oman.
The company said its services had helped save 656 million KWh across the GCC, which was enough to meet the power needs of 37,368 UAE homes in H1 2019.
Commenting on the results, chairman of Tabreed, Khaled Abdulla Al Qubaisi, said: "Tabreed delivered another quarter of stable results driven by its core chilled water business."
According to the UAE's state news agency, Wam, chief executive officer of Tabreed, Bader Saeed Al Lamki, added: "On the operational side, we commissioned a new district cooling plant in Oman to serve the Mall of Muscat with a contracted capacity of 7,620 RT.
"This takes our total number of operational plants to 75."