Tabreed posts AED63mn profit in Q1

Sunaina Rana / Emirates Business

Abu Dhabi-based National Central Cooling Company, Tabreed announced an increase in its 2016 first quarter results.
Tabreed has witnessed a robust growth of 4 percent and posted AED63 million in their quarterly financial results. Considering the financial performance of the company, it seems to continue its drive towards strong and effective operations across the Gulf region.
Jasim Husain Thabet, Tabreed’s Chief Executive Officer, said, “Tabreed today has the financial strength and operational know-how to leverage. Company has established a regional leading presence in the utility infrastructure, with its 69 district cooling plants located across the GCC delivering over 977,000 RT to many of the region’s critical infrastructure projects.”
“We are hoping for a further more development and growth during rest of the year. We aim to imprint our regional footprint to underpin our strong performance, and to present us with potential growth opportunities,” added Thabet.
Tabreed has 61 plants in the UAE, 3 in Qatar, 2 each in Saudi Arabia and Oman and 1 in Bahrain. The company is active in providing energy-efficient, cost-effective and environmentally-friendly district cooling solutions. It also delivers 977,037 RT to major residential, commercial, government and private projects across the GCC.
The main highlights in the profit report released by Tabreed at the end of first quarter of 2016, stated, the net profit attributable to the parent increased by 3.6 per cent to AED 63.4 million (in comparison with the previous year’s profit of AED 61.2 million). Whereas, the group revenue increased by 6.7 per cent to AED 255.5 million (Q1 2015: AED 239.5 million). The core chilled water revenue increased by 3.7 per cent to AED 222.3 million (Q1 2015: AED 214.4 million) and the EBITDA increased by 4.9 per cent to AED 124.8 million (Q1 2015: AED 119 million).
Waleed Al Mokarrab Al Muhairi, Tabreed’s Chairman, also stated, “Tabreed has established a successfully transferred knowledge and expertise refined in its home market of the UAE to key regional markets, enabling the company to continue to grow its core chilled water business and to deliver stable and consistent results. Today, Tabreed’s regional operations constitute 29 percent of its total connected capacity, and contribute nearly 25 percent to profits.”
It has been stated that the district cooling systems can help save up to 50 per cent of total power consumption compared to traditional systems. In 2012, Empower saved 320MW, enough to power 65 buildings with more than 400,000 RT of installed cooling capacity.
In the recent time, Tabreed provides its district cooling services to many of the region’s critical projects including all the developments on Abu Dhabi’s Al Maryah Island, home to Cleveland Clinic Abu Dhabi and Abu Dhabi Global Market, and all the developments on Yas Island such as Ferrari World, Yas Marina Circuit and Yas Mall, in addition to other national and regional landmarks including Sheikh Zayed Grand Mosque, Dubai Metro, the Pearl Island in Qatar, and the Jabal Omar Development Project in the Holy City of Mecca.