Abu Dhabi's Tabreed reports 11% rise in 2019 net profit to $128.64m
Tabreed has added 51,336 RT of new customer connections, resulting in the delivery of 1.18 million RT of cooling capacity
Abu Dhabi-based National Central Cooling Company (Tabreed) has released its audited financial results for 2019, reporting an 11% increase in net profit to $128.64m (AED472.5m) for the full year.
Tabreed has added 51,336 Refrigeration Tonnes (RT) of new customer connections, resulting in the delivery of 1.18 million RT of cooling capacity.
Tabreed’s Board of Directors has recommended a cash dividend for 2019 of 10.5 fils per share, up 11% compared to the previous year, aligning with the company’s policy of growing dividends in line with the growth in the business.
The company also highlighted its top achievements in 2019, including the signing of its first cooling concession agreement in India; increasing its stake in Saudi Arabia-based district cooling firm Saudi Tabreed to 28%; the acquisition of a 69,000 RT concession in Masdar City; and the commissioning of its DC plants at King Khaled International Airport in Riyadh, and the Mall of Muscat in Oman.
Operationally, Tabreed revealed that it has achieved 10 million safe work hours without Lost Time Injury; it has integrated data-based operational intelligence software across its network of district cooling plants; and it is becoming the first district cooling company in the region to receive the ISO 50001:2018 certification under the revised version (2018) of the ISO 50001 standard.
With 80 district cooling plants across the region, Tabreed currently delivers more than 1.18 million refrigeration tonnes to key developments, including infrastructure projects such as Sheikh Zayed Grand Mosque, Abu Dhabi’s Al Maryah Island, Yas Island, Dubai Metro, and Dubai Parks and Resorts, among others, according to state news agency, Wam.
Commenting on the 2019 financial results, the chairman of Tabreed, Khaled Abdulla Al Qubaisi, said: “Tabreed has become an international powerhouse in district cooling, with 80 plants and investments in six countries. For 2020 and beyond, I am confident about our ability to further contribute to the region’s sustainable development as urbanisation continues to drive investment into high-density developments.”
Sharing his thoughts on the results, the chief executive officer of Tabreed, Bader Al Lamki, said: “Tabreed’s strategy and continued financial and operational excellence is reflected in our results, represented in a net profit increase, a 10% increase in our EBITDA, 51,336 RT of new customer connections, and a number of accomplishments in digitalisation, safety, and innovation.”
Lamki added: “We are uniquely positioned to provide cost-effective and environmentally friendly cooling solutions to customers throughout the GCC and beyond. Tabreed will continue to play an instrumental role in supporting sustainable development as we enter 2020 in the company’s 22nd year of operations.”