Tabreed net profit rises 3.1% to $89.6m in first nine months of 2019
Group’s total connected capacity in the GCC has risen to 1,161,227 RT, saving 1.56bn KWh of power across the region
The National Central Cooling Company (Tabreed) announced a 3.1% increase in its net profit to $89.6m (AED329.1m) during the first nine months of 2019, compared to the same period last year.
The company said in a statement that its group revenue increased 3.5% to $305m (AED1.12bn) from January-September 2019, compared to the same nine-month period in 2018. Core chilled water revenue increased 3.8% to $291.3m (AED1.07bn) in the first three quarters of 2019, compared to $280m (AED1.03bn) during the same period in 2018.
From January to September 2019, the group’s total connected capacity in the GCC increased to 1,161,227 refrigeration tonnes (RT) – with the addition of one plant in Oman and 29,848 RT of added customer connections – saving 1.56bn KWh of power across the GCC, which is the amount of energy required to power approximately 88,846 homes in the UAE per year.
The power savings prevented the release of 932,699 metric tonnes of CO2 – the equivalent of eliminating emissions from 202,761 vehicles annually.
The firm recently began supplying 12,000 RT of cooling services to the expansion of the Galleria Mall in Al Maryah Island, covering an area of 1.4km2.
Commenting on the company's financial results, chairman of Tabreed, Khaled Abdulla Al Qubaisi, said, “Tabreed’s continued growth demonstrates its ability to consistently deliver stable results, drive shareholder value further and reinforce our standing as the leading international district cooling developer. We are committed to providing energy-efficient, cost-effective, and environmentally friendly cooling solutions and contribute to the initiatives aimed at reducing carbon footprint in the region and preserving the environment and natural resources for present and future generations."